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Author Topic: What is the plan to fix slow transactions and high fees?  (Read 2748 times)
Vaccinus
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February 17, 2017, 06:43:32 PM
 #41

It hasn't happened to me yet, fingers crossed, but even transactions where I have paid low fee's have gone through eventually.
Im not saying that block size isn't a problem, just that its doing bloody well considering!
Maybe Im one of the few lucky ones.
I've paid low fees also, but takes time (sometimes 1+ day(s), but I'm talking about making a small purchase in person, which would require a faster transaction.
This is where litecoin or dash comes in litecoin has 2 minute blocks and dash can instant TX, the owner can shapeshift to bitcoin without worry later.

litecoin has 2.5 minutes block time not 2, how can dash intant tx? they have a block time right, the confirmation can't be lower than 1 minute, i see a large amount of orphan for coins that have a lower than 1 minute confirmation time, and dash and litecoin i have lower volume on transaction than bitcoin, are they really comparable?

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AgentofCoin
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February 17, 2017, 07:44:06 PM
 #42

.
They mostly use it because it works outside of governmental control or censorship.
In fact, its origins and revelation was within the cypherpunk sphere which has no
interest in e-cash, but the idea of true unrestricted e-exchange.

I was just thinking if china holds that size of bitcoin and you addressed most of the owners to use to work out of government control or censorship. Seeing the indirect control of bitcoin by the chinese government. Can we still consider you statement to be void? or bitcoin is not serving that purpose anymore among the large users.

If I understand your statements correctly:
If those users keep their coins on exchanges and only exchange between exchange accounts,
that is not Bitcoin and its original designed purpose. That is speculative trading.

The Chinese government in theory can not control or regulate Bitcoin accept by going after the
Chinese miners or the Chinese exchanges. As long as you are not one of them, you are mostly
safe and free of censorship or control (until China fully outlaws bitcoin and hunts users and/or
node operators).

Bitcoin was designed to work without third-parties like banks or exchanges.
As long as Chinese btc users don't use bitcoin through those systems, they are fine (in theory).
Bitcoin was designed specifically for Person to Person, not Person to Exchange to Person.

I support a decentralized & unregulatable ledger first, with safe scaling over time.
Request a signed message if you are associating with anyone claiming to be me.
Nathan047
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February 17, 2017, 10:02:22 PM
 #43

This is where litecoin or dash comes in litecoin has 2 minute blocks and dash can instant TX, the owner can shapeshift to bitcoin without worry later.
Yea, Litecoin or DASH could work, although they're not bitcoin and if places don't adopt bitcoin then I don't expect them to jump strait to DASH or Litecoin.

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February 18, 2017, 02:50:32 AM
 #44

It hasn't happened to me yet, fingers crossed, but even transactions where I have paid low fee's have gone through eventually.
Im not saying that block size isn't a problem, just that its doing bloody well considering!
Maybe Im one of the few lucky ones.
I've paid low fees also, but takes time (sometimes 1+ day(s), but I'm talking about making a small purchase in person, which would require a faster transaction.
This is where litecoin or dash comes in litecoin has 2 minute blocks and dash can instant TX, the owner can shapeshift to bitcoin without worry later.

litecoin has 2.5 minutes block time not 2, how can dash intant tx? they have a block time right, the confirmation can't be lower than 1 minute, i see a large amount of orphan for coins that have a lower than 1 minute confirmation time, and dash and litecoin i have lower volume on transaction than bitcoin, are they really comparable?
Dash uses masternodes, which is a wallet that has 1000+ dash in it, it becomes a special node that allows for instant TX quorums to be processed, those who run the nodes get a POS style reward every so often.
It works great from everything I've seen about it, it doesn't seem like something we could bring to Bitcoin though due to the compensation of nodes.

wizmo
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February 18, 2017, 03:20:27 AM
 #45

I always pay recommanded fees and it only takes 3-4 minutes to confirm.
kingcolex
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February 18, 2017, 03:21:46 AM
 #46

I always pay recommanded fees and it only takes 3-4 minutes to confirm.
No, no it does not.

poloniexwhale
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February 18, 2017, 04:26:16 AM
 #47

SegWit, Bitcoin unlimited and 8 MB are the major solutions to us, the most popular one is SegWit, but it is still difficult to fully implement.

dominikherzog5
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February 18, 2017, 04:30:00 AM
 #48

I think segwit is plan to fix slow transaction and high fees from developers,
unfortunately it is not activated because there are some people ( what I know the miners )
who disagree with activation of segwit and they won't update the software.
So we must wait and see other solution and what is the best can be accepted
by all of comunity of bitcoin until this problem finish.
why some people disagree it?
fast transaction and low fee will bring more people to use it
densuj
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February 18, 2017, 03:08:36 PM
 #49

I think segwit is plan to fix slow transaction and high fees from developers,
unfortunately it is not activated because there are some people ( what I know the miners )
who disagree with activation of segwit and they won't update the software.
So we must wait and see other solution and what is the best can be accepted
by all of comunity of bitcoin until this problem finish.
why some people disagree it?
fast transaction and low fee will bring more people to use it
Some people usually the miners, they are disagree with segwit because
if it be activated bitcoin will become like fiat money the government or corporations
can be control the bitcoin and the other reason bitcoin's network will be down.
dunfida
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February 18, 2017, 03:12:04 PM
 #50

I always pay recommanded fees and it only takes 3-4 minutes to confirm.
No, no it does not.
You are right it doesn't always rely on recommended fees since transaction confirmation would really depend on the blockchain network because if there are lots of unconfirmed transactions no matter how big you will pay on the tx fee it would still took long.I don't know how to fix this at all since bitcoin cant really be controlled neither fix or edit the blockchain network.

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