Bitcoin is useless or is it?

[zidanw]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

We still have other alternatives like eth even though our expensive bitcoin transaction fee, can't deny that bitcoin is still feasible and many want it, so I think bitcoin is still useful even a very high bitcoin price becomes a remarkable thing in its use.

[Reid]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

We still have other alternatives like eth even though our expensive bitcoin transaction fee, can't deny that bitcoin is still feasible and many want it, so I think bitcoin is still useful even a very high bitcoin price becomes a remarkable thing in its use.

For some reason that high transaction fee makes me optimistic.
It stops bitcoin holders specially the people who have lower funds to withdraw over and over.
With that, the bitcoin number is being held and that means another price increase.
Although it is not good for merchants which do transactions all the time and people who buys item with bitcoin as payment.
What else can we do but just think of a positive side of it.

[AmeSakibimasu]

How can bitcoin is useless for everyone?
bitcoin is not definitely useless otherwise many people or members here are really interested and willing to learn or to earn money for them to lift their lives in a proper way. If you say useless basically means NO USE of it . It is not that bitcoin is useless on its own therefore bitcoin is more useful time to time and it is more you never realized the profits especially those people who doesn't want to earn and also after you have already sold all your coins maybe bitcoin will be useless for them. The members of bitcoin will be absolutely will spread out around the world and will definitely make bitcoin more and more stronger, just learn to be patient.

[imeetup]

In my opinion the high transaction costs does not make Bitcoin useless. It is still a great store of value and using it that way doesn't require frequent transferring. It is also the number one crypto currency for trading pairs on exchanges.

[Monnt]

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.

Yes bitcoin fee can be a problem for the small transactions but for the high transaction the Bitcoin is the ideal for people and they trust the Bitcoin more than any other cryptocurrency.
I guess this is taking the Bitcoin to enter into a new stage, according to my analysis the Bitcoin is going to deal the high transactions in the future only, while the small transaction will be made with the alts & I hope it will not affect the Bitcoin negatively.

[stripykitteh]

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.

Accelerating Bitcoin transactions using ViaBTC is one of the important tools that are out there if anyone who has a stuck transaction needs a faster confirmation rate. I am thankful that those people mining Bitcoin released the tool because I have used it so many times and had my transactions confirmed within 24 hours without having to spend like $20 per transaction just so I can send like $0.50 to another person with a Bitcoin client.

[neochiny]

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.

Accelerating Bitcoin transactions using ViaBTC is one of the important tools that are out there if anyone who has a stuck transaction needs a faster confirmation rate. I am thankful that those people mining Bitcoin released the tool because I have used it so many times and had my transactions confirmed within 24 hours without having to spend like $20 per transaction just so I can send like $0.50 to another person with a Bitcoin client.

Really now. I get that fees are higher right now but 20$ fee for a .5$ transaction? Would you really send 18k sat and pay .0072 in fees? Better to stay away from dust tx's for now and learn to maximize every transaction.

Yes Viabtc helps, but it'd be better if people doesn't intentionally set low fees and then just use the accelerator. It's only got 100 slots hourly after all.

And as for topic, BTC is still a great investment tool. Better than ever in fact. Just not much for micro-payments as it is now.

[DOGE12321]

Yeah, the original promise of low transaction fees is gone.

The reason why the prices are rising is because the number of transactions being made is rising exponentially. Since there is a limit on how many transactions a miner can put in a block and the number of transactions being made has risen, one needs to pay higher to get your transaction inserted in the block.

[Xester]

Yeah, the original promise of low transaction fees is gone.

The reason why the prices are rising is because the number of transactions being made is rising exponentially. Since there is a limit on how many transactions a miner can put in a block and the number of transactions being made has risen, one needs to pay higher to get your transaction inserted in the block.

Can we do something about that?  Maybe no, because we have to accept the fact that bitcoin price hit high right now.  And for them to earn is to give us a really high transaction fees.  Maybe we should earn more and more bitcoin first then if we need it that is the time we can exchange it.

[Victorycoin]

This is I notice a high fees every transactions but still the question is sometimes the transaction is too long to confirm. Despite of this bitcoin is still being used by every users and others still got earnings with bitcoin.

The high transaction fee is fine for now from my view because if the person wants the money without waiting a few days then he or she could get the money within the hour. I think that the amount for the high speed transaction is around $1 or so depending on how much is being sent over.

I guess it is still a better bargain, because if dealing  with fiats, even after paying high fees, one is still often compelled to wait for a number of banking days before the transaction is completed and that goes with the extra burden of leaving h your house and showing some papers. I think this is just a phase for Bitcoin, it will get over it.

[oktana]

This is I notice a high fees every transactions but still the question is sometimes the transaction is too long to confirm. Despite of this bitcoin is still being used by every users and others still got earnings with bitcoin.

