Bitcoin Forum

One of the early edge/advantage of bitcoin are the following;
1. Fast Transaction
2. Low Transaction fees
3. Secure
4. Being Anonymous 

Now I don't think that bitcoin still has this advantage over the current monetary system. what do you think?

Read this article: https://www.cnbc.com/2017/12/19/big-transactions-fees-are-a-problem-for-bitcoin.html

bitcoin at the early indeed fast, it is because the network still not crowded.
the demands still low. but now, the demands of bitcoin is far increased from that time.
so the transaction time, fees are require more.

Segwit wallets make transactions pretty fast and cheap already. The last one I made was like 2 USD.

Either way, if price is below 5 USD i think it´s ok. Bitcoin is not going to be used to buy bread. To buy bread you can use a fiat altcoin. For internacional transactions bitcoin is already cheaper than SWIFT or a credit card (most times)

Are transaction fees for bitcoin really 'high'. If we assess this against previous bitcoin transaction fees, sure they are high, although they have come down a bit since the backlog of transactions has been worked through.
However if we assess the transaction fee against other fee payment methods, not only does it open up a grey area due to not being able to place in a specific category, but the fees can seem pretty good.

Against swift or money transfers, bitcoin transaction fees are great. If I want to send $100 to a UK i can pay the bank up to $30 to do that, or i can put money into bitcoin, send it and sell it for a fraction of the cost (including the exchange fees). So if you see bitcoin as a store of wealth and only use it for big transaction the fee is great. Imagine the shipping and insurance on sending $10,000 of gold across the world.

If you see bitcoin as an every day, buying some milk and cookies tool, then the fees are insane because you dont pay the fees for visa cards (at least not up front because your bank/the shop does, but that is just passed on to you in the back).

My takes:

1) Definitely faster than a bank transferring funds from one country to another.. it takes days or even over a week to do this.
2) Fees are still low compared to banks transferring money again in the same manner.. it will cost you a LOT more than 50 bucks a bitcoin to send money in this manner from one country to another. 
3) Security I think is fine.. Bitcoin seems really secure to me and I have no issues in this regard.. Theres lots of scammers and people trying to steal your funds in this space, but nothing directly involved with bitcoin or bitcoin tech.. just the amount of money in this space attracts the biggest and best scammers.
4) Anonymous I can agree with is a fault.. it doesn't personally affect my feelings on bitcoin but this one I can certainly see why some would want to look at other privacy coins depending on their concerns with anonymity or not wanting to make it public where their coins are going and how much and who to.

I still don't think any of the coins available today can be used as a currency for day to day transactions very seriously.. the volatility along with high fees and limitations of slower networks to remain decentralized remain an inhibiting factor.. I think BTC as a store of value like digital gold and a liquidity factor between USD and alt coin exchanges is enough of a use case to justify its value... Even if bitcoin did thousands of transactions a second, it would still suck as a currency because of the volatility... even something like Gold.. its not a currency.. you can't just carry around bars of gold and easily exchange them for goods. I feel like this is outside the scope of its design.. the same way I feel about bitcoin for everyday transactions.

1. transactions are still fast. in fact they are nearly instant. it takes only 3-5 seconds on average to have a transaction propagated throughout the whole bitcoin network of thousands of nodes. it is the confirmation that takes time.
2. the fees are low. they only went high for a short time and that is what happens when bitcoin is under heavy spam attack and there is nothing anybody can do about that.
3. nothing about security of bitcoin has changed, i don't know why you are listing this here!
4. it was never supposed to be fully anonymous. if someone said otherwise they were confused. read the whitepaper.


that just means you don't understand what a decentralized currency means.

From the past years those are the advantages and the main reason why bittcoin is on top but today's it change lot from the fast transaction to security issues,

1. Today Slow transaction it will need 6 confirmation
2. High transaction fees this transaction is set by the platform owner.
3. I think security will never change from the past month i did not heard news about this.
$. Being anonymous kind of issues right now because of the kyc.

Bitcoin could be used if the price and Blockchain is functioning normally. There is a lot of coins that have same issue.

You can always use international wire transfer instead. Your money will get to its destination in 3-5 business days, cost $50 to send, be tracked by multiple governments and might accidentally get lost. Enjoy the wonder that is modern banking. 

This article was published last year when Bitcoin network are experiencing congestion with unconfirmed transactions (spam transactions), but have you tried sending Bitcoin this past few weeks or month? I can even send a Bitcoin right now and pay less than $1 and gets confirmed faster than before, it might not be the fastest cryptocurrency to transact but it is still faster than sending money overseas. What do you mean that Bitcoin is not secure anymore? is there any instances that the network gets hacked? lol. and owning a Bitcoin will not give you completely anonymous from the very start.

