Bitcoin is useless or is it?

[BCTBF]

The increase in transaction costs is the effect of rising bitcoin prices and I think that's something normal and bitcoin still useful to me, if bitcoin prices go up then transaction costs go up and vice versa if bitcoin price down transaction costs down I think it will be fine and not a major issue to be debated.

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[Humanxlemming]

The increase in transaction costs is the effect of rising bitcoin prices and I think that's something normal and bitcoin still useful to me, if bitcoin prices go up then transaction costs go up and vice versa if bitcoin price down transaction costs down I think it will be fine and not a major issue to be debated.

Yeah nothing else needed that  debate as what we see now still bitcoin community or still many of peoples now using bitcoin and it's a reflect of it in our blockchain that having many transactions in a day thay we can sustain it becuase of what nitcoin price rise snd effect our blockchain.

[dihari]

The high transaction fees is now trending in everywhere and many complain threads are born in these weeks. No doubt, it really make bitcoin useless but not at all. It's just affecting​ to small (micro)transactions, and for the big one it is no problem.

[MetalGear]

No bitcoin is definitely not useless. Bitcoin is a very useful thing, through bitcoin we can earn money as much as we can. If we are working hard to answer surveys and everything we can earn a lot of money through bitcoin so it is not useless.

[Xester]

No bitcoin is definitely not useless. Bitcoin is a very useful thing, through bitcoin we can earn money as much as we can. If we are working hard to answer surveys and everything we can earn a lot of money through bitcoin so it is not useless.

Certainly!  It never and never ever will it become useless.  All of us here were earning a good money through bitcoin.  All of us here have the same goals which became possible all because of bitcoins.  So there never came a time that it was useless.  It is fun to have a sideline job and earn just like what regular jobs would pay you.

[stompix]

I think high transaction fees are not a reason to call bitcoin is useless. Transaction fees from the past until now are the same, nothing has changed. Indeed increases if we measure with the dollar but if we measure with bitcoin will remain the same. Bitcoin gives us a lot of benefits and uses, even many who become rich with bitcoin

No , the fees have increased in terms of satoshis also not just usd..

The increase in transaction costs is the effect of rising bitcoin prices and I think that's something normal and bitcoin still useful to me, if bitcoin prices go up then transaction costs go up and vice versa if bitcoin price down transaction costs down I think it will be fine and not a major issue to be debated.

No it is no related to the price of btc it's related to the amount of transactions made every day
As I was telling a lost cause about this earlier

July 2013        btc price     ~90    fee ~  8 cents
January 2014  btc price   ~800    fee ~ 20 cents
July 2015        btc price   ~250    fee ~  3 cents  
January 2016  btc price   ~450    fee ~  8 cents  
January 2017  btc price   ~800    fee ~ 40 cents

[deisik]

Well Bitcoin is losing one of his best features (the lowest fees) as the fee's value increased recently for many reasons. But we can't say that Bitcoin is useless because only this reason. Bitcoin still valuable and having very strong potential

Bitcoin has lost this advantage after its price crossed the 1,000 dollars per coin level

Or even before that. But this would still be irrelevant and inconsequential in any case. How come? Simply because there are quite a few other coins which are cheaper (say, Litecoin) and a lot cheaper (say, Doge) in terms of transaction fees. But as I said, it doesn't matter since most Bitcoin transactions are still made in-house. I refer to web wallets transactions (within the same wallet, obviously) and transactions that take place at exchanges (famous "buy low, sell high"). And you can use exchange vouchers to send bitcoins between exchanges completely bypassing the blockchain without paying any fees at all

[batang_bitcoin]

The high transaction fees is now trending in everywhere and many complain threads are born in these weeks. No doubt, it really make bitcoin useless but not at all. It's just affecting​ to small (micro)transactions, and for the big one it is no problem.

It is really trending compare to the past transactions that we are making. People tend to send bitcoin without fees but now we are shouldering it every time we will send someone an amount that he needs. We are forced to pay the fee even they are just recommending unlike before, that it's totally free.

[fatlever]

i don't remember getting the memo about bitcoin is supposed to be cheap, and it certainly has never been the main reason for using it.

 

Uh, here is a memo from Satoshi Nakamoto in Bitcoin: A Peer-to-Peer Electronic Cash System in the intro problem statement describing how (in traditional internet payment) mediation increases transactions costs and limits the practicality of small transactions.  

Commerce on the Internet has come to rely almost exclusively on financial institutions serving as
trusted third parties to process electronic payments. While the system works well enough for
most transactions, it still suffers from the inherent weaknesses of the trust based model.
Completely non-reversible transactions are not really possible, since financial institutions cannot
avoid mediating disputes. The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions

maybe people have forgotten what decentralization means! what it really means when you are in full control over your money without needing a fucking bank to tell you what to do with it, to block your money, take whatever they want from you, government put their hands in your pocket, ...

Decentralization specifically means that there is no central authority that controls the money or rules a around it -- for transactions nodes instead of a central authority to handle transactions with an incentive of fees.  But considering that Satoshi was talking about "mediation increasing transaction costs" and "cutting off the possibility for small casual transactions" on the internet, I am sure he did not intend the incentive of these small transactions in bitcoin to be larger than that of traditional internet payment mechanisms.

This adds an incentive for nodes to support the network, and provides
a way to initially distribute coins into circulation, since there is no central authority to issue them.
The steady addition of a constant of amount of new coins is analogous to gold miners expending
resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.
The incentive can also be funded with transaction fees. If the output value of a transaction is
less than its input value, the difference is a transaction fee that is added to the incentive value of
the block containing the transaction.

