Bitcoin Forum

Bitcoin has failed.

It costs up to $100 to send a small transaction, I find it hard to believe bitcoin hasn't dropped to $0 already. There will be a future crypto (I like Litecoin) but the future crypto is defiantly NOT Bitcoin. Its unreliable and is almost impossible to recover funds if they never confirm.

Im looking forward to bitcoin failing and something else taking over, im surprised im saying that as I hold a little bit of bitcoin, but I feel it has failed and nothing more than market hype and new comers are causing this price influx.

I would of course change my mind if the developers where actively doing something about this issue and keeping us informed, but it appears they are not. Lightning network has not been integrated, Segwit 1x is not used.

Despite us knowing bitcoin has scaling issues for years nothing has been done about it, and now it Is much cheaper and safer to send money via a bank transfer.

What makes you think that Litecoin wouldn't face the same circumstances under the same network traffic & pricing conditions?

You say that Bitcoin should have dropped to $0, but if it did then transactions wouldn't be as expensive. You kind of contradict yourself here.
The Lightning Network is still in development and will be deployed when it's ready. These fees won't cause Bitcoin to go to $0 but a catastrophic failure from buggy software will.

SegWit has been activated and is being used. You need a wallet that supports SegWit in order to use of it.
You say that the developers aren't doing anything, yet 3 Lightning network implementations from different teams were tested for interoperability just 10 days ago: https://blockstream.com/2017/12/06/lightning-spec-electrifies-bitcoin-with-release-candidate.html

I wont really make any argumentations regarding on the things you do mention on here which most points are actually true except on that Litecoin thing. I dont think this would be suited for such position if you do consider it over bitcoin. I dont know on what would be the most possible solution on the current situation of bitcoin which tx fees are really insane. Confirmation times are long because of congested network. Must really have a solution into this one.

I think hard forks are bad for bitcoin, like the bitcoin cash hard fork just created another alt coin.

From what I have read, Segwit barely lowers the fees, I have also tested Segwit on a hardware wallet, and the fees was marginally reduced. Also the lightning network is thought to have only a 2-4X lower fee price, still nothing substantial.

Could there not be a soft fork that increases the block size, to say, 4/8MB so transactions are much quicker ?

You can choose for a very low transaction fee if you want! This fee will always be lower then SEPA / bankwire fee. But, you have to be patience cuz the transaction can take a while..

The developers did something about it. SegWit is here but It's the services who don't want to integrate it even though there are no downsides for it so It's kinda the community fault for not encouraging the services to use it. Lightning network is under development and the tests are showing good results, I'd say It should be here by 2018 Q1.

I tried a $12 fee, 41/sats and im unfconfirmed for a few days.

When i choose for (high) priority the receiver got in within 2 hours.. 2 weeks ago i did low-fee and took 8 days..

I've made a number of transactions in the past week. The largest fee I've paid was $26 and I've never needed to pay $100. I've always combined small transactions my wallet periodically, so my transaction byte size is always small.

People are only coming to bitcoin for the opportunity to make money... there is no other reason why they would use it because it is so much cheaper to just use a bank transfer.

Let me guess what you are supporting. LiteCoin & Ethereum as the possible solution?....right? Looking at your signature, you

are most probably invested in LiteCoin and Ethereum and you are promoting that now. Bitcoin cannot be judged by the failure

of exchanges and wallet providers, not implementing SegWit.  >:(

I have less than 1 Litecoin and 0.1 ETH, I don't think they solve the problems bitcoin has either.

Litecoin is good but still the fees are only low because Litecoin price is low, if 1 Litecoin was $20,000 then the fees would be the same as bitcoin.

Ethereum also is being clogged due to crypto kitties, so neither of these solve the problems bitcoin has
 

Bitcoin has not failed yet but it is being developed very slowly that I can agree on. The scale up issue must be overcome from our side so that bitcoin can in return make us feel positive about it. The thing is people or devs really are making fun of the bitcoin by creating lot of shitcoins in those hard and soft forks. That is for their own use and nothing else. If we were to use these forks for upgrading the bitcoin then they must be used like that way and we can just then make things happening.

However, despite of many trials bitcoin is slowing down in the growth and greed of earning free money could be one of the reason behind that. But we can not call it bitcoin's failure. It is the failure of us not the bitcoin. Other coins won't catch up the bitcoin and I'm sure in the final movements many things will be done about it.

This happened also to me. Seems that low transaction fees will take you few days before it gets processed. I wonder why the price of bitcoin keeps rising though its very unreliable nowadays. Unlike those good old days where its very easy to use bitcoin. Seems like the traffic is heavily jammed with more people using it .

