Lightning network is available, but not knowing why people are not just adopting it, this is one of the best solution for fast transaction and cheapest fee.
Not when the average guy using BTC doesn't even know how LN works and so few people/companies are accepting it.. The main problem is currently sitting on the main layer - second-layer solutions aren't imo real solutions to those issues. 
Topic: With a clogged network, users will start abandoning BTC for alts. Change my mind - page 4. (Read 661 times)
March 11, 2021, 07:26:27 AM
March 11, 2021, 07:22:24 AM
Lightning network is available, but not knowing why people are not just adopting it, this is one of the best solution for fast transaction and cheapest fee. The use of segwit addresses is is also very important, it can reduce the fee by 42% for native segwit and by more than 30% for nested segwit.
The issue of scalability has been the reason bitcoin cash forked, because many of the bitcoin community did not see bitcoin as only money but also as an asset. But, if bitcoin segwit scaling solution is possible, and also the upcoming taproot, it means there will still be more proposals in order to solve bitcoin scaling issues.
The issue of scalability has been the reason bitcoin cash forked, because many of the bitcoin community did not see bitcoin as only money but also as an asset. But, if bitcoin segwit scaling solution is possible, and also the upcoming taproot, it means there will still be more proposals in order to solve bitcoin scaling issues.
March 11, 2021, 07:13:18 AM
I've been around the space for many years but I do not remember seeing the Bitcoin mempool this clogged ever before. It's becoming exhausting even for me to keep paying high fees. For example, due to the necessary fast confirmation, only in the past two months I have spent more than $200 in fees for a handful of txs.
Therefore, what I had to do is.. I had to find a way to use cryptocurrencies while allowing me to pay a cheaper price for my payments. In other words, I still have my BTC but they're kinda useless besides moving money without caring whether they're going to be confirmed today or within a month.
I've moved to alts, at least until the mempool unclogs. This is something I've never had to do before. The main issue I see is.. my partners have started asking me for altcoin addresses as well. They're moving off BTC too. The storage size requirement for full nodes is quite high for the average person to afford running one.
With large billion-dollar companies investing in BTC and trying to turn it into a mainstream adoption, the network is only bound to continue clogging up. If that isn't enough, remember that billion-dollar companies can afford even exceedingly-high fees for their transactions. This means that the more companies join in, the less average Joes will afford to compete with them in fees since my $10/tx in fees is nothing for a Tesla-like brand. Putting it another way, this means the billionaires will continue to be able to use the network while your transactions might not get confirmed even within a week.
I'm in this situation right now. I have over 10 payments that I've sent with a previously decent fee (6-8sat/vbyte) that haven't been confirmed although it's been about two weeks ever since they've been broadcasted.
I'm still a Bitcoin fan - don't get me wrong. In fact, I'd absolutely love to be able to continue with BTC. But between having to pay under $0.1 and $15/tx (with only 1-2 inputs!) in fees, I'd obviously choose the former. Hence, especially since I do not consider myself to be living under poor (or under average) financial conditions, I really think people will be soon starting to steer away from BTC in favor of altcoins. The bad news if this happens? Even shitcoins might get more attention..
The even worse news: unless we change this, the network might make a lot of free space for corporations while we might have to move away. What we've once wanted to do, decentralizing the economy, will only be a possibility for the rich.
Therefore, as the title says.. with a clogged network, current (or future) Bitcoin users will start leaving Bitcoin for alts. Change my mind.
Therefore, what I had to do is.. I had to find a way to use cryptocurrencies while allowing me to pay a cheaper price for my payments. In other words, I still have my BTC but they're kinda useless besides moving money without caring whether they're going to be confirmed today or within a month.
I've moved to alts, at least until the mempool unclogs. This is something I've never had to do before. The main issue I see is.. my partners have started asking me for altcoin addresses as well. They're moving off BTC too. The storage size requirement for full nodes is quite high for the average person to afford running one.
With large billion-dollar companies investing in BTC and trying to turn it into a mainstream adoption, the network is only bound to continue clogging up. If that isn't enough, remember that billion-dollar companies can afford even exceedingly-high fees for their transactions. This means that the more companies join in, the less average Joes will afford to compete with them in fees since my $10/tx in fees is nothing for a Tesla-like brand. Putting it another way, this means the billionaires will continue to be able to use the network while your transactions might not get confirmed even within a week.
I'm in this situation right now. I have over 10 payments that I've sent with a previously decent fee (6-8sat/vbyte) that haven't been confirmed although it's been about two weeks ever since they've been broadcasted.
I'm still a Bitcoin fan - don't get me wrong. In fact, I'd absolutely love to be able to continue with BTC. But between having to pay under $0.1 and $15/tx (with only 1-2 inputs!) in fees, I'd obviously choose the former. Hence, especially since I do not consider myself to be living under poor (or under average) financial conditions, I really think people will be soon starting to steer away from BTC in favor of altcoins. The bad news if this happens? Even shitcoins might get more attention..
The even worse news: unless we change this, the network might make a lot of free space for corporations while we might have to move away. What we've once wanted to do, decentralizing the economy, will only be a possibility for the rich.
Therefore, as the title says.. with a clogged network, current (or future) Bitcoin users will start leaving Bitcoin for alts. Change my mind.
Jump to: