A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
Well that is convenient but there is another trouble that will come along. If you convert your bitcoin into altcoins then you send it to a recipient then the receiver will actually complain. The reason is when he will convert the altcoins back to bitcoins he or she will pay the transaction fee and lets add to that the withdrawal fee of 50k satoshi. Thats rude and it just eats more of your bitcoin rather than saving it. Hence I do not see your suggestion feasible due to this flaws. This is a good idea though to avoid high fees which some already doing it for a long time since bitcoin fee increase over time as transaction grow up bigger too. However, this way only effective if both sides agreed to use an altcoin of course, and there are some options whether wallet or exchanges which supports this feature to convert bitcoin into altcoins, but I do agree for small amount of transaction using bitcoin still convenient. |
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Maybe it's just the Winlkevoss Twins selling off a portion of their hodlings, since, you know...
Or Roger Ver is selling his 300 000 fortune, because he already know that BTU will win battle and remove BTC from market..  Allow me to enlighten you a little. Read this http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/I also believe that you have automatic BTU if the fork splits the blockchain. Please correct me if I am wrong. And if not, you already have BTC that will become BTU. So no need for Roger Ver to do anything. Or maybe he wants to split the blockchain so that he will double his 300,000 fortune. Indeed, no need to panic sell as our bitcoin will doubled (in BTU) if that condition really happen just like ethereum did last year. We can't do anything about it and just wait for them accomplish consensus. I consider this recent decline as normal fluctuate on bitcoin environment because if it doesn't goes up, it will fall down. |
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china is only holding the greater % of mining currently, for trading they are behind japan already, and many indian people are entering the market, if the value grow more, it mean that more people are trading bitcoin
actually china people are in high numbers, if there will be more interest there they can still control the big % of the market
but apparently not all chinese are buying bitcoin, it's the opposite very few of them(in comparison with how many they are) are buying many are in the mining scene
Actually, I am not so worrying about PBoC and Chinese traders but you are right about miners which located in there would be something if Government trying to push them harder to get some portion of money through taxes. Current market on China exchanges still on silent phase and we can say they are no longer control bitcoin price but as soon as PBoC allow withdrawals, then... Let's see what will happen, but they will buy I guess and make bitcoin price climb up a bit before sell it again. |
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Now that the SEC has rejected the Winklevoss bitcoin ETF, I decided to actually glance through their S-1 (registration statement) that they filed with the SEC just for the heck of it. The S-1 requires a statement and discussion of possible risks associated with a security that is seeking SEC registration. In the Winklevoss S-1, I found this section particularly noteworthy (emphasis is original): As the number of Bitcoins awarded for solving a block in the Blockchain decreases, the incentive for miners to continue to contribute processing power to the Bitcoin Network will transition from a set reward to transaction fees. The requirement from miners of higher transaction fees in exchange for recording transactions in the Blockchain may decrease demand for Bitcoins and prevent the expansion of the Bitcoin Network to retail merchants and commercial businesses, resulting in a reduction in the Blended Bitcoin Price.
If transaction fees paid for the recording of transactions in the Blockchain become too high, the marketplace may be reluctant to accept Bitcoins as a means of payment and existing users may be motivated to switch from Bitcoins to another Digital Math-Based Asset or back to fiat currency. Decreased use and demand for Bitcoins may adversely affect their value and result in a reduction in the Blended Bitcoin Price.
Not only is this a risk that they highlighted, my view is this is inevitable, and that mining fees will eventually become prohibitive not only to bitcoin expansion, but everyday bitcoin function. This is the flaw that will eventually render bitcoin unusable for everyday commerce, and the price will decline accordingly as demand for coins falls off as a result. Mining fees will eventually kill bitcoin, the question is if this is avoidable with some type of change, or a predetermined fate that cannot be altered due to the nature of the ecosystem? Yes, it's a crucial problem when bitcoin generated by miners decreases overtime which the price of bitcoin will increase so that with the fees. Imagine if you need to pay fee BTC0.0009 equal to $1 to send BTC0.05, but in the future BTC0.0009 may equal to $10, I don't know exactly number, how much we have to pay, but my last transaction takes $1.4 and more than 12 hours to get confirmed, what a loss for bitcoin I thought. |
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People? do you believe what you post here?
i really start feel very strange with the things i read the last period... you keep all repeating that it won't go below $1k....
