Topic: Will Turnoff Happen to Bitcoin - page 2. (Read 540 times)
I don't think lagging will be a huge impediment in the progress of bitcoin. Sure, the lightning network will become a very revolutionary assistance in the coming of bitcoin to the public, but I believe that bitcoin is still faring well compared to what it was, it definitely became busier, but at least we got more people investing on it.
I don't think that due to lagging, investors will be a turnoff for there are lots of platforms that can be used for transactions aside from the lightning network. Same as with posi I have seen this loop as well but didn't try using it because I'm not sure yet about its security.
I'm pretty sure that this issue will only be for the meantime and the solution will be provided the soonest time similar to every technology that was introduced before to the public wherein issues were addressed in an ample time and embraced globally.
I'm pretty sure that this issue will only be for the meantime and the solution will be provided the soonest time similar to every technology that was introduced before to the public wherein issues were addressed in an ample time and embraced globally.
A lot of cryptocurrency enthusiasts and investors are hoping for the day Bitcoin and some meaningful altcoins will be mainstream and also use by online payment giant like Paypal. Fortunately, the crypto community received an amazing news this year about Paypal integration of Bitcoin, LTC, ETH etc last month but after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.
My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?
My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?
The quick answer to your question is NO.There's no quick solution for the transaction lagging.Lightning Network was supposed to be some kind of a solution,but it's still not user-friendly,so the majority of the people don't want to use LN,plus many people don't trust LN,because it's centralized.
The only solution is to just wait for the price drop of Bitcoin,which will cause the transaction count to decrease as well.However,the BTC price might continue to grow until the end of 2020,so the blockcahin will stay stuck for the next 2-3 months.
This is not the first time we experience a huge transaction fee for our transaction, so if investors and users will be tired of using bitcoin, they have already done that before, so no, just relax, everything will be back to normal, transaction will be lowered as the congestion is over.
When PayPal fully integrates bitcoin then we will probably have a lot of volatility in the short term. This might be more off-putting to new investors. A lot of people will not expect to see their portfolio losing 10% of it's value over a short period of time and will want to dump. The congestion problems might not be so severe since BTC on PayPal will be custodial.
It is important to note that everything is linked to the acquisition of new entrants / infrastructure and algorithms.
The more we have more investors, the longer the processing time and in turn the more expensive processing value, so I believe that there is a race to 'equalize' the system so that the account is not inversely proportional And disconnected will not be but perhaps problems of slowness will occur.
The more we have more investors, the longer the processing time and in turn the more expensive processing value, so I believe that there is a race to 'equalize' the system so that the account is not inversely proportional And disconnected will not be but perhaps problems of slowness will occur.
There is no perfect solution for this. The Lightning Network is not a perfect solution either. But there will surely be more updates in the future addressing the congestion of the network. There is no other way to go for Bitcoin but up. And with that, transactions would exponentially rise over time as more and more people will join the community and therefore compete with each other in the queue for confirmation.
But network clogging is not happening all the time. It usually happens when the price is fast increasing. Investors should just consider a higher fee as part of their investment expenses.
But network clogging is not happening all the time. It usually happens when the price is fast increasing. Investors should just consider a higher fee as part of their investment expenses.
A lot of cryptocurrency enthusiasts and investors are hoping for the day Bitcoin and some meaningful altcoins will be mainstream and also use by online payment giant like Paypal.
PayPal help bitcoin become more popular and more people will use bitcoin, the adoption will increase. On Paypal now you don't actually your bitcoin and they simply use another third party service for their new payment method.Quote
Fortunately, the crypto community received an amazing news this year about Paypal integration of Bitcoin, LTC, ETH etc last month but after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.
Difficulty changes and it is not a constant figure. Changes in difficulty affect bitcoin mempool, fee and it happens from 2009 till now. It is not a new thing and no lag is there. If you want fast transaction, accept high fee. If you want cheap fee, please stay calm and wait.Quote
My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?
More miners is the key also, with the current price it should be profitable instead of costly to mine bitcoins with the price going up they can earn more than losing through miscellaneous fees such as hardware and electricity. But other solutions can be doable for instance; Eth 2.0, we can also do staking than mining. So in the future, problems with mining wont be encountered.
