Bitcoin Forum

So to my understanding, bitcoin has two big problems and one actually corresponds to other. That is increasing high fees or else late transactions.
So the question is, can bitcoin solve these issues? I mean with increasing value of bitcoin, won't fees always keep on increasing? Is there a solution to that?
And I think that solution will also solve the timing of transactions problem.
What do you say?

Surely there is always a solution to any problem. I am hoping that this problem you said here gets a solution soon because it's becoming a bother to wait for ate confirmations and high fee. For the high fee, I think at the moment it is over than what it should be. I don't mind paying 30k satoshi with a value of 1$ as fee but I hope it no longer rise more than that.

Its the same with this world, there is no such things as perfect. The transaction value and delays are not the real problem for us bitcoin users, the real threat for us is that if they don't consider having a high transaction payments a problem, if ever this continue others will try to find another coin as identical with bitcoin, which means bitcoin will have a less demand power, but for now that won't happen as there is no such coin exist yet.

Well the solutions do exist. E.g.you use coinbase or xapo for dust transactions, the transactions are free between the users. You can always keep the spending amount in these wallets.

As for other solutions there is lightning network (long term) , Bip148 should temporary solve the high few rate, but eventually we will move toward lightning network. If bitcoin wants to become a day 2 day used currency.

umm, it is not exactly two it is one and that is higher fees because blocks are full.

this has been the argument aka debate over block size and how we can reach an scaling solution.
can it happen? i believe it can. but things are slow.

not fees don't go up with price. in past fees were high if you can find a transaction which occurred in early days of price being less than $100 you can see high fees in BTC and it was lowered before price reached $1000.
the same thing should have happened now but since blocks are full it can not.

This has been a long back issue. Everytime when a price increase takes place, the transaction fee issue accompanies as the blocks are full. To eliminate this the development team is much focused towards it and hope a perfect outcome can be expected as the competence from the altcoins is increasing.

I hope they will improve bitcoin in the future by resolving the problems in higher transactions fees.

Well i am not sure who decide how much will fee be, but i think there could be done somethings so that transaction fees would be lower. I know that for the miners higher transaction fees are good thing, but i do not want to pay 10 dollars for payout of 50 dollars, so that my transaction is done in acceptable time. I think they will deal with this problem, and i hope they will deal with it soon.

Increasing value should not cause fees to increase. Look at apple... their market cap is like $800 billion and yet I can buy their stock through Fidelity for $4.95. The problem bitcoin has is related to the fact that all of the wallet services and exchanges (I'm looking at you, coinbase) are really bad and charge unnecessarily high, percentage-based fees. They should be charging flat fees.

That being said, I think bitcoin's biggest problem is volatility. Both of these problems have a solution, but I actually think the volatility one is harder to solve and will take a very long time.

That's for sure. Bitcoin can improve not this time but soon. And, if that soon happens many people will be satisfied of their transaction using bitcoin. It would be easier for them to purchase something, pay the bills online or offline, and the like. On the other hand, bitcoin hasn't approved yet from the government. Maybe if that comes bitcoin will be known for a long time and be trusted by everyone with the similar trust that they've given to the banks.

Bitcoin has to improve if it wants to remain at the top. The whole point of people having an interest in digital currency in the first place is for long costs and no middlemen so it would be defeating the purpose if the costs are high.

Bitcoin definitely is going to be improved..if you think that as a currency then Bitcoin is a child, it has many lacking or availability, but day by day it is creating its platform and gained its credibility. So that is not so far when Bitcoin will be flow less. In my point of view that, bitcoin is in a right track to be improved...

There is no project with a perfect system,
And bitcoin of course there is a shortage gap, but despite rapid progress of bitcoin, of course bitcoin evaluation needs to be done to improve bitcoin development system useful for users.

Well, it is now the main problem is bitcoin owned transaction costs are high, which has some big losses for its growth. One is users who wish to conduct transactions in the bitcoin, for example is making a purchase the electricity bill. They have a $50 Bill, but the fee must be issued is 50-10% of the total bill. then it surely will not be used, because the cost is very high. This can be completed, but it was all waiting for the owners of the bitcoin appear and fixing everything
 

I agree with you completely, bitcoin is on a right track, hopefully, bitcoin is going to be able to express itself is perfect currency. I think it will be very soon. people always choose the faithful thing t use as a currency, so bitcoin should be more accurate and faultless.

