Bitcoin Forum

as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.

Bitcoin will have that function once that the lightning network gets released, that is probably the only thing that we are waiting for.

Just think about this; when it gets released, we are going to be able to send money for less than $0,50 worth of fees, it is amazing.

This will really make bitcoin a real currency that can be used at any time, you can not buy a coffe with bitcoin anymore because of the fees, but with the LN activated, it would be possible.

I like your coffee explanation, exactly the point I was trying to make.
All the coffee sellers will not be happy if the bitcoin lowers significantly  while they are waiting for transactions to clear, that will be the end of their selling coffee for bitcoin.
The situation is not good at all.

Yes, everyone would have the same problem in terms of time and fee of Bitcoin transactions. And I hope Lightning network will really solve the problem.

I think we are seeing a massive increase in adoption right now.  The insane tx fees should normalize one way or another as everyone and the network adjusts.  OTOH is it possible that there is another spam attack by bitmain for political reasons?  I have no idea, but unless you absolutely need to send, I would just wait a week or two and see what happens.  Alternately you could change out for a solid alt like litecoin to send, and then buy back once it gets to where it is going.  Or just hold litecoin for a while.

Bitcoin is not easily broken. It is normally that having a bitcoin hardfork. It occurs when the developer wants to improve new things or we want to trade. Bitcoin was one of the best coins in the world and is widely used all over the country.

Lightning network will help the fees and the speed of the transactions and all these unconfirmed transactions will go away. That will be better for bitcoin and also better for the perception of bitcoin. It isn't broken so much as it needs a slight tweaking a little repair if you will.

Bitcoin is not broken, exchanges are. Because most of Bitcoin's transactions are transactions to or out of exchanges, they are the ones who responsible for current fees, because the current congestion is caused by Bitcoin's parabolic price increase. Exchanges refuse to use SegWit, which makes transactions almost two times smaller and they refuse to batch withdrawal transactions which would result in 90% reduction in costs for users - if the biggest exchanges used those things, we wouldn't have $17 fees today.

Usually the increase in the fee of a transaction is always based on a complaint of service transaction process problems, the process or sooner.

With this fee increase, the confirmation and confirmation issues are not confirmed as long as the bitcoin transfer between wallets does not take a long time, given that the blocks get harder every day, so the more days the more "obstacles".

Bitcoin prices rise or fall depending on the mood and heart of big players, just like the capital market brokers, if you want to drop the price of selling all that exists, panic the new learners join in selling [sometimes loss], roughly until the price is' agreed 'they buy back, which had been panicked and sold off, added more loss and finally they have nothing to market.

Not really broken. But definitely, as regards, this concern, Bitcoin needs to be fixed. Bitcoin badly needs a serious check up if we will look at its current transaction fee vis-a-vis the actual objective of Bitcoin. Bitcoin will not be used accordingly--as an online cash--if we continue to be charged with an extremely high transaction fees every time we use Bitcoin to buy what we want. But, if you noticed, Bitcoin has transformed itself into more of an asset.

I totally agree with you...it will take time but I think Lightning adoption will improve things a lot.
At the moment BTC is a store of value and not cash money that you can spend in everyday life, especially for
micropayments.

I am not even sure, from an investor point of view, we want BTC to become cash money cause it is already
the de-facto ONLY NEW store of value, it is already better than gold and usually there is only one store of value universally
adopted and accepted at a time. Gold was the previous one and you couldn't buy a coffee with gold.
So probably it would be better to adopt a different crypto to be used as cash money

Not broken, no, but at at pretty major crossroads in the long term IMO. It's important that these things get ironed out, otherwise the future won't be as bright as some of those forecasts.

How can it be broken? I don't think it is broken. Do you experience errors when transacting with bitcoin? Please enlighten me.

But why would anyone want to spend their valuable gold buying coffee or cookies? At present there are already a lot of altcoins that can widely satisfy the needs of people who want to pay their daily expenses with cryptos, for which we should reserve bitcoin for what in practice is already: only and exclusively a store of value.