Nah, it would depend if the price of miners will reduce then it might be profitable enough but with the increasing mining difficulty I don't think it's easy to earn money with that. Plus, the cost of electricity might not really be enough to some people planning to own a miner these days. And I for the OP, I don't think people would abandon Bitcoin just because of the network congestion, it's more likely they will if the value would drop and I hope these people who bought it would realize that Bitcoin is not that stable. 
More miners is the key also, with the current price it should be profitable instead of costly to mine bitcoins with the price going up they can earn more than losing through miscellaneous fees such as hardware and electricity. But other solutions can be doable for instance; Eth 2.0, we can also do staking than mining. So in the future, problems with mining wont be encountered.
As I see it, investors don't care that much on the transaction times since they are after the value of bitcoin and its potential to be the next big thing for investment. Most of these investors just buy and hold after all, so not much transactions were done by them after they have bought what they deem to be enough. Besides, most of these transactions hogging the mempool are temporary due to everyone trying to get their transactions out there in anticipation of a bull run, though of course that isn't happening yet but they still want to make sure that their funds are ready once the party starts.
While the LN is still ways away from actually getting the attention it deserves, it is already functional and several wallets are already complementing the service pretty well.
Why not? As people are warned, not your wallet = not your coins. So, a lot of people try to send bitcoins on exchanges when they need to trade and once they think it's time to hold for a while, they get it back. I think the time of transactions matters for anyone. If I am an investor, it doesn't mean that I won't touch my capital. I'll have to have immediate access to my capital.While the LN is still ways away from actually getting the attention it deserves, it is already functional and several wallets are already complementing the service pretty well.
I have no idea why LN doesn't get attention. It really fixes a problem and is like a bandaid on a scar. What requirement does it need to gain attention? LN offers low to zero fees transactions. Traditional bitcoin transaction charges you a lot. That's why I am amazed, in this case, people still skip LN, Idk what's wrong here, sounds very illogical and paradoxical for me.
As I see it, investors don't care that much on the transaction times since they are after the value of bitcoin and its potential to be the next big thing for investment. Most of these investors just buy and hold after all, so not much transactions were done by them after they have bought what they deem to be enough. Besides, most of these transactions hogging the mempool are temporary due to everyone trying to get their transactions out there in anticipation of a bull run, though of course that isn't happening yet but they still want to make sure that their funds are ready once the party starts.
While the LN is still ways away from actually getting the attention it deserves, it is already functional and several wallets are already complementing the service pretty well.
Yeah its functional but it do really still need further developments before we can really make up some finalization but it seems people wont really be that minding much on making out some transition.While the LN is still ways away from actually getting the attention it deserves, it is already functional and several wallets are already complementing the service pretty well.
I agree on what others been saying that people or whales arent really that leaving that easily or would really be having that being turned off just because of fee issue or network congestion.
It has its flaws but it wont be completely a reason for majority to quit up and find another better alternative.
The rise in cost of transaction is nothing unexpected.
The value of your bitcoins went up by 40% in the last 2 months, it's completely normal thath the fee in USD also rose by 40% and even more because the rise in value resulted in more mainstream attention and more transactions.
I don't think that people will be discouraged by this. It's not a lot of money to send 10 thousand dollars across the globe. It may be a lot to send 100 USD but not many people buy small amounts of bitcoin these days and when they do they can avoid the fees by keeping their coins on exchanges until there's enough of them for the fee to look small.
The value of your bitcoins went up by 40% in the last 2 months, it's completely normal thath the fee in USD also rose by 40% and even more because the rise in value resulted in more mainstream attention and more transactions.
I don't think that people will be discouraged by this. It's not a lot of money to send 10 thousand dollars across the globe. It may be a lot to send 100 USD but not many people buy small amounts of bitcoin these days and when they do they can avoid the fees by keeping their coins on exchanges until there's enough of them for the fee to look small.
after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.
PayPal didn't cause that, the reason why it happened is that big price movements cause a lot of trading activity, which means people make more transactions to exchanges, and more transactions means more competition for block space, so higher fees.
