Bitcoin Forum

If we bitcoin remains as is, soon transactions could take up to 1 hour to confirm, meaning bitcoin will become a useless micro payment tool..

But if we choose to increase the block size bitcoin will become more centralized?

So whats the solution?

My take on it is that bitcoin should remain as is, meaning the block sizes should remain the same, and transaction confirmation time is not an issue, since bitcoin was never intended to be a quickest way to send, decentralization was the main goal, lets not forget that.
So bitcoin transactions taking hours to be confirmed is nto an issue, bitcoin is the gold of the crypto world, other alt coins that are quicker to use an more practical for micro payment situations will emerge, but bitcoin should remain as the back bone of crypto currency.

Yes quick confirmation is essential for micro payments, like buying something at a store, you don't want to wait an hour to wait until the payment is confirmed. But bitcoin is not only used for micro payments, some people use bitcoin to send money over seas, as seen with cyprus and greece, sending millions or even billions of dollars any where around the world in a number of hours doesn't sound so bad does it?

So in my opinion bitcoin should be left untouched, soon new alt coins will fill in the void space beneath bitcoin and will complete the crypto world.

If XT wins Bitcoin will no longer be decentralized because few people will be able to run nodes.
With LN we could have the very small transactions go through there, which sucks because ideally you would have everything in the chain with low fees but I don't see any solution for this.
In any case I would rather have a decentralized Bitcoin with higher fees.

May be bitcoin takes much time in confirmation but alt coins cannot find a solution to it because as i heard that alt coins have low security than bitcoins.
So what is your opinion in this.

Please stop spreading nonsense. If Bitcoin was dead, then there would be no delay in confirmations. Obviously if we have a huge delay (without any tests/attacks on the network), that means that Bitcoin is thriving and that the network (at the moment) can't handle all the people who are using it.

Obviously the optimal outcome is increased block size with the Lightning Network. Bitcoin would be able to handle a huge number of transactions and we could all shift our intention to more important things (politics are tiring and pointless).

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Bitcoin is Ever Green. Sooner or Later Bitcoin can over come from all the hurdles.

But we must need to support Bitcoin Core (any modification can done through Bitcoin Core only in future) to stabilize the BTC Price.

What's the sense of bitcoin when it is slow? Bitcoin has only a couple of advantages and you think it makes sense to take an essential one out? Only because there are usecases where you can wait some hours does not mean that the majority of the transactions are time sensitive. Bitcoin would simply be useless when you can't trust into a timely confirmation.

There is simply no good reason to cripple bitcoin artificially with 1 megabyte blocks.

Stop spreading your FUD, bitcoin isn't even close to dead, we've got more ideas and funding than ever.

If transactions become slower because of more use, it could go back to be used by less people, but not die.

Perhaps its future is to remain used by just a few people, just like now. But that does not mean dead.

Correct. I think what you're most likely to see is continued use by early adopters, but not complete death, as other currencies that don't sink into political gridlock over a tiny 1-line code change begin moving to the forefront.

The webcrawler never died, its just not as popular as it was in 1995. https://www.webcrawler.com/

Even during the stress test my transactions came through pretty fast. Did you mean to say "If Bitcoin remains as is soon transactions without fee could take up to 1 hour to be included in a block." and "having to pay fees will make micro payments less attractive"?

I have no problem with that. Free transactions will be at the end of the queue. You get what you pay for.


I don't have a problem with it at the moment.


I guess I somewhat agree with you. Some transactions do not require as much speed as others. I say pay an higher fee for high priority transactions and a lower fee for common transactions. Bitcoin accommodates both.

bitcoin will never die. 

no it will not die, actually since august i had 5 clients paying me in btc after my job was done :)

Bitcoin is not dead. It has a strong network supporting it that gives its true intrinsic value. If digital currency is to be adopted, bitcoin will still be the number one competitor.

Do you know how many bitcoin are in transaction daily?And im pretty sure the developers will work out some solution to speed up it ,but if wont happen on the nexts years wont affect soo big as you think,bitcoin is a long term investment .