Bitcoin Forum

You know folks, I have been here for about 4 years now, and not many of us remember, although I hope some still do, is that about 2-2.5 years ago we had a lot more "growth" in the small business sector.

What I mean is that we used to have Faucets with 100-200 satoshi payouts, Direct Gambling a.k.a Satoshidice, which ran on the Blockchain, and a lot more businesses/services that ran directly on the blockchain.

So there was a gambling service where you just sent 10,000 satoshi, and you got back 20,000 if you won. It took about 10-20 minutes and it was a lot of fun for many people. Not to mention the faucets, I remember I used to play around with faucets in 2014, it was a lot of fun.


Of course that is ALL GONE, thanks to 10-50$ transaction fees in recent blocks:
https://blockchain.info/tx/308044393039a0d5e573a0c8289663bc964b63cce6cd80753b57bfc43613481d
https://blockchain.info/tx/7af677afbd94ee8959527a8c72c3d6b67853ba9c6a99b75a31f6e61e61448e50
https://blockchain.info/tx/32522ec8496bc0303b8b124cf9f234b990672f6f4e25d0e3466dbfcdeaaf2a3b
and so on....

You know it was a lot of fun having poor people, 3rld world, you name it, where the average daily income is like 2$ having to have the opportunity to transact with Bitcoin for a fraction of 0.01$.

But now that the fees got to 10-50$ on certain TX i have seen 100$ fees as well. I wonder how the poor 3rld worders that Andreas Antonopoulos has been talking about will be emancipated.

A lot of Bitcoin evengalists like Andreas has been talking about how Bitcoin will help the 3lrd world, yeeeeah sure. Hahaha with 50$ fees that is like their entire monthly paycheck.

You guys are really morons, nobody will use Bitcoin in 5 years if this continues, who the fuck will keep up with 10$ fees where even my Bank Wire transfer costs less?

What is the charm of Bitcoin if the fees are gone?


ANYONE REMEMBER THIS MEME?

https://media.coindesk.com/uploads/2014/11/WU-bitcoin-spoof-630x324.jpg

http://www.coindesk.com/western-union-faces-backlash-removal-spoof-bitcoin-ad/


It's more like this now:

https://s2.postimg.org/nd0nyta8p/image.png (https://postimg.org/image/n099smryt/)





I think I'll just use Western Union now, the fees are only 5$ after all, while in Bitcoin it's 50$ , HAHAHHA  :D :D :D :D

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So the point is that FAUCETS ARE GONE, BITCOIN GAMBLING IS DECLINING WITH HUGE FEES, AND A LOT OF MERCHANT BUSINESSES ARE LEAVING!

Bitcoin will be dead in 5 years if this trend continues. I remember there were like 100,000 merchants, in 2016 according to a survey. Now I wonder how many are there still out there with this fees?

What about Bitcoin ATM's, their business is getting decimated with fees like this.

The situations have changed a lot but i am not sure who will be giving away $50 as transaction charges while i can still bitcoin with just 0.0014 satoshi ,just do not calculate it with dollars ,just look at it as satoshi and then it wont be that much of a big issue. :P since we have issues with the block limit we have to adapt or simply stop using it.

I am not joking ,I have really seen 100$ fees on BTC transactions. Yes it was multi-input-output ones, but still. This should not happen.

So I am not exagerating when I say that BTC transactions will be 500$ soon. It will be. Segwit will probably not activate, and even if it does, it will not resolve this issue.

I think Bitcoin is over, at least it will have a slow death, people will have time to prepare.

I think Bitcoin is not over and bitcoin is growing a lot better than in 2016. People should be aware to not withdraw dust payments to their wallet otherwise the high fees are there and nothing can be done to stop them. A solution is needed I agree with you but I like the first meme 100 times better and it is still much more perfect than Western Union as with Western Union you lose your privacy and important part which no other payment process can compete with bitcoin.

I guess we are not ready to stop using it even though it's part of the options and some of no chance but to start adopting to how things are at the moment so we are only calling for some kind of solution if possible.

I saw the fee and in 1000 $. This only indicates the sender's carelessness.

+21 Million
The future used to be full of endless possibilities related to Bitcoin.
Now it seems like a huge waste, unless you are already rich and eventually the rich fools will give up on the Tulip Bubble Ponzi Mania.
^^^
Sorry beloved BTC, but the truth can hurt.

If you don't like it then leave . Why are you even still here ? Those feed are all overkill. You only need to spend 240-500 Satoshi per byte the we're spending 1500 per byte. 225 bytes would mean about 0.001btc for most transactions. I do agree this is getting crazy though and I don't understand why this is happening. It is concerning.

Still better then paying $5 for Western Union.

Finally someone represents me to say what I want to tell. I remember the time when i could send a transaction under $1 also withdrawing small amount from faucet but now it's kind of impossible, it may be sent but it needs too much time to get confirmed, and who will send a $1 transaction for $1 fee?? Well i just feel like that bitcoin currently isn't suited for small transaction but for a big transaction i think bitcoin works perfectly. I might say that bitcoin is better as an investment rather than payment gateway.