do you see the price or what?? the price has gone down the last 4 hours 60 euro! and if the next hours continues like this we go 3 digits
Well, bitcoin proven your words were wrong as it stands still on 4 digits which consists at higher price than $1000. I think we will see bitcoin stay at this point for a while, meanwhile devs and miners agreed to make a movement. Fluctuations within $900-$1250 consider as normal for me, when block size issue resolved then we can moving towards $1300 and even $2000 in the end of this year |
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its funny how history repeats itself and the topics remain the same, as a FUDster you don't even have to make new topics you can just bump the old one up  and the funnier part is that bitcoin is moving up without any of these bullshit predictions coming true. and in the middle of all this, only newcomers lose money if they panic. Depends on every mind of people whether they want to get profits from trading or hold it for long term, two sides of bitcoiners. Every increase and dip may beneficial for us, but I don't expect for drop back below $1000 floor. We can't move any further as long as block size limit and higher fees be solved, we will stay at this level until some of big holders get bored. |
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You are getting it wrong. Let me explain.
There's some 170k-180k tons of gold mined. Let's say 170 000 000 kg. Your question is like asking why can't everybody have 1kg of gold.
Not everybody wants Bitcoin and also Bitcoin has subunits (in the same way 1kg has grams). People can get 0.1 BTC. Or 0.0001 BTC. Some day even that may be pricey.
So the answer is yes, there's enough Bitcoin.
For human greed, 21 billion is not enough. But, I do agree that not all of man will have bitcoin, just a few of us. Furthermore, not everyone knows about bitcoin even just heard about it. Bitcoin isn't so attractive for some people instead of using fiat money or holding gold. I realized that bitcoin is not created for all of us such as fiat money, but only for them who wants to use this technology but not as currency. |
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wow. i've hardly heard of most of those coins. the only bag i hold is quark from ages and ages ago. i never got around to getting rid of it. i never let an alt linger for long. hanging around is not what they're for.
are those coins of yours in proper wallets or sitting on exchanges?
Most the coins that I hold are on their respective wallets, with a few being stored on paper wallets for cold storage. Usually, I get to store alts such as ETH, LTC, and DASH on paper wallet since they are the top cryptocurrencies in market cap ratings. I hope that someday I would become rich by having my investments spread out among different altcoins. Lately, I've invested into Hodlcoin and locked up my coins for 1 year to see how much I would earn in interest earnings.  Dash and ethereum offers good way to double your money as current price already higher than last week, pretty awesome increase. I'm not a bagholder which I just hold bitcoin and byteball, this coin sit on first and third place after dash which ethereum keep chasing byteball price. Well, I somewhat regret didn't buy Dash and ethereum in the first place but it worth to invest. |
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See this is where I am confused, one person says it will never be or cannot happen, one says it is a duplicate that needs separating, one it will over take and BTU will be BTC and so on....
Lets not argue for a moment, let's assume that BTU is successful, what exactly does it mean, plain English please.
Assuming that BU gets support of 75% of the hashing power and activates, it will then control the longest chain. A few things could happen: 1.) Everyone just gets on board, -- the rest of the miners, merchants, end of story... 2.) 25% still mines the old coin....Now they are 2 coins. if #2 happens, then you have three possibilities based on what the other non-mining investors and merchants do: 2a) If merchants and payment processors decide they don't like BU, and they are going to stick to Bitcoin the way its been (with the 1mb block), and investors decide they don't want the BU coins, then BU becomes worthless and miners will give up pretty soon on despite having initially supported it. 2b) the opposite of 2a: investors and merchants no longer support the old coin, and the 25% mining power quickly gives up. ...Or: 2c) SOME investors and merchants will support the new coin, some the old coin...and now you have 2 separate currencies much like happened to Ethereum. If this last possibility happens and you own Bitcoins, you will now have double the coins.... one set of each (one on each blockchain)... You could then speculate on which will dominate by selling the coins you think will become less valuable...or you can play it safe and just hold your coins until the situation becomes more clear. This thing makes me wondering how it will be for bitcoin (as the way it was since the first time bitcoin invented). If bitcoin unlimited be the majority choice but bitcoin divide into 2 coins, hmm I don't like it. The problem is just about block size but why it takes years to solve this with all of their, argue each other, speculate. Whatever it is, I will wait until the real solution be implemented. |
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there are a lot of us demand shop that accepting bitcoin as payment, but from this forum i found out that there are some people unwilling to spend their bitcoin, so I want to asked If you found a shop that accepted bitcoin and fiat as payment, which one will you used?
if you are using bitcoin then maybe today 1 apple is 0.0008 btc , but tomorrow with 0.0008 btc you can buy 2 apples, but if no one used bitcoin for shopping then there won't be any shop that will adopting bitcoin anymore
so what will be you choice?
