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Title: Is this the new norm? Post by: GeePeeU on December 18, 2017, 01:37:04 PM Seems like something changed in the middle of this year, that held constant since.
https://i.imgur.com/Nk7LSw2.png Not sure how I feel about this, If it stays like so. Although the volume is not that different that something previously managed, the costs are far out of line compared to other times when similar volume was handled. Title: Re: Is this the new norm? Post by: Zebra.Guy on December 18, 2017, 01:41:47 PM Seems like something changed in the middle of this year, that held constant since. https://i.imgur.com/Nk7LSw2.png Not sure how I feel about this, If it stays like so. I am quite sure how I feel about it. I will not express it, let me just say that one my transaction is stuck there for a week already. I have been monitoring it daily. The average transaction fee price is 26 USD currently, there are 150k+ unconfirmed transactions and I have not seen that number go lower than 130k in the previous week. I don't like it at all Title: Re: Is this the new norm? Post by: soham on December 18, 2017, 02:07:36 PM That is the only bottleneck for bitcoin to be accepted as a transaction facilitator. The exorbitant fees are holding a lot of people from transacting in bitcoin and forcing to use other currencies like ETH. They are still a lot cheaper than bitcoin and faster as well. It makes no sense to pay 26 USD as network fees because bank transfers are now a lot cheaper than bitcoin transaction.
Title: Re: Is this the new norm? Post by: GeePeeU on December 18, 2017, 02:16:43 PM That is the only bottleneck for bitcoin to be accepted as a transaction facilitator. The exorbitant fees are holding a lot of people from transacting in bitcoin and forcing to use other currencies like ETH. They are still a lot cheaper than bitcoin and faster as well. It makes no sense to pay 26 USD as network fees because bank transfers are now a lot cheaper than bitcoin transaction. Right. I would love to see BTC keep climbing, but It looks like this is a escalating issue as adoption broadens. It appears there are solutions that can be implemented, yet it still has been years since the beginning of the debate about blocks and etc. I am really curious how these other chains/algos would perform with such volume. Title: Re: Is this the new norm? Post by: jseverson on December 18, 2017, 04:16:29 PM That is the only bottleneck for bitcoin to be accepted as a transaction facilitator. The exorbitant fees are holding a lot of people from transacting in bitcoin and forcing to use other currencies like ETH. They are still a lot cheaper than bitcoin and faster as well. It makes no sense to pay 26 USD as network fees because bank transfers are now a lot cheaper than bitcoin transaction. I would say the volatility is also a major issue, but at least that could be worked around. Bitpay seems successful enough. But yeah it's blatantly obvious that Bitcoin cannot handle an elevated level of demand. The scaling problem wasn't supposed to start being an issue this soon, so we also need solutions sooner rather than later. We're kind of screwed if this keeps up. |