Slow payments and fees solution???

[giveen]

Now recently i have seen many people complaining about the bitcoin transaction fees and the time to process payments. I have been using xapo as my wallet since starting and i also feel that this is the wallet for the solution to both of these issues.
Now xapo normally sends all your payments instantly who's value is 0.01 btc or more. For the rest it may take 24 hours. What i have noticed is is that xapo doesn't take any fees when you send it instead they group multiple transactions to save fees for the smaller amounts and for bigger amounts doesn't charge any fees. In terms of speed also most of the payments i send i confirmed within 20 minutes. Let me know what you think about xapo or your experience or opinion about it

[mrcash02]

I don't use Xapo, but Coinbase wallet used the same system of free transaction and after some time they removed it, now you must pay fees there. I believe the same will happen on Xapo sooner or later, transactions can be free now for Xapo users, but aren't for Xapo itself. The only solution for this is a general solution that will afect all transactions, that is what community is trying to implement, but the opinions are divided yet about the best option.

[mobnepal]

Both xapo and coinbase doesn't give full access to our bitcoin in the wallet and all internal bitcoin transaction (free one) they have is just off chain transactions not a true bitcoin transaction. When you have to pay to bitcoin address that is not associated with xapo or coinbase they will charge enough fee to cover transaction fee so there is no point in using them if you are not dealing with just xapo or coinbase addresses. For normal bitcoin transaction i find electrum a good choice. You will never loss control over your bitcoins there.

[Kprawn]

The thing is, we do not want to become dependent on third party services and have to rely on them to do transactions. Services like Xapo is also

centralized and can be shutdown or targeted by hackers and if we rely on these services and they go down, then we are stuffed. So NO, we have

to sort out the scaling problems and this must be done soon. 

[audaciousbeing]

Now recently i have seen many people complaining about the bitcoin transaction fees and the time to process payments. I have been using xapo as my wallet since starting and i also feel that this is the wallet for the solution to both of these issues.
Now xapo normally sends all your payments instantly who's value is 0.01 btc or more. For the rest it may take 24 hours. What i have noticed is is that xapo doesn't take any fees when you send it instead they group multiple transactions to save fees for the smaller amounts and for bigger amounts doesn't charge any fees. In terms of speed also most of the payments i send i confirmed within 20 minutes. Let me know what you think about xapo or your experience or opinion about it

I have used Xapo in the past and I really enjoyed it because before the advent of increase in the fees, the have transaction fee free system where one won't pay for transaction fees, I think this was limited to only Xapo users then from what I read and that's why I had to stop its use. However, its really a good thing because the transaction fees these days is on the high side and even has gone beyond the higher fees=faster transactions. I guess I will have to give a try once more.

[Qartada]

Online wallets are a godsend to hackers.  When you control your own coins, you have the option of keeping yourself low-key and trying to avoid getting traced.  In online wallets' cases, just like exchanges, they're a public company which control thousands and thousands of coins.  If a hacker manages to hack a hot wallet like they do with loads of exchanges, every user is screwed.

Batching transactions is fine but you can batch your own.  Just use Electrum's "send to many" for example.

[bitbunnny]

I can confirmed what is said for Xapo because I also use it and it offers good solutions for the users. They are taking care of customers taking into consideration current issues. Security is other issue and its true that it could be targeted by hackera but there is still no perfectly secure Bitcoin service.

[SHAWN-MIDWAYS]

The only solution to slow payments which is as a result of backlogs and the unforgiving  high fees we are forced to pay would only be solved by moving on to altcoins just to echo a message of a desperate solution to the scaling which is the source of our current problems.

[franky1]

The thing is, we do not want to become dependent on third party services and have to rely on them to do transactions. Services like Xapo is also

centralized and can be shutdown or targeted by hackers and if we rely on these services and they go down, then we are stuffed. So NO, we have

to sort out the scaling problems and this must be done soon.  

now imagine your funds are locked into a LN channel with Xapo..
they got shut down.
you broadcast your 'initial channel setup' transaction. (losing xapo income)
so the Xapo administrators broadcast their CSV revoke to claw back the funds and then make you have to be part of the same bankruptcy administration process.

hope this makes you see that LN may not be the end solution either


imagine we are at $1 tx fee due to blockstreams tearing apart of the fee control mechanisms, then offer 75% discount if their 2merkle soft cludge gets activated. people move their funds over to segwit keys hoping for a 75% discount.
46million outputs hit the mempool over months-year to get everyone into new keytypes) bringing the native tx costs up to $4 and resulting in the segwit tx cost getting to $1 (check how fast we went from $0.25-$1 in the last year to show how easy it is to do)
...all for a 'hope' of 2mb utility out of the 4mb buffer(2merkle:block inside a block)
people then complain the mempool is still bloated and tx's are delayed. so now demand that its now made 'hard' by removing the soft 2merkle cludge to make it a real 4mb 1merkle (single block).
the 'fee discount' is removed and now the fee become over $4 to use..