My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?
Lightning Network is the only solution for scalability that is being worked on. SegWit was a small improvement, because it effectively raised the block size, proposals like Schnorr signatures will optimize the signatures, so they will help a bit too, but they aren't going to dramatically improve the situation with on-chain fees.
Bitcoin is more used today as an investment or an asset that everyone is keeping.
We don't care how much the fees would be whether we pay high or low fee, we're more worried about the price and value of it. But once we send it and it gets stuck, that's when we only worry about the confirmation time and fee.
As I see it, investors don't care that much on the transaction times since they are after the value of bitcoin and its potential to be the next big thing for investment.
This is true.We don't care how much the fees would be whether we pay high or low fee, we're more worried about the price and value of it. But once we send it and it gets stuck, that's when we only worry about the confirmation time and fee.
My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?
I think you mixed up some things here, as an investors, they doesn't care about the status of lightning network, as long as they see the price of bitcoin going up then good enough for them. Bitcoin now has a lot of purpose though, could be as mode of payment, store of value, money, assets.
As for being a mode of payment, one drawback is its volatility, so it's really up to the merchant themselves if they want to used bitcoin as mode of payment or not. But it doesn't mean that bitcoin will be a turn-out, there are a lot of stores that are accepting LN now and it's just a matter of time before we can see more online or even offline store accepting bitcoin thru LN payment scheme.
Not only volatility is the concern of some merchants or consumers but the transaction fee to go thru. With the clogging of network these days, some will look for other payment options like XRP, which addresses the volatility and tx fee issues. Because their price doesn't change much and they have one of the cheap tx fees out there.
But talking about investors' perception towards btc, I think they do care about the price in the market but not on the tx fees. Since it is the popular among cryptocurrencies, they still go for this top crypto no matter what.
My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?
I think you mixed up some things here, as an investors, they doesn't care about the status of lightning network, as long as they see the price of bitcoin going up then good enough for them. Bitcoin now has a lot of purpose though, could be as mode of payment, store of value, money, assets.
As for being a mode of payment, one drawback is its volatility, so it's really up to the merchant themselves if they want to used bitcoin as mode of payment or not. But it doesn't mean that bitcoin will be a turn-out, there are a lot of stores that are accepting LN now and it's just a matter of time before we can see more online or even offline store accepting bitcoin thru LN payment scheme.
but after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.
The increase in number of unconfirmed transactions and delay in confirmation was not due to the announcement by PayPal but it coincided with the spike in Bitcoin price which led to a bit of fomo, with transaction rate far excedding the average rate of confirmation (10 minutes). if nothing is done now it may lead to some turnoff by some investors?
This would only affect investors who are buying in during a spike and have to pay high fees to get their transactions confirmed. It is a cycle that has been repeated during each bull run or price correction when investors rush in to buy at a cheap rate. So this doesn't occur often, not enough to turn off investors in my opinion.There are also other projects besides LN aimed at improving the efficiency of transactions and methods one can adopt to prepare for times when the network gets clogged so as to minimize the fee paid, such as consolidating inputs.
As I see it, investors don't care that much on the transaction times since they are after the value of bitcoin and its potential to be the next big thing for investment. Most of these investors just buy and hold after all, so not much transactions were done by them after they have bought what they deem to be enough. Besides, most of these transactions hogging the mempool are temporary due to everyone trying to get their transactions out there in anticipation of a bull run, though of course that isn't happening yet but they still want to make sure that their funds are ready once the party starts.
While the LN is still ways away from actually getting the attention it deserves, it is already functional and several wallets are already complementing the service pretty well.
While the LN is still ways away from actually getting the attention it deserves, it is already functional and several wallets are already complementing the service pretty well.
My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?
Lightning Network[1].
Test out Phoenix Wallet[2] or Breez Wallet[3]. These 2 are the best lightning wallets in terms of usability in my opinion, that it almost feels like you're just making layer-1 transactions.
[1] https://lightning.network/
[2] https://phoenix.acinq.co/
[3] https://breez.technology/
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