Bitcoin is not broken.it's have massive adoption now.it's popularity so high .it's value so much.Bitcoin.is so much strong.

bitcoin won't broken so easily...
perhaps that lightning swap will solve fee problems

The payment for the low cost is really high so this would be a really bad idea, I do not think using bitcoin replaces real money.

If it is not for those who have made transactions that are too low then it wont get to this.
Spam transactions that is unknown what their real purpose is. Is it to destroy bitcoin or not.
Because of this there is load of pending transactions, with that they would have to increase the fees just so to stop them and regulate the traffic again.

What she's saying is exactly, with the current fee, bitcoin does not have any chance to put it into practice. Therefore, the lighting network is really essential. It is a prerequisite for bitcoin to continue to be used, or any similar remedy that can make the bitcoin fee less than $ 0.5.

Oh that hurts. Thats the only catch, bitcoin is not good to use as payment for very low amounts. May be you can use DOGE.  It uses a very low transaction fee.

If by broken, you mean split up into chunks, then yes. It is broken into fragments that can be individually sent and received.

Any other way people know of to trade low amounts without this ridiculous fees 10-12 dollar.

Transaction fees are a big problem just now as many have said it defeats the purpose if it can't be use for simple transactions. It could even get to the point where the cost of transaction outweighs the value of transaction itself.

Probably that is why the segwit2x was cancelled, I heard it was thr to lower the fee. but the miners pressured the devs and they cancelled it. Not sure if its really true or just a fud.

Bitcoin will have that function once that the lightning network gets released, that is probably the only thing that we are waiting for and also better for the perception of bitcoin. It isn't broken so much as it needs a slight tweaking a little repair if you will.

Yes it's broken in terms of scaling and fees too but they are using a carrot of the lightning network (LN)
to fix it and keep people gambling/investing but LN uses hubs and they charge fees on top of you having
to pay fees to miners when you close a channel to a hub

See https://bitcointalk.org/index.php?topic=2680315.new#new

They say "Low fees" not capped to $0.10 or anything so where have I heard that old
chestnut of a lie before.

Sure if you use LN to buy a coffee a day for a year from a local coffee shop you
might save but in the real world you are about to get stuffed as I understand it

hm, we all waiting when this happening. because the situation is really sad now, the only advise for people who wants to send 10 dollars in BTC value - don't do that, wait till better times. So, yesterday i sent 200 dollars and paid 5dollars fee using blockchain.info - not so bad how it could be.

The fees have decreased significantly in the last days, which might explain your situation a bit. Even Coinbase lowered its fees significantly, but it's not manually customizable like blockchain.info unfortunately. However, it has not decreased to such a level, that the fees are now ~0.00035 BTC. It's either blockchain.info selected a relatively low transaction fee itself, or you manually set a lower fee. That honestly isn't really the most interesting part here, what matters here is how long did your transaction need to get its first confirmation with such a low fee?

also don't be destroyed immediately this job because this is very important with us and for all who need so impossible i will break

Yep def the transaction fees are way over the top. Makes me not want to trade Bitcoin anymore.

Bitcoin is not broken.Bitcoin was one of the best coins in the world and is widely used all over the country.It's  value is so high.Bitcoin is the king of currency.

no, as long as there are still many people who use and take advantage of bitcoin, then bitcoin will always be good. and will be able to deal with all the problems.

Well at the moment the transactions fees is coming down little by little, but what baffle me mos is the fact that each time bitcoin increase in price transactions fees will go high why is it like that. Transactions fees will eat up all the gain you make and at times I use to feel that we are working for the miner's and  block chain's because they are the people gaining in the price rise in bitcoin using system to collect back the money but I thank God for the lightening network that will be lunch soon I pray and hope it will in eventually solve the problem of high transactions fees.

This isn't always the case. There is some truth to it, because fees are inevitably going to get higher as satoshis rise in value, but a few cents multiplied by Bitcoin's growth should still be a few cents. It becomes a problem once the fees rise into the dollars, as they do now. You can't blame that on the increase in Bitcoin's value.