this second scenario is what dvs want to play out first to then hope people prssure themselves into using LN but i thought id make it clear that LN is not an end solution first just to get people to realise the problem/trap they are setting themselves by the whole
'go soft, then LN then hard' roadmap

[LeGaulois]

I tried Xapo once, sending bitcoin to the xapo wallet and then send it back, I wanted to check about their confusing fees. I don't like the UI, I usually like simple things but Xapo doesn't catch my attention. BTW, the reset password process is like a nightmare..
This say, Xapo can't be used as a solution for the fees problem. Go to tell to a pure Bitcoin/crypto guy that he needs to use a web wallet 

[LTU_btc]

Xapo isn't a solution. First of all, it's centralized wallet where users don't have full control of their coins and this is absolutely against bitcoin philosophy.
And I think it's only question of time when they will start to charge transaction fees. They already don't allow to send small transactions. Coinbase also had free transactions for long years, but finallly they started to charges fees, because they wasn't able to cover transactions fees anymore.

[cryp24x]

I do not use XAPO and I agree that xapo is not a solution, you will find it in the near future that xapo will be charging their clients due to high fees in bitcoin transaction.  The solution for this is an upgrade in bitcoin scaling.  May it be a blocksize, segwit then ln, will probably solve this slow confirmation and fees problem.

[giveen]

I read the replies and found out most of you are saying that xapo is online wallet so it takes away your privacy. First if you are not doing anything wrong then why do you want any sort of privacy when you store your coins in an online wallet.
Second for now xapo doesn't charge any fees and i have a feeling they won't do that in future also because as i mentioned they send transactions together so it's fast for us also and cheaper for them. And also to get the speed at which xapo sends using a electrum wallet or anything else you will need to set fees as 0.0015.

[iamTom123]

Both xapo and coinbase doesn't give full access to our bitcoin in the wallet and all internal bitcoin transaction (free one) they have is just off chain transactions not a true bitcoin transaction. When you have to pay to bitcoin address that is not associated with xapo or coinbase they will charge enough fee to cover transaction fee so there is no point in using them if you are not dealing with just xapo or coinbase addresses. For normal bitcoin transaction i find electrum a good choice. You will never loss control over your bitcoins there.

I also have the same experience with one of my wallets which is CoinPayments. I can easily send my Bitcoin to a wallet belonging to someone who have it also in CoinPayments but they are already charging for a transaction along this nature. I am glad that Xapo is still not collecting fees but I am sure that soon they will think twice on this policy as they also need more revenuers to be able to survive in this very competitive market.

What we really need is a long-tern solution for this problem. We are hoping that soon a consensus can be reach on what can be the best solution for this problem.

[Gens09]

The only solution to slow payments which is as a result of backlogs and the unforgiving  high fees we are forced to pay would only be solved by moving on to altcoins just to echo a message of a desperate solution to the scaling which is the source of our current problems.

I guess that was pretty fair for everyone who wanted a fast transaction and if you dont want to pay high fee just be patient waiting for your transaction to confirm that was a great idea in other bitcoin wallets but not fair for other bitcoin who was just started using bitcoin as a currency.

[Doms]

Xapo isn't a solution. First of all, it's centralized wallet where users don't have full control of their coins and this is absolutely against bitcoin philosophy.
And I think it's only question of time when they will start to charge transaction fees. They already don't allow to send small transactions. Coinbase also had free transactions for long years, but finallly they started to charges fees, because they wasn't able to cover transactions fees anymore.

The dramatic increase in total number of transactions has caused congestion and that has caused a ripple effect on the transaction fees. Before, fees are held to very minimal levels, some even free of charge, because of the manageable number of transactions being processed. Now that some are making money with higher transaction fees, these exchanges didn't want to be left behind by the miners who have been benefitting on all of these.

[Dudeperfect]

I haven't tried Xapo yet as I am not doing frequent transactions in these days but yes whenever I do, I try to put higher fees and use tools like viaBTC transaction accelerator to boost the confirmation. If I am not wrong then sites like localbitcoins does the same (combining multiple transactions) and thus the transaction gets faster confirmation then rest of the methods other than higher fee transactions.

[twa]

I been using Xapo before, but since xapo have new terms about receive and send money have a fee, So there i move.
Fee for each transaction by xapo's 50k satoshi. That's so expensive. Seem you better have personal wallet. were you can setting fee for transaction.
Just count should to be fast take a block, sometimes 30k satoshi's enough.

[jakelyson]

The solution is not in the wallet but should be in the blockchain itself. We cannot give up our control over our bitcoin just to have a faster transaction. We cannot ignore the scaling problem forever.

[tobacco123]

At the moment, if you want no-fee transactions, you will have to stick to Coinbase-to-Coinbase transactions. It should be free and instant. Otherwise, I can't think of other methods.