Since bitcoin price reach $1200 level and cause higher fees and it takes a long time to confirmed, I can't imagine how we could use it for buy an apple in a shop which it need more than (in fiat money) normal price to buy it as you need to pay higher fee too. Another reason such as you have mentioned, people tend to save their bitcoin as long term investment due to the price grow up over time, so I vote for fiat money too. |
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Looks like FOMO is kicked in. People expected bitcoin to crash harder after the SEC rejected the ETF, but the price recovered, it was stable for a while. People was with the finger on the trigger, waiting for further crashing, it didn't happen so people got desperate and FOMO kicked in.
One of my friends actually shorted bitcoin right after the ETF decision. Everyone expected bitcoin to go down to sub $1k value. And it did. But only for like an hour or two, and then it went back up to $1100~ish. Nobody expected this at all, and it proves again that markets are unpredictable even by the expert analysts. Bitcoin has received amazing community support over this period of time. I can definitely see bitcoin going to $1,500 or even $2,000 before the year's end. This situation might be triggered by the news of bitcoin unlimited overcome SegWit which lead to unlimited block size (if I do not misunderstand about it) even though we can not be sure when it could implement. However, we still expect this problem be solved as soon as possible before more merchants left bitcoin transaction. |
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why so many people store their bitcoin in their wallet for a long time, whether the benefits will they get?
Come share your thoughts
Because if you will look at the charts of history of bitcoin. You will see the positive progress of it with its ups and down, in the end the price keeps on increasing. That's why if you bought bitcoin at $1,000 then you did nothing but hold it and the price reached $1,500 then you got $500 profit. So far so good for bitcoin growing up since the first time until now, that's why people tend to save bitcoin and expect for profits in the future. But, who knows with absolute certainty in the next 2 years the price will increase more than what we have in this year? Well, people just guessing by compare with the potential and current market conditions. |
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Fight your other side that telling you to sold coins at the moment. Forget that stupid profits and make your weak hands be strong.
Fight for your will that bitcoin price will increase more.
SEC's decision will come out now. Whatever the result just think of it as a normal events that happen in bitcoin journey. After all we can see bitcoin continues to go into the moon.
What do you think?
Forget about Stupid profits??? profit is profit . That is why i will be glued today until SEC news in i guess in 5-6 hours. If it is a no then i will sell ASAP some of my BTC to buy them back at lower price. Cause the price will for sure go down, 100-300 USD down. And if it gets approved then i will for sure hold on tight and try to ride it to the top Another side of bitcoin obviously, not only to hold but many people looking for profits and buy back at cheaper price. That's why SEC rejected winklevoss ETF, bitcoin market cap still not enough to prevent manipulative acts, if investors invest on bitcoin and the next week the price suddenly crash such as happened before when some exchanges got hacked. That's why we need more adjustments and upgrades for bitcoin community. |
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Yup just saw it on cnbc let the dump begin and if it goes low enought i might buy 1 bitcoin Well, I expected it could go down to around $800-$900 per BTC1. It is a good chance coming again to buy at the dip, I'm pretty sure it will hit below $1000 today or tomorrow. Too many flaws and problems to solve in bitcoin community before it could go forward through SEC approval. |
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Hmm. I personally have never bought when Bitcoin price is over the $1,000 mark. I always prefer to wait until it goes down to $700 - $850 range or even lower before I start buying. I'm just not too keen on taking chances, especially when prices are already that high. Based on previous precedents, it's around this range that most people start massive selling, therefore resulting in quick dives. Of course there's always the chance that this time, it'll go up up up. Anyway, that's just me. It's quite confusing to decide buy at high price as the price could fall in the next day or next week. Depends on your investment purposes, is it for trade or hold it for long term. Buy at cheaper price and sell at higher levels to get profits, don't buy at ATH when people talking about it, when price soars. But, current price already set above $1000, should we wait until crash happen? Nope, wait until ETF get rejected by SEC, then the price will be fall again. |
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Hello Fellas,
I would like to test community's opinion about 'SEC to make the final decision on Winklevoss Bitcoin ETF' and thus what do you think the price will be on 13th March 2017? (Approx 10 days later from today).
