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Author Topic: A serious obstacle for bitcoin's popularity  (Read 1690 times)
Qartersa
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May 12, 2017, 11:19:33 AM
 #21

Yesterday morning I wanted to sell some btc and get my local currency. The suggested transaction fee was something like 0.0005 which is (was) less than dollar. Anyway, I agreed and was waiting for the transaction to proceed. Mostly I get lucky and my transactions are confirmed in a few minutes. This one is still pending after more than 24 hours (it's been 30 hours already). I believe if nothing can be done with this, bitcoin will inevitably stop at some point and won't be able to become more popular. Waiting for money for dozens of hours is just too wrong.

Hi!

True, some transactions just take too long before it gets confirmed. It really is infuriating especially so when you are in dire need of cash! Bitcoin system should improve before its often times slow services take its toll on its popularity. As we all know, efficiency is key in lasting in this business. Without which, investors would not even bother expending money for this venture at all.   

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May 12, 2017, 11:24:38 AM
 #22

Yesterday morning I wanted to sell some btc and get my local currency. The suggested transaction fee was something like 0.0005 which is (was) less than dollar. Anyway, I agreed and was waiting for the transaction to proceed. Mostly I get lucky and my transactions are confirmed in a few minutes. This one is still pending after more than 24 hours (it's been 30 hours already). I believe if nothing can be done with this, bitcoin will inevitably stop at some point and won't be able to become more popular. Waiting for money for dozens of hours is just too wrong.

In all sincerity this issue is really getting to a head that is a point where its becoming unbearable. In the past year where some of the advantages that is being discussed on the thread concerning bitcoin are how fast transactions are and how cheap they are compared to other means of transferring funds across borders but it seems these two important qualities are gradually turning into a myth and its not showing any sign of abatement. Something really needs to be done about this.
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May 12, 2017, 11:29:25 AM
 #23

Yesterday morning I wanted to sell some btc and get my local currency. The suggested transaction fee was something like 0.0005 which is (was) less than dollar. Anyway, I agreed and was waiting for the transaction to proceed. Mostly I get lucky and my transactions are confirmed in a few minutes. This one is still pending after more than 24 hours (it's been 30 hours already). I believe if nothing can be done with this, bitcoin will inevitably stop at some point and won't be able to become more popular. Waiting for money for dozens of hours is just too wrong.

It's not bad luck, it's the current problem with the blockchain system. Many transactions have not been processed for a long time, and now I have not seen any remedies. Waiting to make us feel depressed, however, we can not do anything else. Viabtc is a user support system, however, with the current number of transactions, I think they can not help many people.

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May 14, 2017, 09:00:10 AM
 #24

Yesterday morning I wanted to sell some btc and get my local currency. The suggested transaction fee was something like 0.0005 which is (was) less than dollar. Anyway, I agreed and was waiting for the transaction to proceed. Mostly I get lucky and my transactions are confirmed in a few minutes. This one is still pending after more than 24 hours (it's been 30 hours already). I believe if nothing can be done with this, bitcoin will inevitably stop at some point and won't be able to become more popular. Waiting for money for dozens of hours is just too wrong.

In all sincerity this issue is really getting to a head that is a point where its becoming unbearable. In the past year where some of the advantages that is being discussed on the thread concerning bitcoin are how fast transactions are and how cheap they are compared to other means of transferring funds across borders but it seems these two important qualities are gradually turning into a myth and its not showing any sign of abatement. Something really needs to be done about this.
Yes! If only some other good coin started signature campaigns and became as easy to use as bitcoin.. I've just checked my transaction - it is finally confirmed. I don't know when it happened but it took more than three days for it to get confirmed. As for the fee, I don't know whether it was adequate or not..210 satoshis per bit if I'm not mistaken. Well, at least it got confirmed.


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May 14, 2017, 11:32:40 AM
 #25

I concur, 100%.  That's one reason why BTC hasn't taken off as a currency.   But it's still good as something to speculate on,  and as a (very volatile) store of value.   When sig campaign payouts don't confirm,  it's frustrating...but when you get a 120% raise in 3 months it's very cool!
Yes,even i have not thought about that.After three months,if it gets confirmed we get 120% raise and in six months,240% raise, thats great.Let it take more time sorry more months to get confirmed.I dont bother.
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May 14, 2017, 12:48:11 PM
 #26

The confirmation time now is getting worse, many users already complained about it and this create a new problem which is the idea for bitcoin to have a hardfork, this is really the test for bitcoin and all users, if this keep happened then many people will abandon bitcoin and started to look for alt coin

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May 14, 2017, 01:16:15 PM
 #27

The confirmation time now is getting worse, many users already complained about it and this create a new problem which is the idea for bitcoin to have a hardfork, this is really the test for bitcoin and all users, if this keep happened then many people will abandon bitcoin and started to look for alt coin

The transaction fee needed for immediate confirmation has been going up for the past few months. Taking in to account the exchange rate spike, the fee in USD terms have gone up by almost 10 times during the last 12 months.