What usually happens when Bitcoin's value rises, though, is increased market movement. This leads to a congested network where people try to outbid each other to be able to confirm their transactions sooner. That's why there's a perceived correlation between Bitcoin price rallies and fees skyrocketing.

Also, Bitcoin isn't broken. It has always had a scaling problem, which is just manifesting itself now.

I don’t care about bitcoin replacing dollars as the main currency because in the first place it won’t be happening in my lifetime for sure and the government won’t allow such. Those argument like transaction fees is high because the bitcoin price is relevant on the matter of difficulties and demand but only on the certain level and I won’t tolerate such abuse by greedy miners. But as long as it processed even for a much higher price and much delays I won’t leave bitcoin in those reasons.

This is why Altcoins exist. Ethereum or other alts offer a much better transaction/currency application.

BTC is currently like the old clunky computers back in the 70s that used to take up entire rooms, but in retrospect had the processing power of a 1998 nintendo gameboy.

No, I dont think that Bitcoin is broken, not because ohts price is getting low, it means it is broken. Also , people taking bitcoins have their full responsibility to secure their accounts in holding bitcoins.So, i think there would be no chances for bitcoin to be broken.

Yes, everyone would have the same problem in terms of time and fee of Bitcoin transactions.But this is why Altcoins exist.

like any other system, bitcoin also has flaws but none of them make it "broken". you are too dramatic to call it so.

at the same time nobody is sitting around! there has always been work being done in order to fix the issues/flaws. but you can not simply change things recklessly to put a band-aid on the problem and push it for the future to fix it and put them in a bigger ditch they can not dig out of.
we need to be careful, change things in a way that it  doesn't change fundamental characteristics of bitcoin such as the most important one: decentralization.

Bitcoin transaction time and fee is one of the issues for bitcoin today. I have had a bitcoin transaction previously in one of major exchanges but was so unhappy of how the transaction goes since it took 5 days just to confirm my 120$ BTC. Only then i started to realize that the transaction fee has already changed into a bit expensive one. I was really thinking if BTCs blockchain was broken that time or the major exchange itself.

The lightning network could completely change this problem, and if the lightning network can completely solve the problem of overcharge, the price of BTC will go up further.

No,I donot think that Bitcoin is broken.It is one of the best coins in the world.It's value is to much and so high.It is widely used all over the country.Many people who are involve in it.So it is very powerful  coie.

on the one hand BITCOIN is a hack, and has been broken since birth

on the other hand, its working exactly as planned,

bitcoin is a crypto-bank, its not a lottery, or a place to get rich quick,

so all these pathetic day traders are getting taxed to shit for their transactions and they're bitching,

who cares, they're making big money getting rich they say, so what if they pay 10% to back to the miners for fees? so what?

if the transaction level backs off and the day-traders find another way to churn bitcoin buy/sell transactions then that will off-load the tx's now, and the price will drop

the pathetic day traders brought this situation upon to themselves

they want it all, they want to make 100% a day, with no fee's, ... go back to the bank boys, or clone your own coin

What a thought! You are right since bitcoin is not regulated by anyone especially government so it was a mere broken. It is us users and investors who binds it and if we will not take care of this one we will truly broke this kind of opportunity and will missed out the future.

Bitcoin is not broken but still the high price of bitcoin is going to break good market before people used to invest more in bitcoin but because of the high price of bitcoin people are start thinking to invest in bitcoin , this is the major reason I can say bitcoin is going to brake its good market.

Bitcoin react like a Dam wall under pressure. The water is the users in this scenario, because the more users you have, the higher the pressure on the wall. The Dam engineers know how much pressure the Dam wall can handle, so they are building side channels to relieve the pressure.

Other Alt coins are building smaller dams without side channels. <Example : BCash> 

actually a decrease in transaction costs is indeed necessary, it is true that the current high cost because it is influenced by high bitcoin prices, and for small capital owners the current cost may be very burdensome, hopefully there is a future solution later

Dam thats a good explanation. I can see what your saying and am very impressed with building smaller dams without the need for side channels.
Go Alt.coins!

This is not impossible.

A lot of users now are having trouble with the rise of bitcoin transaction fees. There are also many theories about why this has risen as much.