Bitcoin Forum

 if price and excitement carries on i can really see this becoming a reality next year. what effect would it have? would it drive out everyone but whales? would it drive out whales too if the minnows walked? would big boys take over and keep it for themselves? if that was the case would miners be making so much freaking money they'd no longer care about block size?

right now for its own health possibly the best thing bitcoin could do is crash and scare everyone away for a year or two. that should give enough time and space for businesses to integrate segwit and maybe those second layers will happen as well. by the time people come back it might be ready to accommodate them.

and no core moaning or alt pumping here. let's hear what you think could happen to bitcoin itself and nothing but if this takes place soon.

Segwit has already been implementated on almost all the WALLETs that are now online, only that it has not been implemented on coinbase.


Do you really want to see a crash? you are probably the only one who i found that really wants to see the price crashing.

More than 80% of bitcoin population will probably stop investing in bitcoins because it would be a mess.

Maybe you are talking about the Lightning network..

But fees of $100? I would not even send less than $10000 per transaction if it really happens.

yes. bitcoin has the potential to be ready for prime time. with the current level of attention it doesn't have the time to get ready. i'd prefer a fall and cooling off period while stuff is worked on properly instead of the whole thing seizing up and sending new users away in disgust.

a crash is gonna happen anyway, it's just a question of when.

I recently transferred all my BTC to my Ledger segwit wallet. For almost two years, signature payments, payments from webservices, dust from genesis mining, etc had piled up in that address.

The transaction I sent was upwards of 1500 bytes. According to Cointape.com, the recommended fee is 400 Satoshi. 400*1500 is 600000 Satoshi, or 0.006 BTC. That's a fee of $100 USD at the current price.

Luckily I skimped and paid 2 sat/byte x3

I dont support any coin, I just use them because the blockchain is awesome. But honestly, if Bitcoin wants to get any more expensive, fees will have to reduce. Remember the times when fees were less than a cent? That was a major selling point for Bitcoin. Now? Not so much. Segwit had a negligible effect on fees, and the lightning network will basically be used for EVERYTHING if fees stay the ways they are, which isn't good either. The amount of transactions being sent an hour are magnitudes higher than what it used to be. A blocksize change will need to come somewhere in the future. And stop bitching about hardware and infrastructure limitations. Can't handle it? Bitcoin is making miners millions. They can reinvest. Maybe it'll diversify the hashpower, as cheaper electricity means poorer infrastructure, and vice versa. Would it balance out?

It's the time now for the Average Joes to hear about bitcoin because bitcoin is in the media already and now a lot of people are aware of the potential of bitcoin. Some of them want to try it and invest a little amount ($10-$100 or so). They don't know about the technical background, they just heared at the hairdresser that somebody has multiplied his investment by 10 last year with bitcoin, so why not to give it a try?  If bitcoin crashes now, they won't be back again in two years time and that would be really bad for bitcoin. Just imagine: 'Yes, I've heard about bitcoin, I've tried it, I've put my $100 in it and it has crashed, I lost nearly the whole sum in some months...' This is what we don't really need now, to scare away the average people

Seems like you've been hanging around in excessively speculative circles.  You might want to broaden your horizons a tad.
Whales already have the effort of exchanging between fiat and Bitcoin.  If Bitcoin wasn't much easier to deal with than fiat, it's possible that the effort of that would push it over the edge and move away.

If that happens, it'll probably reach a point at which barely anyone bothers to use it - but then again, if that's ever true, I would assume that the fees will fall again.  It'll regulate itself to some extent.

I hope for the future, Bitcoin transaction fee can go down. Because the current fee that needs to be issued is quite expensive. sounds terrible if we send 1 dollar bill with 13 dollar transaction fee. And it might be cheaper if we use Altcoin as a fee for Bitcoin transactions.

Not that I'm relevant, but I have stopped transacting with btc for the most part. Trying to use the cheaper options available to move value between exchanges, as I should have from the beginning.

It's curious to me how this issue hasn't halted its growth.

Wow. I own 200$ of Bitcoin, if I want to use them I will have to pay half in order to make a transaction. People like me will stay away.

bitcoin prices are now very high, this is very profitable for investors who buy when bitcoin prices are still cheap and bitcoin miners, but for the prospective investment with the current price began to feel heavy, there must be advantages and disadvantages with the rise in bitcoin prices.

I am not really sure people will comeback to bitcoin especially newbi if bitcoin crash and scare people away from it for year or two.
Most possible thing happen is they gonna stay away forever or at least for any longer time.

today buy a service $20 bitcoin and the fee was $11 bitcoin...

The situation with the fees got worse, because the BTC blockchain is overloaded. Blame the hyip around bitcoin..Thousands people try to buy/sell , transfer  from the wallet and back. Increase of fee (price) - the rule of the market by demand increasing. So,that shoul stop people to make transactions or make them not so often. When blockchain.info wallet offers me mad fee, i just put small one and im ready to wait for several days, not the problem. I dont wish bitcoin crush - it would be very stressful and nobody knows how it could affect the future of all cryptocurrency.

