Why I think Blockchain.info is in a good position despite the rising fees

[franky1]

making arrangments with Bitcoin merchants, gambling sites and others to make transactions with them through an internal ledger.

im guessing you havnt seen blockstreams elements "liquid" which is the internal ledger between a few exchanges

[Wind_FURY]

Sounds like that would be going in the direction of trusted third parties and away from the original 'distributed consensus' Bitcoin was supposed to be promising.

It looks like an dependence over a third party to overcome the correlation. As they don't support bitcoin unlimited, the prevailing mining difficulty could have forced to come up with such a plan. Even when the fee is high people understand the truth behind I, now for someone it's hard to trust a third party supporting blockchain.info

I am a little confused with what you said, but if I understood it correctly then my reply to your post would be there is a trustless way to do it. Activate Segwit and then deploy the Lightning Network.

making arrangments with Bitcoin merchants, gambling sites and others to make transactions with them through an internal ledger.

im guessing you havnt seen blockstreams elements "liquid" which is the internal ledger between a few exchanges

No, I am afraid not. But if it is being done already then it might become the trend soon. Blockchain.info is in a good position to do this.

[The_Dark_Knight]

Last I heard this is walmart's pricing for wire transfers.



Walmart is MUCH cheaper than their competition, btw.

It makes me wonder if the fuss over "expensive bitcoin transaction fees" is exaggerated and blown out of proportion.

The problem with the current fees for Bitcoin transactions is that they do not really scale.
Micropayments are practically impossible right now, adding around 0.0015 BTC in fees for a transaction worth 0.003 BTC is pretty expensive.

There is really not much to be done about that since the fees depend on the size of the transaction and the amount transacted is irrelevant you could be sending 100BTC and the fee will be the same so it seems to be a good idea to use LTC for small transactions.

[dihari]

when i started using bitcoin i did it because it was a stand alone decentralized currency that i didn't need anyone to use. this means i build the wallet myself, make the transactions myself and broadcast them myself, and i could even mine them myself long time ago.
apart from mining if we want to start using third parties i think i am just going to use my bank instead. it doesn't have fees in my country. and just keep bitcoin as investment.

Agreed. Me too, start using bitcoin because of this reason. I can pretend everything will be the same when the fees of any transactions increasing. Peoples using bitcoin with low fee reason. As what you said, better back to bank account if this going too bad next year. Bitcoin is not special anymore if it have same fee like another third parties.

[Wind_FURY]

nah, it is going to suck as a service then.

No. It will be the trend whether you think it will suck or not.

so far they have added the option to buy bitcoin through their website and i haven't been seeing good reviews so far.

What reviews? I have not seen any in both good or bad. It does not have to get a review. The point of that feature is it is there if you need it. So you cannot judge anything from what you are saying.

and for this option, unless they offer big discounts and no addition fee then i can see it take of but that is impossible to do, because such services will require some additional fees and the merchants aren't just going to offer discounts.

I am sure the wallet services and merchants will think of something to get the Bitcoiners to use their services. Nothing is impossible here. Think about the time when you first heard about cryptocurrencies. You obviously did not buy Bitcoins when it was really cheap. Look where you are now. Spamming the forum for your signature campaign to get Bitcoins.

[Sled]

I don't think that the higher fees and the increasing rate of the fees is a sign that the blockchain.info is getting worse because for me it is a sign that the bitcoin is getting better every time the fee increases because of the volume of users that are continue increasing day by day. So we should accept the fact that because of the great progress of bitcoin then the fees are getting more expensive.

[Pursuer]

Since the fees keep rising and the mempool is always flooded because the 1mb blocks are overflowed beyond its confines,

we should think of ways to fix this problem not try to come up with ways of going around it and trying to use other weird methods of going around the problem, that is called erasing the problem instead of fixing it.
bitcoin was fine before the spam attack and we need to go back to those days one way or another.

I could foresee wallet services making arrangments with Bitcoin merchants, gambling sites and others to make transactions with them through an internal ledger. Settlement will come later on the blockchain.

Blockchain.info is in an excellent position to start this. Soon we'll see recommended merchants inside their wallet.

I want to hear your opinions please.

why use services such as blockchain.info.
it is 100 times easier to do it off the chain, which means using some services such as xapo or anything like that which are working off the chain and become accounts instead of using bitcoin. and that means trusting third parties and going back to Paypal,... and eventually paying higher fees and be subjected to all the rest of the problems that exist.

[Text]

Blockchain.info is the number one used by bitcoiners. Mostly BTC users has an account in blockchain.info, as myself made my very first wallet address from it. I think it is the official wallet addresses for bitcoin. So even the fee is rising, it is not a big deal because we trust it.

[Xester]

Since the fees keep rising and the mempool is always flooded because the 1mb blocks are overflowed beyond its confines, I could foresee wallet services making arrangments with Bitcoin merchants, gambling sites and others to make transactions with them through an internal ledger. Settlement will come later on the blockchain.

Blockchain.info is in an excellent position to start this. Soon we'll see recommended merchants inside their wallet.

I want to hear your opinions please.

Whenever I play bitsler, a gambling site, I always use blockchain.info when I withdraw my funds. The reason is that withdrawals will automatically appear on you wallets balance in just seconds. Another reason why I use blockchain.info is when I send bitcoin to other wallets in the same site even without the confirmation made the btc is already appearing on my wallet and can already be spend.

[Pursuer]

Blockchain.info is the number one used by bitcoiners newbies.

FTFY

Mostly BTC users has an account in blockchain.info, as myself made my very first wallet address from it.

many people start from there because it is easy and online (on the web) but they all move on when they learn more about bitcoin and understand the risks involved with using a web wallet such as blockchain.info which is known to have bugs and has at least one major incident which lead to people losing a lot of money (the usage of random.org incident on their wallets)

I think it is the official wallet addresses for bitcoin.

you are wrong.
there is no such thing as "official bitcoin wallet".

So even the fee is rising, it is not a big deal

the fees aren't rising in blockchain.info and it doesn't matter if you use that or any other wallet it is bitcoin itself and the network that demands this size of fee for the time being.

because we trust it.

then you are making a big mistake. trusting blockchain.info doesn't mean you won't lose your bitcoin at some point because you were using a web wallet.

[Wind_FURY]

Since the fees keep rising and the mempool is always flooded because the 1mb blocks are overflowed beyond its confines,

we should think of ways to fix this problem not try to come up with ways of going around it and trying to use other weird methods of going around the problem, that is called erasing the problem instead of fixing it.
bitcoin was fine before the spam attack and we need to go back to those days one way or another.

What do you mean we? Core has already made a solution, the big blockers and the Gavinistas too have their solutions. The problem here is the mining pools are not upgrading to activate Segwit, to Bitcoin Unlimited or whatever is out there.

I could foresee wallet services making arrangments with Bitcoin merchants, gambling sites and others to make transactions with them through an internal ledger. Settlement will come later on the blockchain.

Blockchain.info is in an excellent position to start this. Soon we'll see recommended merchants inside their wallet.

I want to hear your opinions please.

why use services such as blockchain.info.
it is 100 times easier to do it off the chain, which means using some services such as xapo or anything like that which are working off the chain and become accounts instead of using bitcoin. and that means trusting third parties and going back to Paypal,... and eventually paying higher fees and be subjected to all the rest of the problems that exist.

It is not a question of why. It is how every Bitcoin service evolves. It is also not a matter of what I want but a matter of what I think the trend might be.