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May 14, 2017, 01:18:45 PM
 #28

Who suggested that fee to you? To me, blockchain(dot)info usually suggests few-dollar fees and with them my transactions are pretty fast (within minutes). I think, the solution is using higher fee. And to get back to the thread's question, I do not think that >1$ fees would hurt BTC's popularity because international bank transactions and "Oh sorry, I cannot give back in cash" type of situations cost more.


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May 14, 2017, 01:30:46 PM
 #29

I get than some people are put off by large, still growing fees and long confirmation times. I get it. I am angry sometimes too.

You need to understand:

1. Bitcoin is the biggest crypto with the largest user base. Other altcoins might be faster because: no one is using them and/or no one has incentive to spam their network.
2. Bitcoin can be better, it can be upgraded, both by on-scaling update and by growing off-chain networks.
3. Bitcoin may not be the fastest or the cheapest way to send money, but it is the greatest investment of our generation so far.


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May 14, 2017, 05:22:28 PM
 #30

The fee changes dynamically that's the problem. If you send your transaction with moderate fee, which normally would get it to confirm after an hour and within that hour 10000 people decide to pay more, because they want it to confirm in 30 min and be above the average, you transaction will fall from the expected hour to 2 or more, up to infinity.
Do not use a moderate fee at times of high congestion.
Fair advice, but this forces people to use sites like https://bitcoinfees.21.co/ on regular basis. That is at least until all wallets add a dynamic fee feature that will allow people to quickly choose between their moderate fee and the one that would offer a 1 block confirmation at that given time.

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May 14, 2017, 05:38:28 PM
 #31

This problme will be fixed soon. Just a bug on the windshield. Don't make it into more than it is.
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May 14, 2017, 05:42:26 PM
 #32

Yesterday morning I wanted to sell some btc and get my local currency. The suggested transaction fee was something like 0.0005 which is (was) less than dollar. Anyway, I agreed and was waiting for the transaction to proceed. Mostly I get lucky and my transactions are confirmed in a few minutes. This one is still pending after more than 24 hours (it's been 30 hours already). I believe if nothing can be done with this, bitcoin will inevitably stop at some point and won't be able to become more popular. Waiting for money for dozens of hours is just too wrong.

In all sincerity this issue is really getting to a head that is a point where its becoming unbearable. In the past year where some of the advantages that is being discussed on the thread concerning bitcoin are how fast transactions are and how cheap they are compared to other means of transferring funds across borders but it seems these two important qualities are gradually turning into a myth and its not showing any sign of abatement. Something really needs to be done about this.
Yes! If only some other good coin started signature campaigns and became as easy to use as bitcoin.. I've just checked my transaction - it is finally confirmed. I don't know when it happened but it took more than three days for it to get confirmed. As for the fee, I don't know whether it was adequate or not..210 satoshis per bit if I'm not mistaken. Well, at least it got confirmed.
I have been through the same thing as my transaction take 4 days to be confirmed, maybe $2 fee or 120sat/bit for my transaction was adequate too, but it is really obstacle for new adopters seeing bitcoin transaction become more expensive and still have to wait for long time for sending bitcoin. Since the price skyrocket and fee increase as well, there's nothing we can do about that and let devs team and miners agreed to solve, but high fees very profitable for miners and they could choose to let it and spin out this problem due to block size won't ever reach an agreement for everyone.

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May 15, 2017, 10:38:02 AM
 #33

I get than some people are put off by large, still growing fees and long confirmation times. I get it. I am angry sometimes too.

You need to understand:

1. Bitcoin is the biggest crypto with the largest user base. Other altcoins might be faster because: no one is using them and/or no one has incentive to spam their network.
2. Bitcoin can be better, it can be upgraded, both by on-scaling update and by growing off-chain networks.
3. Bitcoin may not be the fastest or the cheapest way to send money, but it is the greatest investment of our generation so far.
Valid point.Some alts may be fast because only a very few would be using them.That does not mean that they are better than  bitcoin.It has to be accepted that bitcoin has lost one of its salient feature fast transaction at  a low price. Bit still it has many other important features and it would be continuosly supported by people. 
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May 15, 2017, 11:44:42 AM
 #34

of course bitcoin has many advantages and disadvantages but we are here too only discuss about the confirmation time. developers are working hard enough to find a way out of this mess. or else you can simple trade altcoins instead of bitcoins. I just bought near about 10000 of a alt at just 0.01btc and when I transferred that to a friends wallet I payed only 0.01of that alt.  and the transaction was confirmed within 5minutes. so alts can be the best alternative right no
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May 15, 2017, 11:53:25 AM
 #35

of course bitcoin has many advantages and disadvantages but we are here too only discuss about the confirmation time. developers are working hard enough to find a way out of this mess.
developers have already found solutions for the "mess" and there are a couple of this solutions out there. the miners however seems to not want any of them so far.

