Bitcoin Forum

Bitcoin and other crypto coins will die a slow death if they do not sort out the high transaction fees and the stuffed up slow arsed networks. People will just get fed up with it in the end  >:(

Of course they will, you're right. It's like anything else, bitcoin has built up a lot of good faith and so it can survive off that for a while but if in time nothing changes that good faith will start to dwindle and eventually be worth nothing. Hopefully lightning network can be the solution bitcoin desperately needs.

yes, I agree with you, I think the intention is not dead, but the crypto world will still exist, but the users are few. and this is a result of expensive and slow systems.

As much as he may be bad for crypto John McAfees recent one to one interview on youtube he answers this questions and I tend to agree. Currently there are many people trying to get a cut of the profits, including the miners, once a deal is struck these fees will drastically drop and transaction times will be sorted, we're just in a bad period now and it's best to try leave any BTC where it is and not move it around too much

If high transaction fees and slow networks bother you, there are plenty of alts which will work for you. Bitcoin Cash and Litecoin are examples of coins where the fees are far lower. Of course, the hashing power backing the network is far lower too. All cryptocoins are not equal and there could be one to satisfy every feature you require.

At the moment it’s only bitcoins that is charging high and outrageous fees because of their block size. Bitcoin Cash is not going through that kind of trouble that’s why people are investing more into it. Bitcoin is the only crypto with that problem currently.

Yeah that is why the altcoins are gaining value all of a sudden.  But for people who are trying to use Bitcoin as a currency and not just a pump and dump to get rich quick  its getting to the point where it will no longer be a viable cryptocoin  to use.

I'm not really worried with that because all coins will solve their scalability problems in a matter of time. We all know how fast technology evolves, so those problems will be over in a relatively short period of time. Also, most users are storing coins and not using them, specially when it comes to bitcoin, that is compared to gold right now. So even now, bitcoin has a use as store of wealth, and it's fees aren't that high if you use it for to transfer large sums of money. Don't forget that the LN will arrive soon in my opinion, and that alone will solve the problems you've mentioned.
My only concern, and it's not a big one really, is how regulation will be done, that is the only threat to bitcoin right now, and is not a big one, since BTC is decentralized and can't really be banned.

I think that it will happen if dumb people like you keep using bitcoin for a while. Bitcoin is not for everyone in here, if you do not know why the fees are so high, then you deserve to use crappy coins of less than 1 satoshi each.

The fees are high because of the network congestion, and it everything goes good during the next few months or weeks, the lightning network is going to get approved by the masses.

And it would mean that the fees are drastically going to be zero.

Yeah the sooner the LN comes into public use the better and tbh Bitcoin now is becoming less and less decetralized as traders and wallet services are asking for ID,  plus its now being controlled by Fiat money because all most all people do is buy it and re-sell it for Fiat money. If people couldnent get Fiat money in exchange for it,  it would become worthless so even though no one person controlls Bitcoin it is still being dictated to by Fiat money.

Are you for real lol I was most prob using Bitcoins way before you. I minned them in 2012 and I used them for website payments which unlike you who sells your siggy for a few bitcoins.

The whole altcoin thing really confuses me.  The Bitcoin Cash (BCash) people are convinced whatever solution they have to the scaling/fees issue is the right one.  If it is, why didn't the Bitcoin devs implement it then?  Is it true the only reason Bcash and Litecoin don't have the fees/transaction issue Bitcoin has is because no one uses it?

Why bother with lightning and segwit. Bitcoin cash works. Just move over. Sorry if you sold your coins or bought the wrong one but hey ho.

I havent sold them

This is the problem.  Bitcoin was supposed to be a new way for paying for things and all people want to do is buy and sell them  for real money which is what has caused the stuff up with the transactions with every tom dick and harry trying ro make a fast buck  With people like myself who are trying to use Bitcoins on websites as a payment method it has totaly stuffed it up for us so we will end up looking at altcoins like Ripple which atm is fairly stable and fast and cheap to use as an everyday buy and sell coin which defeats the whole object of a decetralized sytem. Website owners who are trying to support and use bitcoins will just get fed up and go elsewhere in the end.

