Will Bitcoin ever fix its high fees and transaction caps?

stompix

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Quote from: cryptoalfs76 on November 18, 2017, 07:58:00 AM

Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

In this situation,bitcoin cannot fix its transaction caps and high fees,because its decentralized digital currency and
beyond uncontrollable due to different circumstances.bitcoin is volatile in the blockchain market and every platform site's has a different transaction caps or gas fees of there services.

This is about the tx fees not about fees a platform or a merchant is asking for.
And secondary, bitcoin is not that uncontrollable as you think.
Did the code decided for itself to implement segwit? No , it was implemented by developers and accepted by the users, so it can be modified again and again and again as long as users and miners go along with the new version.

Quote from: Pursuer on November 18, 2017, 08:44:49 AM

probably not.
unless you can think of a way to increase the block size to 1 TB and reduce the time between blocks to 10 seconds while solving the orphaned blocks issue, there is no other way to increase the transaction cap. there will always be a cap no matter what you do and increase it has its own issues.

A block of 1tb and 10 seconds delay , would mean an increase of over 60 million times in capacity that is way over what would be required.
But even 100mb blocks would probably make most of home users unable to host a full node.
I keep an eye on the blocks BCH mines and I've stumled uon numerous transactions 1M in size with 35k inputes or outputs. Pure spam that will lay on your hdd forever. Oh, and the fees where 0

Quote from: buharikx31 on November 18, 2017, 09:15:57 AM

I think it's possible to fix high fees by changing the amount to lower and no doublespendings or system will still try to over take for transactions more then it should

How to change the amount to lower? This is a decentralized system and a free market. You want speed , you pay for that more than the one that doesn't.
Double spending has no effect in this.

buharikx31

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I think it's possible to fix high fees by changing the amount to lower and no doublespendings or system will still try to over take for transactions more then it should

squatter

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STOP SNITCHIN'

Quote from: mobnepal on November 18, 2017, 08:23:02 AM

Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

We have to wait for lightening network which might get activated really soon, it is the second upgrade in line after segwit. Segwit was already activated with lightening network we will be able to make instant offchain transactions with almost zero fee.

Technically, Segwit was not necessary for the Lightning Network to work. It's just that all Lightning Network code was built with Segwit's transaction malleability fix in mind. So, as coded, we need Segwit. I think we will start to see Lightning transactions on the mainnet next year but I don't want to be overly optimistic about the timeline for full adoption. The routing and network topography issues are still not completely sorted out and tested.

The other thing that we need to come to terms with is that on-chain fee should and will continue to rise, regardless of the Lightning Network. Even if LN eventually takes a majority of network transactions, that suggests exponential network growth, and every channel requires two on-chain transactions (to open and close a channel).

Thus, demand will remain high for limited on-chain transaction space. At the same time, we need this demand to push fees higher, because transaction fees need to pay for the network's security. As each reward halving goes by, it becomes increasingly important that fees rise to replace the block subsidy that is disappearing.

Oulay

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Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

As bitcoin grows and more and more people start using it meaning more transactions per second the need for a solution becomes inevitable.. whether it'll happen or not I don't know, but it has to happen if bitcoin is to survive.

Pursuer

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probably not.
unless you can think of a way to increase the block size to 1 TB and reduce the time between blocks to 10 seconds while solving the orphaned blocks issue, there is no other way to increase the transaction cap. there will always be a cap no matter what you do and increase it has its own issues.

there are however the side chain off chain transactions like lightning network which can help improve the situation for bitcoin but it is a help not a fix. I believe it will make things better though.

Raakkoni

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Quote from: mobnepal on November 18, 2017, 08:23:02 AM

Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

We have to wait for lightening network which might get activated really soon, it is the second upgrade in line after segwit. Segwit was already activated with lightening network we will be able to make instant offchain transactions with almost zero fee.

Indeed. The Bitcoin core teams solution for this problem is the lightning network. Just wait for that. Also you can currently decrease your transaction fees by using segwit address for sending the payments from. Too bad people don't realise to use it as much as would be advised.

mobnepal

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Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

We have to wait for lightening network which might get activated really soon, it is the second upgrade in line after segwit. Segwit was already activated with lightening network we will be able to make instant offchain transactions with almost zero fee.

saedasda

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I dont think that it will be fix because too much panic can cause unconfirmed transaction and the fees will be going high.

gabmen

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Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

Actually, it depends on you if.you want to pay less though of course.you have to unxerstand that miners in the.blockchain wpuld.be prioritizing those that paid higher fees. So if you want lower fees, its up to you, just be ready to wait in line for a day or two Tongue

hadveach

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bitcon is a decentralized virtual currency, meaning that this bitcoin can not be controlled by anyone. the bitcoin system will improve its own transactions in case of hard fork, in order to renew the block chain. thus forcing for each user to upgrade.
I think you can not force bitcoin to be what you think.

junoreactor

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Quote from: winspiral on November 18, 2017, 08:00:49 AM

Quote from: cryptoalfs76 on November 18, 2017, 07:58:00 AM

Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

In this situation,bitcoin cannot fix its transaction caps and high fees,because its decentralized digital currency and beyond uncontrollable due to different
circumstances.bitcoin is volatile in the blockchain market and every platform site's has a different transaction caps or gas fees of there services.

It is not bitcoin the fees fixer but the bitcoin sender...If you are in a hurry...then pay...

Not only a fee thing it seems, a picture speaks better than a thousand words:

Why so many unconfirmed transactions?

This is not good at all, and I hope a solution comes out soon.

junoreactor

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That's my biggest concern of last 2 weeks and I was surprised not many talked about it, until last few days.
This is very worrying if Bitcoin wants to have a bright future and not remain a geek thing.

winspiral

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Quote from: cryptoalfs76 on November 18, 2017, 07:58:00 AM

Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

In this situation,bitcoin cannot fix its transaction caps and high fees,because its decentralized digital currency and beyond uncontrollable due to different
circumstances.bitcoin is volatile in the blockchain market and every platform site's has a different transaction caps or gas fees of there services.

It is not bitcoin the fees fixer but the bitcoin sender...If you are in a hurry...then pay...

cryptoalfs76

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Quote from: zigglr6 on November 12, 2017, 07:02:29 AM

I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

In this situation,bitcoin cannot fix its transaction caps and high fees,because its decentralized digital currency and
beyond uncontrollable due to different circumstances.bitcoin is volatile in the blockchain market and every platform site's has a different transaction caps or gas fees of there services.

zigglr6

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I support Bitcoin. But I think it needs to fix its transaction caps and high fees to survive. Will this happen?

Topic: Will Bitcoin ever fix its high fees and transaction caps? (Read 284 times)