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Author Topic: Bitcoin will die soon if happen with every Bitcoin users?  (Read 2870 times)
deisik
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January 12, 2017, 05:13:51 PM
 #61

Ok my transaction stucked because I payed low fees at the time of transaction it was 0.08 USD worth Bitcoin just  0.02 USD less in 0.1 USD so that doesn't mean that my transaction should not be processed.
On the contrary, that's exactly what it means. If your transaction fee is even slightly less than the cost of including your transaction in a block, miners have absolutely no incentive to do so, and your transaction will probably never be confirmed. That it why it is so important to pay the correct fee

Then users won't have incentive to transact

In fact, this is a tricky question. Ultimately, miners are more dependent on Bitcoin users than Bitcoin users on them, so they should have more incentive to include transactions than reject them. After all, it will take just one transaction to send your Bitcoin stash to an exchange, convert it to fiat and forget about bitcoins for good. On the other hand though, if miners include all transactions (with or without fees), users will be incentivized to pay no fees at all. And when the mining reward is halved down to next to nothing, miners would be starved to death (if they don't force the fees)


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January 12, 2017, 05:18:27 PM
 #62

Until today, Bitcoin died over 100 times already, It's what people say over and over...
But it is still here and rocking  Tongue

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January 12, 2017, 05:20:27 PM
 #63

Yesterday I sent some Bitcoin though the amount of Bitcoin is small but the transaction is still pending. If Bitcoin transaction time issue not solved than Bitcoin will die soon. Who would like to use Bitcoin if transaction not confirmed even within a day?

Here is TX link https://blockchain.info/tx/7a531e7990e02dd498d74d8a5c25a536d8b307ab20b31298b23aa44831924d5d

You didnt pay enough in fees, what do you expect, pay the proper fee and you will get a quick confirmation, its not rocket science.  Look at the small fee as the price of Banking freedom,  owning your own money.

or just go back to the main stream banking cartel, where your money is only yours because they say it is, were they ask you how did you get it, who you sending it to and why.  ever tried withdrawing a large sum of cash from a bank..... nightmare, they simply wont let you and its only going to get worse.  
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January 12, 2017, 05:35:44 PM
Last edit: January 12, 2017, 08:18:41 PM by ArcCsch
 #64

I say you're a cheapskate. I myself don't want to wait even one hour, and pay the maximum rate to ensure my transactions are included in the very next block, which typically costs about 5 cents extra for a grand total of 15 cents per transaction. I don't rightly know why people try to get away with paying less.
Maybe because the typical hourly wage is $0.13 in some part of the world?
Bitcoin will never "bank the unbanked" if people have to pay a whole hour of sweatshop labour to make a transaction.
EDIT:
Your transaction was confirmed, 1 day, 2 hours, and 3 minutes after being broadcast:
https://blockchain.info/tx/7a531e7990e02dd498d74d8a5c25a536d8b307ab20b31298b23aa44831924d5d

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January 13, 2017, 04:16:41 AM
 #65

So i wanted to do something good for Bitcoin. Support the ecosystem and all. I opened my company to Bitcoin and now you can pay us or receive your payment in Bitcoin. We have about 10,000 Transactions a day and those 5 cents you do not care about amount up to $500 per day or $15,000 per month. Just like that. I do not know how much you make a month, but if you think that 5 cent can not make a difference, then think again.
I do not know why you think it makes sense to compare the overhead of a company to the income of an individual. Nor why you don't just include that overhead in the price of your services. Nor why you need to make 10,000 transactions a day in the first place. Nor why you don't just switch to a cheaper payment system, such as, um... uh... you know, one of those... cheaper ones...

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January 13, 2017, 07:19:18 AM
 #66

So i wanted to do something good for Bitcoin. Support the ecosystem and all. I opened my company to Bitcoin and now you can pay us or receive your payment in Bitcoin. We have about 10,000 Transactions a day and those 5 cents you do not care about amount up to $500 per day or $15,000 per month. Just like that. I do not know how much you make a month, but if you think that 5 cent can not make a difference, then think again.
I do not know why you think it makes sense to compare the overhead of a company to the income of an individual. Nor why you don't just include that overhead in the price of your services. Nor why you need to make 10,000 transactions a day in the first place. Nor why you don't just switch to a cheaper payment system, such as, um... uh... you know, one of those... cheaper ones...
Why would i not compare them? The have to pay both or is there a way where companies pay less, like some taxes? You know that there are cheaper ones. Bitcoin is not the holy grail. But if i switch, then i will not be able to help Bitcoin. Maybe it was a bad idea in the first place. Maybe this is why so many businesses do not use Bitcoin as payment method. 

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January 13, 2017, 07:30:58 AM
 #67

I'm sure bitcoin users will move to cryptocurrency which has almost similar and opportunities to become the best cryptocurrency like bitcoin, era of digital currency will not disappear with the loss of one cryptocurrency

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January 13, 2017, 07:38:04 AM
 #68

my all small amount transaction w/o the most just hour delay, i use coinbase.
And also ppl pay me as they know the amount to give miners.

this is the bitcoin rule now.
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January 13, 2017, 08:03:11 AM
 #69

Confirmation may not cause bitcoin to die but it may be one of the major reason why Bitcoin won't be accepted by majority as mode of payment especially in offline stores.  This is also one of the biggest challenge of developer that is why there is this unresolve argument about creating a faster confirmation bitcoin.

they can easily accept it offchain with bitpay i see no excuse there, or they might simply accept it without confirmation like they do all the tiem with visa and mastercard which require 180 ays of confirmations...
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January 13, 2017, 08:09:26 AM
 #70

Why would i not compare them?
Because any company with more than one employee will, by definition, have expenses several times greater than the average income of its employees, since their salaries are part of the company's expenses. And a successful company will, also by definition, have gross income even greater than that. If your company's income is even remotely comparable to that of any individual working for it, you have a budget problem that can't be solved by skimping a few pennies in transaction fees.

You know that there are cheaper ones.
For rapid international payment processing? I don't know that.

But if i switch, then i will not be able to help Bitcoin.
Sure you will. Competition is necessary to ensure market efficiency. As I told the OP, if you know of a cheaper system, you should use it.

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January 13, 2017, 10:14:47 AM
 #71

Yesterday I sent some Bitcoin though the amount of Bitcoin is small but the transaction is still pending. If Bitcoin transaction time issue not solved than Bitcoin will die soon. Who would like to use Bitcoin if transaction not confirmed even within a day?

Here is TX link https://blockchain.info/tx/7a531e7990e02dd498d74d8a5c25a536d8b307ab20b31298b23aa44831924d5d

It seems that your transaction is fine by now. Well if you think that all the transactions are the same just like yours, you are wrong with it. Just try to put some fee on it and it will be confirmed immediately by the miners. They just need to be appreciated by means of small fees, its not even a problem with me and other bitcoin people.

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January 13, 2017, 12:35:52 PM
 #72

It is still possible for the transaction to go through but it'll take longer than usual. It seems that higher fees allow the transaction to be finished faster but there's really no reason for them to outright reject these "free" transactions. Soon these fees would be the miners sole source of Bitcoins when they've mined out everything.
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