Bitcoin cash is probably the best option for you then. Lets face it, if it wasn't for the greedy miners then you'd be using it anyway. Don't understand why people persist in supporting bitcoin and all the fudges they're coming up. Transaction fees are here to stay, without a fork.

Perhaps though it wouldn't be worthless if the speculation aspect was taken out. I mean Bitcoin was that way for its first few years and people were using it as currency. It has shifted away from that at the moment but I think it will slowly shift back towards what it was intended for which was a new currency and a new system so that banks can't print money whenever. Give it time they will figure out all the issues I am positive about this :).

Sorting out is a good product concept of bitcoin, in that formation it is creating a hear to people. It is a good idea when a group shared their ideas about bitcoin because it brings bane to everyone and it is a business environment now a days because people are attached to much in technologies for sure Bitcoin is known everywhere. As far as I know it is a new product development and people knows the complete process of it. I surely assure that Bitcoin will not die because it keeps on sorting.

maybe yes maybe no ... if the trader has a lot of capital, for trading it does not disturb them, suppose profit + - 1xxx $ / hari and cost spent 100 $ / day of course they will not be bored even though the price of the transaction went up. if you have a little capital of course will make you bored with transaction costs

It will not die because everyone keep on sorting the bitcoin. Bitcoin is famous and known everywhere. Maybe, in my own idea it won't die unless we keep on sharing the knowledge that we have understand about bitcoin. This kind of business is a new trend business in the market which the product is a concept of everyone that deals with ideas of people who caters to answer some questions which is related to the crypto currencies, BTC and the future of bitcoin for the other years to come.

Actually, if you actually care about the well being of Bitcoin, you probably shouldn't support Bitcoin Cash. Their shills are one of the most vocal Bitcoin FUDers on the internet, even going as far as to claim that Bitcoin Cash is the true Bitcoin. They were also responsible for a network spam attack a few months ago, which also ended in a Bitcoin Cash pump and dump.

You're still free to do whatever you please, though, but if you simply want to use alts then Litecoin is a better option. It's faster with lower fees.

The transaction fee on bitcoin transactions were much high than the past days. Now as the price has increased, the transaction fee too has leaped to a much higher level. Another thing is that even after providing the respective transaction fee the confirmations were getting delayed. Hope this will get rectified at the earliest to lead towards next level of growth.

I agree, cryptocurrency will die slowly if the problem of high transaction fees could not be corrected. many people choose bitcoin or other cryptocurrency to transact in finance because the fee is cheap and now it is to expensive.

I think now it is the time for the developer to think about this problem, otherwise this will be a serious problem. Maybe for the owner of a large capital is no problem because they still got big profit but for those who have small capital or transection with very small amounts of course it is a big problem.

If that were true then bitcoin would be already dead since there are other altcoins offering low fees and faster transactions. And even with lower transactions fees and faster networks, they wouldn't be able to compete against Square, paypal, bank transfers, etc, these centralized systems will always be one step ahead of cryptocurrencies, yet cryptocurrencies are still alive.
Also, people have been complaining about the btc fees even when they were around $5 or less, but look at the fees now (or back in december)...now look at bitcoin...alive and still #1 in the market.
I think you're missing the point of cryptocurrencies, or maybe you don't know the fundamentals of cryptocurrencies. I don't want to go into detail since I believe cryptocurrency newcomers should always do their homework when entering the cryptocurrency world, but just so you know, speed isn't everything, and cryptocurrencies weren't created to be fast payment processors.

We all know know there's a problem with Bitcoin with the long wait times and high fees, but these issues will be sorted out soon. Conclusion: bitcoin will not die because of the reasons you mentioned.

I think for bitcoin it will need time to see the high fee is reduced but I don't know too much about that. and for the other crypto coins, I think we have many options of the coins that use cheap fees and with the high confirming transaction. I think we still could use the other crypto to make the transaction if we don't want to pay too many fees for bitcoin.