1. Hmm, not sure unfortunately
2. True
3. Faster than bitcoin (unless you are willing to pay a huge bitcoin fee)
4. People have bitcoin transactions held for several weeks, because when the made the transaction the fees where low, however the mempool filled up quickly causing their transactions to never be included in the coming blocks.

>Costs up to $100 to send a small transaction

That right there is enough for me to ignore your post but I'll take the b8 anyways because I feel like you have made this same post before. Same whining, different date.

I don't think you even understand why the market is in the state it is, sure it's because there's a lot of new people who are driving the value of Bitcoin up but the big factor is that the supply isn't growing at all within exchanges, most of the time it is shrinking and the HODLing is making the price gaps worse. This in turn drives the price up, causing more people to want to buy, adding to more transactions on the network, and so on and so forth. Once the bull runs stop for a while and we don't have anything significant within the community that impact the price we'll see a decrease in unconfirmed transactions and so on and so forth. It's aspects, which Bitcoin had from the beginning, piling up in a practical sense.

You are looking forward to bitcoin failing but i'm sorry to say that it would only remain a dream.I too accept that transaction fee is higher but we should analyze the reason behind it.As CME and CBOE announced the launch of bitcoin futures,bitcoin price suddenly rose to almost $17,000 which made many bitcoin holders to decide to sell and get huge profits.As a result of huge selling at the same time,around 220,000 transactions got stuck.This was the main reason for high transaction fee.Its only a temporary issue.Segwit activation did not solved this issue.Lightning network is in its beta stage.Very soon when it gets activated,this issue would get solved.

It's too early to say that, some of a reminder for you, Bitcoin is still at early stage, it still needed a lot of room for improvement. The good this is lightning network being developed, and soon it will be implemented, so the transaction is quicker and cheaper.

Failed at what? It's down to users to decide what it's going to be.

As a digital cash, in its present form absolutely unquestionably.

As a digital gold, let's see. I don't think that's started yet. Either way I am slightly shocked at how rapidly the expense to transact has risen but this current wave is also a very recent development too. A few short weeks ago it was borderline free to transact, but even if that returns it's too vulnerable to being gamed to depend on it.

Yes, this is an ongoing problem with Bitcoin at the moment. If you want to send a small amount of BTC then you're screwed. You can't use it for small transactions. Right now, BTC only is a store of value and until Lightning Network comes and works as intended then we can't experience the full potential of BTC.

In satochis original white paper, bitcoin was outlined as digital cash. It has failed at that. So bitcoin has failed its original purpose, and now needs developers to try and fix this, however they have not, not in 8 years.

It may have started off as an idea for digital cash. These days it's a pure speculative money making machine. Satoshi sent it out into the world and this is what the world has decided it wants it to be. For better or worse Satoshi has no say over this.

Bitcoin has not failed yet. Did gold fail because of its high price of storage? No. We can't just abandon Bitcoin only because its transaction fees are high. We should focus on making Bitcoin cheaper in use. Transactions are expensive but we can't do anything if Bitcoin Core team still haven't implemented SegWit to their client. That's why many services don't use SegWit addresses. As far as I know, they claimed that the next update would be released somewhere around May.

bitcoin does not fail but people who are slightly wrong in speculation even happen serious manipulation in the presence of some segwit.
patience in the long run should not make you anxious over the spin so fast, just calm down and see progress in one year and you will enjoy it.

For a very long time how to make an order with a low priority, the transfer lasted 3 days ...

Yeah bitcoin is really sucking about the fees and nobody is doing anything about it. I mean we are at the stage where bitcoin is most priceless stuff around the global market and still the fees are very high for it. I mean miners can really do the transaction confirmation very easily and still get profited from the previous so called normal fees. But no this is the greediness of these miners who set up the huge fees on the network and then in return we need to pay that forcefully. The force is there because they know very well if we set the fees low manually then our transaction takes forever to get confirmed. So according to me bitcoin has to achieve many things really and if it starts going somewhere then bitcoin can also achieve another milestones with huge market cap. This would be great to see happening lightening fast but with current speed and alerts it seems to me taking ages. Hope that scale up issue will be resolved in smart way sooner.  

Yes, BTC has many disavantages in term of technical. However, it will be like a rare vintage and many people want to have it.

Its so true that bitcoin transaction fees are also skyrocketing but that doesn't mean that bitcoin has failed since from the very start, we believe that bitcoin value would skyrocket and here it is now on. Just like what we expected that is why we should also expect that its fees would also get high.