The high transaction fee is fine for now from my view because if the person wants the money without waiting a few days then he or she could get the money within the hour. I think that the amount for the high speed transaction is around $1 or so depending on how much is being sent over.

I guess it is still a better bargain, because if dealing  with fiats, even after paying high fees, one is still often compelled to wait for a number of banking days before the transaction is completed and that goes with the extra burden of leaving h your house and showing some papers. I think this is just a phase for Bitcoin, it will get over it.

No solution other than size increase, for this we expect a lot in segwit, or there will be no other solution. We expect many new users but can't solve the problem of pending costs and transactions, as you say, this is an important phase to go through, or unlimited bitcoin issues will come back to the surface.

[mrfreezeh]

If you think Bitcoin is useless, surely you have not learned about Bitcoin or have never used it. Bitcoin is good way for make payment online with BIG AMOUNT, it very fast and not take more fee when you send, can anti-inflation and change the life people use it

[nominee]

It was not useless at the very first stages of its improvement. Now the blockchain network is extremely slow and transactions takes very much time to get confirmed. It is becoming useless evey day. Hopefully, this problem is solved.

[PX-Z]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

Blame core with this
But just truth its really annoying that you're Transaction fee is greater than you sending amount.  Mostly you pays 20%-40%  only for the transaction fee especially if you are  sending 0.005-.01 BTC and thats why its really expensive.

[Ayers]

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.

Accelerating Bitcoin transactions using ViaBTC is one of the important tools that are out there if anyone who has a stuck transaction needs a faster confirmation rate. I am thankful that those people mining Bitcoin released the tool because I have used it so many times and had my transactions confirmed within 24 hours without having to spend like $20 per transaction just so I can send like $0.50 to another person with a Bitcoin client.

but it can't be used by everybody, the limit is 100 tx per hours, do you know other services like these? would be really helpuf to bypass the limit, i don't want to pay the overpriced fee that we have know i think it's not fair, and miners know this, they just like the current limit on the block, and it's why there are many that are neutral about what to do to fix this

[maydna]

It was not useless at the very first stages of its improvement. Now the blockchain network is extremely slow and transactions takes very much time to get confirmed. It is becoming useless evey day. Hopefully, this problem is solved.

i am sure that in future, this problem will be fixed, i think the teams behind bitcoin is working to fixed the blockchain network. but unfortunately, i don't know what exactly they did to fixed this. but yes, i admitted that transaction is getting too slow when there are any new transactions with big file to send. but i believe that once the transaction is seen by the network, then in the end the transaction will be completed but there are no estimation how long the transactions gets confirmed, we only can wait until the process is completed.

[deisik]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

Blame core with this
But just truth its really annoying that you're Transaction fee is greater than you sending amount.  Mostly you pays 20%-40%  only for the transaction fee especially if you are  sending 0.005-.01 BTC and thats why its really expensive.

It simply doesn't add up

Developers (i.e. the Core team) don't get anything from insane fees, and yet we should blame them. How come really? Flooding the network with spam transactions costs literally millions, should we also blame the Core developers for that? As to me, it looks rather strange if not outright suspicious that it is miners who are earning profits from higher fees and can create millions of spam transactions without actually incurring expenses, but it is still the developers who should be blamed for all Bitcoin's current misfortunes

[Happydd]

It was not useless at the very first stages of its improvement. Now the blockchain network is extremely slow and transactions takes very much time to get confirmed. It is becoming useless evey day. Hopefully, this problem is solved.

Only stupid people say that bitcoin is useless, bitcoin is the future of the world, it helps us to generate a stable and good income.

[bncbnc]

In my opinion the high transaction costs does not make Bitcoin useless. It is still a great store of value and using it that way doesn't require frequent transferring. It is also the number one crypto currency for trading pairs on exchanges.

yes although it can effect it but not so. the transaction fee is in fact effecting the small trading, it will only effect the shopping for small items, for exxaple i am gong to recharge my mobile i have to pay government tax on it. and i also have to pay transaction fee which which is more than the recharging  amount that i normally do for my mobile.

[bitbob82]

In my opinion the high transaction costs does not make Bitcoin useless. It is still a great store of value and using it that way doesn't require frequent transferring. It is also the number one crypto currency for trading pairs on exchanges.

yes although it can effect it but not so. the transaction fee is in fact effecting the small trading, it will only effect the shopping for small items, for exxaple i am gong to recharge my mobile i have to pay government tax on it. and i also have to pay transaction fee which which is more than the recharging  amount that i normally do for my mobile.

we can hope that this issue will be solve on preyority bases, because it is now creasing problems.  people are now facing hard to do small transaction, although high transaction is not creating problem, but for small transactions the problems should solve.