I believe the effect of high fee already having impact, a lot of users already suggested to used eth or litecoin for transaction because its cheaper and faster, the bitcoin fee is already too high, if you compare with eth you will see huge difference, this things certainly need  to be sort out immediately, if we keep on losing users, then bitcoin will fall down from the throne

yes, it becomes a very serious problem can not be underestimated and considered trivial
otherwise people become fed up and leave bitcoin, there must be a change

In my opinion so far only at bitkoin a problem with slowness and high cost of transactions. Other coins do not have such problems. Such problems in the ethereum are maturing, however, groups are already creating there to solve this problem in advance. In other coins, transactions are fast and with relatively normal transactions at their cost.

Well, people tend to go with the flow with our community, it will always depend on the people if they want to invest in crypto, well this way they can get to a max profit by just investing to a coin, so does they care about the fee anymore?

It looks like Coinbase is one of the main reasons why Bitcoin <Legacy> is struggling at the moment. If Coinbase add support for SegWit and they stop spamming the network with unnecessary traffic, most problems will be resolved.

Coinbase is deliberately supporting Bitcoin Cash over SegWit <By implementing it before SegWit> and they are not batching tx's, but rather allowing people to send individual tx's, causing unnecesary congestion on the MemPool. ^grrrrrrr^

Yeah, Bitcoin popularity will die if it not solves it's utiate purpose as being a universal currency and I think this problem will be solved only when scalability issues resolved

yes I think this is true, the evidence has been seen in recent months when bitcoin prices reached the highest peak, in that condition many parties raised the cost of bitcoin transactions, and after that bitcoin prices began to decline slowly.

I'm a big fan of Bitcoin, but I agree the cost of Bitcoin transactions is getting serious and causing problems - they need to find a solution for it, either Lightning or something similar. Things can't go on as they are.

People who are expert in dealing with cryptocurrency knows that the number factor for Bitcoin development and progress is its stock movement where people choose Bitcoin to used on their transaction. When Bitcoin system do not get the proper movement or its movement is against the demand it might lead to total destruction of future. So it might need our help to support Bitcoin in times.

I do not think it will die because of it, many people who aren't botherded by the high fees still use Bitcoin because it is a small percentage for them. It wont die, but it really bothers users that have smaller amounts that are practically trapped unless sent with a very low fee. We had similar problems before and got over it, we just have to be patient right now.

It won't necessarily die, it's just a barrier of entry for new people who don't want to spend that much on fees, and also for current users, it turns bitcoin from a payment method to an investment method. Of course, this issue has to be addressed, but it definitely will not kill bitcoin.

the thing about bitcoin and by extension cryptocurrency in general is that they are new technologies which are currently evolving. the first thing in any new technology is never the best but that first thing evolves into better versions of its initial form.

for example the first cell phone was HUGE with a big ass antenna on top of it for reception and probably gave you brain cancer! but now the same cell phone is evolved into a tiny thing with so much power in its CPU than a simple PC.

in time bitcoin will also evolve as it has been evolving so far in the past few years. and eventually there will be a solution with the issues they are facing. and then new issues will surface and we will solve them too and move ahead.

I am in total agreement with you. It has already started affecting it's value in the exchange floor. Old holders can not use it for transactions, to the extent that about 20% of the total transfer amount is charged. This has also discouraged the prospective users. So if this is not resolved soon, then it would definitely come to a halt.

I am sure they know the problems that the investors are facing, They are sure to do something to fix the problem, I know that BCH is currently not having the said problem because they have the lowest fees in the whole crypto world.

I disagree. Bitcoin can be used to store large sums of wealth such as gold is used to store wealth. In other words if not used to purchase small priced items it will be perfect.

So when the time bitcoin is used to transfer this wealth, the fee charged will be insignificant compared what you would have to pay a bank to transfer a similar sized amount of money.

The wait time will not be a factor as the confirm time can be done in less than 30 minutes.

I believe that this should be one of the major concern about things to develop for bitcoin. The same way bitcoin increase in price the problem with transaction fee also arise. Some people now choose etherium over bitcoin for trading. Bitcoin is still a good one for investment but thee preferable coins which lower transaction fee.

Though, its really normal for bitcoin to have disadvantage sure it will be fixed to make people be satisfied. Bitcoin have come a long way, there no ways bitcoin will just be ended because of high transaction fee. Speeding up and low fee of transaction is not really an impossible one to happen. Let's just hope that bitcoin will go better

Bitcoin is the only crypto who is facing high transaction fee otherwise all other cryptos have low fee.But it is just a temporary problem for network it will be resolved when the lightning network was implemented.We can hope that it will be implemented in the middle of 2018.

and who's to repair all these troubles?

