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Author Topic: As much as I like BTC...  (Read 1020 times)
virtualdn (OP)
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May 15, 2017, 03:53:51 PM
 #1

...if there will not be a fix for the long confirmation times (don't tell me raise the fee) I doubt it will ever be used on a big scale.

Even if it reaches 5k... this is not how it should work. It can fall down big this way.

Look at Dogecoin how fast it is in comparison... that's the way to do it.

Let's hope for a fix... in the near future. To be trustful and really become popular it needs to be fast. It's a must.

1 BTC = 1 BTC
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May 15, 2017, 04:06:46 PM
 #2

...if there will not be a fix for the long confirmation times (don't tell me raise the fee) I doubt it will ever be used on a big scale.
If, by big scale, u mean small payments, then no. Bitcoin does not aim to scale to support huge amount of minuscule payments.

Even if it reaches 5k... this is not how it should work. It can fall down big this way.
Bitcoin does not aim to replace StartBucks. It aims to replace PetroDollar. So, this is exactly how it should work.

Look at Dogecoin how fast it is in comparison... that's the way to do it.
Look at Dogecoin price for comparison.

Let's hope for a fix... in the near future. To be trustful and really become popular it needs to be fast. It's a must.
One crypto can not be 'trustful' and 'fast' at the same time. One compliments the other.

virtualdn (OP)
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May 15, 2017, 04:10:10 PM
 #3

If BTC doesn't become a standard for small payments as well where's all the fun Smiley

1 BTC = 1 BTC
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May 15, 2017, 04:11:14 PM
 #4

Common sense says there will be a solution and that it´s a matter of time. In my opinion this solution should go through the application of segwit in a short time. It is the most supported option by the community and the safest option as the other option is showing security problems. The logical thing would be that segwit were activated and this way bitcoin can begin to solve its scalability problems
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May 15, 2017, 04:19:48 PM
 #5

Well the confirmation time is a big pain there is no doubt but to compare it with a alt like dogde and how many of us even use dodge for it to be slow. Currently the only option is to raise the fees there is no other option, till some other solutions is found. I doubt people will stop using it ever, yes we all will complain about it but stop no. As far for more people to use it, I feel many of us me including prefer to stick to it cause of the monetary benefits and it's decentralised nature. Currently there a lot debate going on for this, but so far no solution let's hope we do find a solution in the near future.

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unamis76
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May 15, 2017, 04:23:42 PM
 #6

Look at dogecoin, and how many users it has... Same goes for Litecoin. We can't make comparisons so linearly. But yes, I do understand what you're saying...

I feel many of us me including prefer to stick to it cause of the monetary benefits and it's decentralised nature.

This is pretty much the only thing going for Bitcoin right now.
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May 15, 2017, 04:24:09 PM
 #7

If BTC doesn't become a standard for small payments as well where's all the fun Smiley

I'm not personally not worried, Its probably just a matter of time until SegWit get activated and then Lightning network which should allow what you described instantly.

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May 15, 2017, 04:27:01 PM
 #8

If BTC doesn't become a standard for small payments as well where's all the fun Smiley
Bitcoin was not created to amuse u. If u look for fun, visit amusement parks. Smiley

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May 15, 2017, 04:32:03 PM
 #9

Long confirmation problem will be resolved when majority choose to support SegWit/BU (or hard fork and make 2 separate chain) and bitcoin will be ready for bigger scale.
However, DOGE and most altcoin only can have fast confirmation because not many people make transaction, i think they also will have problem if they were to process transaction as much as bitcoin do now.

The problem is how long is that going to take? Consensus seems impossible to reach when bitcoin has become so big. I think the price of bitcoin would have already increased several times its current value if those scaling solutions had happened a long time ago.
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May 15, 2017, 04:45:24 PM
 #10

...if there will not be a fix for the long confirmation times (don't tell me raise the fee) I doubt it will ever be used on a big scale.

Even if it reaches 5k... this is not how it should work. It can fall down big this way.

Look at Dogecoin how fast it is in comparison... that's the way to do it.

Let's hope for a fix... in the near future. To be trustful and really become popular it needs to be fast. It's a must.
We cannot disagree to rules as much as we want too. You cannot compares bitcoin transactions to others, bitcoin has a lot of investors and earners everywhere so therefore the system needs to generates it but everyone will have their earnings.

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May 15, 2017, 04:46:26 PM
 #11

There are 2 possibilities if the confirmation time can not be fixed:
1. Bitcoin price will drop down to $1000 and it will be a good time for other cryptos to take away its first place
2. Bitcoin will become digital gold. And as you know, we can not use gold for payment method


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May 15, 2017, 05:06:56 PM
 #12

Bitcokn network already is huge amd functional. Almost nobody uses other coins for real transactions. Most altcoins are just traded on exchanges. U gotta remember thwt. Btc is king for now.
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May 15, 2017, 05:21:43 PM
 #13

If, by big scale, u mean small payments, then no. Bitcoin does not aim to scale to support huge amount of minuscule payments.

You're making Satoshi cry..
Please don't do it.

https://bitcoin.org/bitcoin.pdf


There are 2 possibilities if the confirmation time can not be fixed:
1. Bitcoin price will drop down to $1000 and it will be a good time for other cryptos to take away its first place
2. Bitcoin will become digital gold. And as you know, we can not use gold for payment method


The moment a shitcoin takes over BTC is the moment when air travel will stop.
Way toooo manyyy flying pigs.

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May 15, 2017, 06:20:43 PM
 #14

If BTC doesn't become a standard for small payments as well where's all the fun Smiley
Bitcoin was not created to amuse u. If u look for fun, visit amusement parks. Smiley
Indeed, bitcoin was design to use not only for online payment but also to become our personal assets, but of course to become our personal business too,..  Wink
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May 15, 2017, 06:33:20 PM
 #15

Common sense says there will be a solution and that it´s a matter of time. In my opinion this solution should go through the application of segwit in a short time. It is the most supported option by the community and the safest option as the other option is showing security problems. The logical thing would be that segwit were activated and this way bitcoin can begin to solve its scalability problems

Imagine the bitcoin price rally rally after the scalability issue is resolved!
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May 15, 2017, 06:39:31 PM
 #16

Of course there are technical problems too, faster confirmations would probably lower the security and maybe make things less stable with big adoption, bigger blocks would make harder to maintain a full node.

It is hard to find a solution that would be good for everyone
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May 15, 2017, 06:40:32 PM
 #17

How can someone compare a block that has barely transaction to it, to a block that always almost full of transaction.  This is not a fair comparison in my opinion.  Aside from that Bitcoin is not for very good for micro payments. But well if the scalability issue is fixed then I think bitcoin price will really skyrocket.
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May 15, 2017, 07:22:40 PM
 #18

Unfortunately we cannot run to altcoin to solve this problem especially altcoins that is based on bitcoin because it will run to same problem in the future. And miners are not too keen to having a consensus because they benefit on the fees gained on high confirmation time.

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May 15, 2017, 07:32:25 PM
 #19

Bitcoin already reached to its full capacity, if Bitcoin wants more adopters, the medium fee price must reduce as before or the big scale adoption won't happen, I agree with OP. As I see Bitcoin is to be used to buy anything, and how it's now it can be used only as speculative currency which you hold for a long time to sell once and enjoy the profit from it. Bitcoin is money and money is used to buy things, a candy or a plane.

 
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May 15, 2017, 07:53:17 PM
 #20

SegWit can solve these issues and hence many users have supported and voted for it. While these changes will take some time to be implemented, I'm sure the confirmation, miner fee and overall scalability issues related to bitcoin transactions would be solved. We need to wait till that happens.

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