It would be great if you can post your opinion/stand to back your vote.
Best
Dudeperfect
Vote for $1200-$1300, honestly I doubt it at the first time due to significant decline in the last two days from ATH to $1140. But, surprisingly that bitcoin price already recover to $1200 again, just before 11th March. People may thoughts that SEC will approve winklevoss ETF and the price should stable at those range on this Monday. |
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As of today SegWit is losing to Bitcoin Unlimited. We can actually get done with this block size debate. Please spread the word and install Bitcoin Unlimited full node instead of Core. This debate has been holding back the price for too long now. It's time for change. Let's make Bitcoin great again.  Graph source: http://xtnodes.com/graphs.phpThe Bitcoin Unlimited (BU) project seeks to provide a voice to all stakeholders in the Bitcoin ecosystem.
Every node operator or miner can currently choose their own blocksize limit by modifying their client. Bitcoin Unlimited makes the process easier by providing a configurable option for the accepted and generated blocksize via a GUI menu. Bitcoin Unlimited further provides a user-configurable failsafe setting allowing you to accept a block larger than your maximum accepted blocksize if it reaches a certain number of blocks deep in the chain.
By moving the blocksize limit from the protocol layer to the transport layer, Bitcoin Unlimited removes the only point of central control in the Bitcoin economy - the blocksize limit - and returns it to the nodes and the miners. An emergent consensus will thus arise based on free-market economics as the nodes/miners converge on consensus focal points, creating in the process a living, breathing entity that responds to changing real-world conditions in a free and decentralised manner.
This approach is supported by the evidence accumulated over the past six years. The miners and node operators have until now been free to choose a soft limit which, as demand grew, has always been increased in a responsive and organic manner to meet the needs of the market. We expect miners to continue in this tested and proven free-market way by, for instance, coordinating to set a new generated blocksize limit of 2MB and reject any blocks larger than 2MB unless they reach 4 blocks deep in the longest chain. As demand increases, the limit can easily be increased to 3MB, 4MB, and so on, thus removing central control over the process of finding the equilibrium blocksize by allowing the free market to arrive at the correct choice in a decentralised fashion.
As a foundational principle, we assert that Bitcoin is and should be whatever its users define by the code they run, and the rules they vote for with their hash power. We could consider that way as BU and SegWit at same level but I don't think any of those solution will implement in the nearly future, so none of those wins for now., We just wait for them to decide it, if one or another already set and being used and we will have bigger block size and huge market cap. |
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https://blockchain.info/unconfirmed-transactionsHey all, I used to come here every day, but am recently too busy: 69,000 ( 69K) Unconfirmed Transactions! .... WTF...  (Edit 71K++ WTF+++) ... now ~69,057 after new blockHey guys, how's it going! [img]http://images.memes.com/meme/tile/1208592[img] How does Bitcoin keep functioning, into the future, if ~70,000 transactions can cause an ongoing drama? What is the solution and how soon can we get things right? It makes me wondering how it will be solved if there's no any solution accepted by majority. Not only 69K, but it ever reach 80K, 90K, or even 100k when bitcoin price reach ATH. Bitcoin will stuck on this level until the problems could solved. |
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Talking about the current situation regarding economic state of my country i can say that its somehow recovering up from poverty and other non good things that happen on previous governance which is really bad because of too much corruption on peoples money and crime rate is high but now on the new president these things are gradually reduced which is really a good sign of progress.
And which country do you live man? I'm glad to know that new governance could make it better than before. What makes a country become worse because government, if they are corrupt, dishonest and not trustworthy, then what left for the citizens except daily life becomes harder. In my country, the economy situation is not so well as the new president seems can't take a decision without interfere from outside. |
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Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.
Keeping their fiat (CNY) down? Where did you read about this? It seems against economics rules to make their own currency rise up. Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.
Are they ever state to keep bitcoin price below $1000? Because I don't think China will do that, not them (govs) but their citizens/bitcoiners/miners which sell out their bitcoin at higher price to get profits I guess. If China government wants to invest on bitcoin, they might be want to buy it at cheaper price and waiting for years to get decent profits. |
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