I am really dont understand why bitcoiner want to bitcoin crash anyway? Is she really invest in it or not? Just curious
As bitcoiner who face fee problem like this, i would prefer to get another solution and crash is not good idea.

To be honest, a transaction of 1.5kb is pretty impressive if you've been gathering dust for two years! I still regularly do spring cleaning, usually when my inputs start to go above 1000 bytes, so that's about 5/6 inputs I consolidate every now and then. Still find enough space within all the congestion to do it for very low fees, so yeah, I don't really see why people are complaining so much - maybe I really am a small-time user after all!

I feel the blocksize change definitely is on its way. Core have never actually been against it anyway, and SegWit is somewhat proof of that. I think the issue people have with them is just their perceived extreme conservatism, but I see every sense in being cautious.

Not exactly supporting any coin either, at least not on face value. In any case, everything is playing out towards scalability, one way or other. Bitcoin will always be catching up when it comes to scaling, but that's pretty natural for any tech facing sudden growth in use.

If the price of 1 bitcoin = 100,000 USD, then the transaction fee would be 100 USD, and I'm sure people will start leaving bitcoin because the transaction cost is so expensive, they will get into the cheaper and faster altcoin

Yes this is true, for less fee, but other altcoins and withdraw it.

the problem is that if all the miners agreed we would have a super expensive fee each time and at a speed not so fast

I'm thinking the same too , a crash maybe will help a little till the devs are able to figure how to fix this mess
also now there are a lot of newcomers , they only care about the price so we are seeing a lot of hype for the price and little care for the current txs

I can't believe that the current situation made me store a decent amount of bitcoin in freebitcoin site , cause they do kinda cheap withdrawals every 6 hours or so
right now the fee for withdrawal is 15K

the price now is 18k and it's offering me 30$ fees for 100$ transaction. How bad could it get :( This for sure one of the worst things that bitcoin reputation could face.

This is just the beginning, If bitcoin legalize all over the world and people used it for daily use. I think the unconfirmed transaction and fee is too high if that happens.

Yes the fee problem is a massive concern for most with relatively small amounts of bitcoin if it is going to cost nearly half of what you are sending it leads us to the fact that bitcoin could fail on this point alone.

Oh no, How about the small earners like us, usually we earn token from signature about 200$ dollars per month, so we need to spend our half income to btc, Perhaps they considers small income generators to lessen the value, That's not fair::(

Currently {and I say this for a reason} ..Miners still hang around, because the Block reward makes Bitcoin mining profitable.

They will leave, if the Block reward decline over time and miners fees alone are not enough to make Bitcoin mining profitable.

We need to generate tx's to increase the miners fees that help to make Bitcoin mining profitable for miners to continue

mining. {Or they will change their mining operation to host Lightning Network hubs}  ???

That is not really fair but what we can do right? maybe it is just time for us to hold our bitcoin as much as possible. It is a normal thing, we earn bitcoin of the price and the consequence for that is we also put in our shoulder the burden of transaction cost. Let us just think that we are having our business in bitcoin and the transaction cost is our expenses so it is just a normal thing.

It is a little too unfair to have this high transaction fee yet the transaction is still need some time to be confirmed in the blockchain. Many people are complaining about that, especially those people who are only earning small ount of bitcoin and the transaction fee is much bigger than their salary.

Here are my thoughts... Bitcoin price is soaring and the big boys (Ver, Wu, McAfee) are enjoying it... Bitcoin attracts people to learn cryptocurrency in a form of an investment. Here in Asia, coins.ph announced that they will soon offer bitcoincash in their wallets, that gave me an impression that the bigboys will soon support bitcoincash because of it's faster and cheaper transactions. I know this sounds awkward, but I have a strong feeling that bitcoincash will be the mainstream-head's choice over bitcoin core.

Another is Litecoin.  ;D

too expensive. Every bitcoin transaction you may have to wait 3 days. And the cost is too high. With small investors like us. It is difficult to accept

until now, the bitcoin fee is the most problem that we should solve because it is too expensive as everyone said and I hope we can fix this. but for people which own much of bitcoin, then it will not be a problem for them because they can easily to pay the high fee. besides the fee, I think the time for getting confirmed sometimes it takes too long. if we want to pay the high fees then our transaction will get fast confirmed.

Everyone hopes that it will not reach to a point where it can cause bitcoin to crash. Many users are holding on to their btc because of the fees.

If they do not scale up the possible transactions per second, the transaction costs will become higher and higher. Noone will pay with BTC anymore but store it and hold it as long as possible to avoid transaction costs. It would be much better for Bitcoin if people could also use it for daily payments.