There will probably be some next step to solve this high fees, if not BTC will actually fall behind some other crypto currencys.
For know we have only seen forks whenever problem occurs.

Forks are not good because you cannot force shops to implement new crypo currency whenever some new fork happens.

Agree with you that BTC will die if the high fees issue is not solved ASAP. The congested network had made it even worse to use BTC for making transactions. The confirmation time has increased causing delayed confirmations. But we need not worry because these issues will be solved as the Lightning Network will most probably solve it and it will be established soon on the network. The transactions will get confirmed soon on the side chain. Although the issues will still be there on main chain but the fees will be reduced since the transactions will be cleared and the congested network will be demolished. So Lightning Network will mostly solve the issues.

Actually, the high fees right now is because of growing fame of bitcoin and the problem with this is that more people buy bitcoin then hold it than those who mine it. To solve this problem, we should promote mining in various countries so that the congestion would be lessen or eliminated.

You have choice, bitcoin have high fee and so long time to proces one transaction. you can always switch to other coin

And then what?

It's irrelevant that I can switch to another coin when shops don't take any other coin then BTC.
They are some that take few crypto, but you must look them with a lamp.

The most who have this problem is probably bitcoin, some coins are just fine with their transaction fees and transfer speed.
I just remembered the first transaction that I've ever made with bitcoin it is just 1 freaking dollar that time confirmations take place within 20 minutes
1 hour is the longest, but now bct service board got tons of tx speed up confirmations, I hope devs will fix the issues at the right time.

It won't die anytime soon as bitcoin became popular recently so to sort the traffic ample amount of time should be given for various trading servers to handle bulk requests. Currently, transaction fees and speed is trash, but it will eventually become better.

What about all this people that are complaining about transactions that got stuck for days?
There has been some services that you pay directly so they mitigate stuck transactions with their miners.

You can easily get burned with twice the fees just like that.
A month ago i didn't even knew that  transaction can actually get stuck.

Actually that's not something that's going to "kill" bitcoin. But it will keep it from reaching a mass market beyond people trying to make some gains.

People have been saying that Bitcoin was a scam and worthless since it was developed. All I know is that if I bought 100 BTC in 2011 for $10 each as I told myself to, I would be retired right now. Unfortunately, I listened to the FUD and was too cautious and didn't buy. I also would be investing in altcoins since many of them are still creating huge profits. History is a great teacher if we are willing to learn and adapt. For what it's worth, I believe the privacy coins are going to be the "goto" coins in 2018!

The high transaction fee, especially for Bitcoin, is a burden to all Bitcoin users (except of course you are rich enough and wouldn't mind to pay $15 for the fee). However, not all cryptocurrency requires big transaction fee. If you could see, some are saying that you have to resort to other coin if you do not want to pay much in transaction fees. If any cryptocurrency will die due to high tx fee then it will be Bitcoin then another coin will step up.


The million dollar question of the day ;D

I have been thinking about this for awhile now. Bitcoin needs to have low transaction fees and fast transaction time so that it is adopted by big firms and in turn by the people. Right now bitcoin is for big transactions not for petty ones. I wonder how McDonalds is going to deal with the transactions. But is it possible to fix this issue? Could someone shed some light?

Bitcoins won't die because of slow transactions and high fees. Not unless it causes users to abandon it. No users, bitcoins won't have any value.

I also think that it's a bit unfair to compare bitcoins to other clubs because bitcoins are have higher demand which is the reason why there is traffic causing high transaction fees.
Other coins on the other hand have no scaling problem because there is nothing to scale.

Lightning network is the only idea that some think will resolve the problem. Yet we need to be patient, if we rush things out, we might waste a good formula.

I think the price today is still enormous. Before bitcoins pump tonits maximum, it's price is $5k. Still no losses that I have found.

It is not gonna die as most likely Bitcoin won’t be used for transactions at all. Anyway, with lightning network coming soon, transaction fees and speed will be solved soon.