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or else you can simple trade altcoins instead of bitcoins.
trading altcoin has nothing to do with what we are talking about in here! LOL

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I just bought near about 10000 of a alt at just 0.01btc
that only shows the altcoin that you bought has no demand so it is piss poor cheap.

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and when I transferred that to a friends wallet I payed only 0.01of that alt. 
the fees have to be cheap, even a lot cheaper than that for an altcoin just to get people to use them. if it were any higher nobody would have ever made any transaction.

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and the transaction was confirmed within 5minutes. so alts can be the best alternative right no
altcoins usually require a lot more confirmation to be considered "confirmed" because of the very high orphan rate most of them have and the risk of double spending.
but you are right, since many altcoins have a faster block generation, the 1 confirmation happens faster but the disadvantages of using altcoins are a lot more.

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PhucS
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May 15, 2017, 04:04:46 PM
 #36

I agree with your opinion, this is really a big obstacle that affects the popularity of bitcoin to everyone on the world. Transaction speed is too slow, it takes hours, daily and even more to confirm the transaction and of course, no one wants this. This will make it difficult for everyone. If you want to transaction quickly you need to raise fees, the miners are creating some pressure by applying quite high fees. I hope that this in the future will be resolved

.

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bartolo
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May 15, 2017, 04:30:40 PM
 #37

I get than some people are put off by large, still growing fees and long confirmation times. I get it. I am angry sometimes too.

You need to understand:

1. Bitcoin is the biggest crypto with the largest user base. Other altcoins might be faster because: no one is using them and/or no one has incentive to spam their network.
2. Bitcoin can be better, it can be upgraded, both by on-scaling update and by growing off-chain networks.
3. Bitcoin may not be the fastest or the cheapest way to send money, but it is the greatest investment of our generation so far.
Valid point.Some alts may be fast because only a very few would be using them.That does not mean that they are better than  bitcoin.It has to be accepted that bitcoin has lost one of its salient feature fast transaction at  a low price. Bit still it has many other important features and it would be continuosly supported by people. 

The point is that if you want to exchange to local currency like OP made, you have to use Bitcoin because it is the easiest coin to change for being the most popular, even more if it´s an exchange by ATM or by hand. If one day there were the option to change local currency to an altcoin, many people would use the altcoin and so the fees would raise and it would collapse too and then everyone would go back to Bitcoin because the fees would have lowered.

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May 15, 2017, 04:40:48 PM
 #38

No one has said that Bitcoin is perfect and transactions fees and speed are among the obstacles, I agree. At the moment seems that miners are making some kind of pressure by imposing rather high fees. But I think these are the problems that could be solved, if there is a will and still there are more advantages than disadvantages.
Bitcoin is not that perfect and it really do has issies faced by many users nowadays but i believe that biycoin is still a working progress. It does not want to disappoint it's users but ofcourse now that it is being used by many issues like this comes to life but i know that the people behind this will do their best to fix this.



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btc_angela
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May 15, 2017, 04:57:12 PM
 #39

No one has said that Bitcoin is perfect and transactions fees and speed are among the obstacles, I agree. At the moment seems that miners are making some kind of pressure by imposing rather high fees. But I think these are the problems that could be solved, if there is a will and still there are more advantages than disadvantages.
Bitcoin is not that perfect and it really do has issies faced by many users nowadays but i believe that biycoin is still a working progress. It does not want to disappoint it's users but ofcourse now that it is being used by many issues like this comes to life but i know that the people behind this will do their best to fix this.

Its has design flawed agreed. But what concerns me is the impending solution. This is still ongoing and both sides doesn't want to give up. The issue has been dragging us of the longest time now and I don't think any one of the solution will be implemented in the future. So many bitcoin users are complaining to the point that they are going to alt coins now and will only go back once the solution is implemented.

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jakelyson
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May 15, 2017, 06:56:26 PM
 #40

Its has design flawed agreed. But what concerns me is the impending solution. This is still ongoing and both sides doesn't want to give up. The issue has been dragging us of the longest time now and I don't think any one of the solution will be implemented in the future. So many bitcoin users are complaining to the point that they are going to alt coins now and will only go back once the solution is implemented.

Miners have not come to a consensus yet. And I have a feeling they are delaying this so that they can enjoy the high fees that come with long confirmation time. Only the miners will benefit in the solution being delayed.


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