I am yet to see anything that does not provide room for improvement not even bitcoin. Bitcoin has experienced several amount of improvement to what it is today and I am also optimistic  this is another challenge that will be surmounted in due time and very soon at that. What matter is the attitude of everyone of us in this crying times which will eventually turn out for the best for everyone.

It don't need to be a perfect system or code, it just need to be a good system that will be that many users will be using and not complain about it. But the thing is, the more it becomes popular and being used by many users, the more problems are happening in the system. Transaction fees and Confirmation is the problem most bitcoin users are discussing, but in the future, we all know that these will be gone.

Their is a solution for this problem but the miners dont want to implement it as it will decrease the fees of transaction and that will not give them profit, because on last halving the mining difficulties have gone up so componsite it they are clearing the transaction which are having high fees that is why the fees has gone up.

Yes as what butcoin doing now is improving it's community and still the prices rising enough. However bitcoin would be the most currency until in 2020 and the pruces of bitcoin in that year (2020) accumulating of $250,000 imany of entreprenuer predicting this increase prices

There is definitely some kind of solution out there and I just hope that someone can find it and finally solve this problem with transaction fees that we have had for such a long time. It may happen soon or it may never happen. We just have to wait and see.

The concern is not new. Even when bitcoin price is still on $300, the block size issue are being here. Just think that while the bitcoin price is increasing, that is our reward. It's worst if the price is not increasing and the transaction fees are increasing.

If that have a solution? Yes it has. The questioned is, how it will implement and when? Stay tuned.

That probably is being taken care of by the blockchain team. And probably those are just maintainance for what they have lost or they are just planning somethinv far more greater to improve transactions of  btc before many more countries wouod adopt btc. Honestly i think there a lot of issues including the high fee can be solved within this year.

yes bitcoin must be improve, there are some important issues that must be solve on priority basis. i think the main issue that bitcoin is facing is the transaction conformation time. and secondly the increasing transaction fee is also a problem now.

I think from 2 years ago, this issue has been talked about many times, debated by so many intelligent person here. But up to know no consensus has been put forth and the civil war is still ongoing. I think the high transaction fee is the only roadblock that I can see really. I really hope that it will resolved so that we can really see the price really going further.

I think Bitcoin can improve in it's fees. The transaction fees is too damn high.

Transaction fees and slow transactions have been a problem for all of us. We all know that in withdrawing bitcoin, there are these high fees that we have to pay for the transaction. Also that the transaction process usually takes 2-3 days for us to be able to withdraw bitcoin.

Having an own ATM machine could somehow decrease the chance of paying transaction fees. If bitcoin will have its own withdrawal card (unlike now where we use Paypal cards to withdraw) there is a possibility that the fee will be lower.

Of course those issues can be fixed. The question is only how? or will it?

These issues could have been solved months ago if there wasn't a sort of 'political' issue in bitcoin. To be specific, Roger and Jihan's Bitcoin Unlimited vs Bitcoin Core's SegWit.

And yes, if things stay the same as it is now, the fees will definitely just increase and increase and more transactions will be stuck in the blockchain. What would the solution be? There's multiple solutions. What would the RIGHT solution be? That's for you to decide.  :P

A technology must be good and bad, bitcoin goodness can benefit the user, but on the downside with the current problem is the slow cost and transaction makes bitcoin users uncomfortable, but all problems will have a good solution.
And hopefully this problem will soon get a good solution.

Of course as plans are in place to increase the block size I'm optimistic they will improve the confirmation times and lower the transaction fees that will encourage the daily usage of Bitcoin.

There’s a pretty interesting article I read that compares the key players of bitcoin to the government. We have the developers (legislative), the miners (executive), and us the users (judiciary). In order for bitcoin to further go into development, these three branches must reach an agreement that would be beneficial for everyone. Now, the problem is there are in-fighting even among the developers, and the miners have their own issues as well. These problems, which if ignored longer, could mean more trouble for bitcoin’s status as the top crypto currency.

actually the crowd of bitcoin is increasing day by day, many people are even putting their 100% assets in bitcoin and which is really creating trafficking problems, i think the transaction conformation timing and the transaction fee problem must be solve on priority bases.