Actually all of this your statement is true,because this kind of advantage of bitcoin is we could not feel this kind of benefits now,because the only things we feel now is those the disadvantage of bitcoin like always pending transaction,highest market caps,not secured and lastly known our personality thats why they apply to us a KYC.

there may be many problems for large transactions. for example if there is a possibility of haching and forgot passwords and its value is not always the same its value is always up and down. for there reasons.I think these may be some problem during big trading

I think it is problem, but being not private is not a problem. I always exchange my coin for low fee coins and send it to another wallet in this way. If bitcoin's fee is like $0.1, that would be great

Even at this stage, I find Bitcoin user-friendly in terms of transaction fees and confirmation time on the international level but when it comes to the offline transactions it is still expensive in terms of time and cost of the transaction. It literally doesn't make any sense to wait for transaction confirmation while every time I am buying in the offline market. We need to find a concrete solution to this issue so that we will have a user base using Bitcoin daily for their regular transactions and it will strengthen the network.

Before, bitcoin transactions are fast and has very low fees, but as there are lot more transactions and the high price, the blockchain frequently clogs and the usd value of the fees may soar high due to the price. The higher value of fees makes micro transactions using bitcoins inefficient.

Main advantage of bitcoin over current monetary system is predictable supply and irreversible transactions. There is no way to block "suspicious" transaction or steal from people by printing more bitcoins. Fees should be lower, though.

In comparison with bitcoin, which was earlier, the current bitcoin has become very slow, with hijacking transactions and really large fees. And this is against the backdrop of the emergence of promising coins that surpass bitcoin in terms of their functionality. In comparison with them, bitcoin loses unequivocally. Therefore, it must be urgently improved and improved.

bitcoin is a dinosaur and in need of drastic improvements. or its time will end .

Seems that most people here recentely didn't make a transaction. Fees are as low as 1 Sat/b. This is pretty low in my opinion...

As the price drop, the fees also reduced as in December it went up from 0.00015 to 0.00025/0.0005 but now its back to 0.0001-0.00015 as the lowest I encountered. The fees are really problem as for transacting by converting fiat will surely affect ones mentality as it takes whooping amount if the amount is high. Also it went as high as $3-$4 for sending just $20 in December 2017. So yes its been a problem, but now its lowered and alts are also been started getting accepted by many.

Seems that you have not made any transaction in the past days or you didn't made any transaction 3-4 months ago. Now the transaction fees are not high. Transactions are confirmed fast with low fees.

The higher the adoption rate and the demands for it bitcoin is getting more scarce and harder to obtain. The fees are being affected by other countries regulation on it, economic crisis and much more.

bitcoin doesn't have a fast transaction!
bitcoin transfer fee is low if you are sending a bunch or big value.
bitcoin is not secure! once you made a mistake in the address it will be gone forever no refund!
The only thing in bitcoin is having anonymous, but if you are on some wallet like coinbase or others, there's no security on your identity.

Same thing about the transport system. Trains were cheap, fast, and spacious. Now try to get on during rush hour and you're on an overcrowded train, very expensive ticket, and it is slower due to too many people using it!

Hopefully bitcoin will have a solution to these high transaction fees

I think when you do a comparison with other payment systems, you have to take more things into consideration :

https://crypto.bi/tape/blog/ccs-swift/ will help you to understand this. You cannot compare APPLES with STRAWBERRIES

and make conclusions from that.  There are a lot happening on the front end and on the backend of these technologies and

things get complicated, when the amount increase.  ;)

you are right, but the fee is too big. if the bitcoin transaction to another account is $ 25, and the fee is $ 16? it's almost 60% and that's too big. its better fee should be 5% or 10% for every transaction.

I think problem about transaction fees is solved because in a few weeks I see transaction fees is low but I don't know when bitcoin reach 20k like before whether transaction fees will goes up again or not. I not feel speed transaction of bitcoin is so fast because recently I send my bitcoin and it need time almost 1 hour.

The issues you are mentioning above are already discussed and most of them are already solved.
I must admit that the transaction fees has gone way down than it was a few months ago. The fees will go more down after the implementation of the lightning network. Although its implementation is going to be done for doing micro payments, it will still be used by many number of people to do the transactions.

only exchange sites now have high fees when sending bitcoin. bitcoin is always secure but if you made a mistake then the one to blame is you yourself. always think and secure what you do to avoid mistakes.

What a total bullcrap about the BTC fee right now!

Did send 800 euro in BTC a few days back, fee was 1,32 dollar. And that is cheap :)
Dont't like the fee?

DON'T USE BITCOIN!!  It is just so simple  ???

edit. And yes it was quick also...