Bitcoin was not intended as a settlement system for only large payments, it was designed as a  Bitcoin: A Peer-to-Peer Electronic Cash System for even very small payments.   Problem is centralization has occurred with the Chinese miners and they will fight any changes that may cut down the fees

[Shenzou]

I am personally have been using bitcoin for quit some time and it hurts me to say that throught out the recent transactions fees getting higher i have been really disapointed and thought seriously about quitting it because what is the point of using it when you have to pay a lot of fees in order to get your transction faster but you still get it after hours

[sunsilk]

Just because experiencing a normal problem in bitcoin you will say that it is useless and dead? where's the faith in bitcoin?

We need to understand as the difficulty increases, miners need to adjust the fee and as well with the price increase scenario.

We are computing base on the price of bitcoin and not with the quantity of bitcoin which is being set by them as fee.

I agree.Bitcoin has become our buddy the moment we started it.So if any normal problem  arise,is it proper to just put bitcoin as a dead investment and useless?I supposed we should be sympathetic instead.Sympathetic in the sense that we should understand its rising and depreciating value in some times.Bitcoin is not that perfect to be consistently growing.It may have also its ups and downs.

People today when it comes to fees are complaining that much. And we need to bear to our minds that if you don't want fees, just set it to the lowest that you can afford.

And it's why there are some upgrades that is going to happen and there will be an event on August 1.

Just don't think it's that useless or something like that, bitcoin is the best.

[whizter]

No bitcoin is definitely not useless. Bitcoin is a very useful thing, through bitcoin we can earn money as much as we can. If we are working hard to answer surveys and everything we can earn a lot of money through bitcoin so it is not useless.

yes bitcoin is not useless, bitcoin is created on the name of currency but currently as the number of bitcoin users are not great in number therefore they are using it for investment and trading purpsoes and they are in fact makin good profit from  trading and investment in bitcoin. I am hopeful that very soon the number of bitcoin users will increase and then we will be alble to use bitcoin for the purpose for which it has been creasted.

[kelseydustin]

I am personally have been using bitcoin for quit some time and it hurts me to say that throught out the recent transactions fees getting higher i have been really disapointed and thought seriously about quitting it because what is the point of using it when you have to pay a lot of fees in order to get your transction faster but you still get it after hours

I know your feelings, bro. But we have to admit the true that bitcoin is not as good as we think and the dev team does not try their best to improve Bitcoin. It will take a lot of effort and time for bitcoin to become better than it is right now

[Schuyler]

I am personally have been using bitcoin for quit some time and it hurts me to say that throught out the recent transactions fees getting higher i have been really disapointed and thought seriously about quitting it because what is the point of using it when you have to pay a lot of fees in order to get your transction faster but you still get it after hours

I know your feelings, bro. But we have to admit the true that bitcoin is not as good as we think and the dev team does not try their best to improve Bitcoin. It will take a lot of effort and time for bitcoin to become better than it is right now

The blame can't fall squarely on the dev team as there are other parties involved here. The miners are another group that have their own interests they are protecting. I don't mind the disagreements for as long as it is helping bitcoin move forward, but if it keeps bitcoin to face more problems, then something must be done to right these wrongs.

[coinplus]

Yes exactly I agree your point of high transaction fees because of that you can check recent ect grow in last 2 months if bitcoin devs not solve the issue then altcoins will make the move and beat bitcoin one day for sure . But even if you want send money in very less timeline within an hour from one country to another then bitcoin only the option even though fees is bit high

Yup this is what most of the mates are talking about now a day but let me remind you something. When it is discussed in the forum that the Bitcoin is becoming the digital gold then you have to accept these things with the Bitcoin transaction fees. I guess the bitcoin currently is too strong to be beaten by any of the competitor. The transaction fees are high due to the trust of the people and due to high demand of transactions.

[RodeoX]

So all those who think that fees are "high" should be mining. If they actually were high then you will be able to successfully compete with those miners. Fees go to the miner who will transfer bitcoins profitably. If the fee is to low then it wont be picked up by anyone. If the miner demands too much then another miner will take his/her business. That is the protocol. So if you think money is being left on the table then here is your chance to get it.

[oceanriver]

yes, bitcoin is useless right now because of huge fees

[Shenzou]

So all those who think that fees are "high" should be mining. If they actually were high then you will be able to successfully compete with those miners. Fees go to the miner who will transfer bitcoins profitably. If the fee is to low then it wont be picked up by anyone. If the miner demands too much then another miner will take his/her business. That is the protocol. So if you think money is being left on the table then here is your chance to get it.

We have nothing against miners taking fees, we all know that mining bitcoin is becoming harder and harder and it is becoming more hardware demanding and requires a lot of power to mine a block, but all of this within reason i don't want to pay half the amount that i am going to send fees so that it gets picked up, paying high fees should only be for poeple who are in hurry who realy want thier transactions faster not for regular people who earn a small amount of bitcoin and struggle to move it around because of the fees.

[MostHigh]

The transition fee is a big issue and it is not advisable to make small transactions and daily payments otherwise you will be losing a lot to transaction fee. To my best of knowledge this fees are what miners feed on. And it is needed to sustain mining.

[Jayshree85]

yes, bitcoin is useless right now because of huge fees

I agree but if you can use ViaBTC accelarator properly then even old low fees transaction are getting confirmed and i have done this recently and got confirmed in 2 hrs. So it is that you have to put your efforts little more for this benefit.