Well, that's a good points. Now I often think, which is main bitcoin advantage against fiat bank transfers, WU, PayPal and etc? Now fiat transfers are much cheaper and sometimes faster than bitcoin transactions. And it prevent lot of people to involve into bitcoin and not so many business starts to accept it.
I think you exaggerated situation a bit, fees are not such ridiculous big and situation are not such dramatical. But we can see some black clouds above bitcoin and it's future perspective...

Yeah, I remember that one of the biggest benefits of using bitcoin was the super low fees and <30 min confirmation time. This has all changed, and I cant see myself doing all those tiny transactions I used to do. Even though it's not necessary to pay 10$ fee yet, a 2$ fee is way too much. I fear the day the fee is actually 10$.

They can't move their money though, most exchanges have strict rules on exchanging large amounts.

So they will either move is slowly or they will be stuck here with huge fees, up to the point when it might even cost your half wealth just to move it away. Totally ridiculous.

I am still waiting for what a disaster this Segwit will be, I hope people will wake up after that.



I did, I just can't believe people still use BTC.

BTC's transaction fee is so high now - it cost about $3.5 to refund a not in stock item on my website to the customer.

The issue of transaction fees and delay confirmations is taking it's toll on businesses I think it is high time authorities consigned finds a lasting solutions to all this delays, this can discourage investments in trading bitcoin this can bring down the price of bitcoin as in people will be discourage to trade bitcoin and more people will divert to other virtual currencies like paypal, skrill e.t.c

Authorities?

I thought Bitcoin was decentralized  :D :D :D :D :D

Merchants don't care about this whole situation as the far majority of them make use of third party payment processors. People pay with Bitcoin, in case a fee is appropriate enough according to for example BitPay's minimum standards, the transaction will go through, even without a single confirmation. I must however point out that this only goes up for amounts in the $20-$25 range. Higher amounts will obviously require that first confirmation. They just get the fiat in their bank accounts, and that's really it....

Your fears are very much valid and if its not controlled in terms of the fees, then what every one fears for will eventually happen that the issue of anonymity will not be enough to sustain the  continue usage of bitcoin after all not all of us have something to hide or wants to stay off the radar. Aside that, the fees is actually another threat to micro payments as people no longer see faucets as a viable enterprise despite the various positive contirbutions it has made to bitcoin.

I think the best, for now, you should send transactions with other altcoins and wait for the Independence day. Right now bitcoin is good to send a good amount of money and forget about micro-transactions. As we speak bitcoin is a good store of value for sure!

Western the fucking union is not available every where internet is available, they wouldn't let anyone to print their own cash before processing

The transactions, no one seems to remember Bitcoin was designed in a way to mostly work for the miners and if you want to use it then you should

Start mining it, I know that time when everyone could mine without large investment has past but in the eyes of the code if you are not a miner then

You are irrelevant. with your mindset one could argue about and ask what about the planet earth with only 200M people living on it? well things grow

And maybe it's time you grow up as well by adapting yourself.

I've been wondering what most merchants are doing since the crisis keeps dragging on. Will it get much better soon?

They are declaring bankruptcy, or moving on into altcoins where the fees are tiny.

You wont' really get people buying socks or electronic gears that cost 5$ for another 5$ in fee, it's just absolutely impossible to do small time commerce in BTC right now.


It's really sad, because I saw a lot of potential in those small businesses. Too bad they got taken out by the incompetence of the dev team.

yes even i was doing faucet for quit long i was getting satoshi too quickly now my lots of claims goes pending and it get cancel some time . Eve e transfer amount not too big while comparing its only with satoshi . If you calculate with dollars then makes bit difference

With the price of bitcoin rising rapidly and the transaction fees getting higher the faucet business have come to a halt a long time ago when google stopped providing advertisement revenue for running a faucet site and that is when i stopped collecting bits and pieces through faucet as it is not a real method to earn some satoshi with the amount of time spent in it.

As a poor citizen of a rich country I can say the OP is right, Bitcoin forgot us completely. It is no longer usable for us, we feel scammed.

It is like being welcomed with open arms, and when they got what they wanted just close the door in our face. That is how I feel.

Now, I'm considering alternatives. Dash seems like something serious, don't know if they will do the same as Bitcoin, but it is worth a try in my opinion.


The poor population is big, I believe Bitcoin is making a big mistake by forgetting us. I'd say wake up, before it is too late.


EDIT:
And please, update this page: https://bitcoin.org/en/innovation

That is true. I am dirt poor right now, completely broke. While bitcoin charges 20$ / transaction. You have to be kidding with me.

Andreas Antonopoulus was talking about the 3 billion unbanked in the world. Well looks like Bitcoin has fucked them.


No problem, some other altcoin will help the 3 billion unbanked, while we leave Bitcoin to the closed minded people.

Well, to be honest I cannot actually get the reason why so many people are moaning about the transaction cost.
Indeed, I also remember times when we actually payed like 0.01 dollar or slightly more for one transaction, even big one: but I say once again these times have passed.

Sit in the same place and complain about the size of miners reward, about confirmation time etc. if you cannot stand this then just dont use BTC.
We need to find a way that will help bitcoin and blockchain with these problems, because blochchain is pretty much too slow (63k now, it is actually like average now) and there is a problem with bitcoin thanks to the size of the fees.

Honestly, I have accepted that fact like 10 thousand times already. You need to move on and still use bitcoin for your advantage, than just worrying about how much are you going to pay for sending a transaction.