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November 13, 2017, 02:16:40 PM
 #41

Most institutional banks make it easy for you to understand because they want you to become part of their customer database. Not because you are important for them but because your money, even though the amount is little, will be added to their global "trade and play" database.

So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".

Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.

So yeah, harder with bitcoin. More expensive? I don't think so!

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November 13, 2017, 03:06:28 PM
 #42

Well this is the first time that am hearing that in and outs of bitcoins system is that difficult to understand, in fact Its easier than the banking system is what I believe.
And come on no one needs to go and write a whole book on how bitcoins works and stuff, but rather just a small brief non technical application will do for most people and buying ans selling bitcoins and trading one on one isn't very difficult ! Its rather easier than the stock market .. and in banks you do need 1000 documents and there are 1000 rules bitcoins are way easier !
And with time society is going to get more technical so I think it wont be a problem even if u increased the complexity level.



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November 13, 2017, 03:17:28 PM
 #43

Most institutional banks make it easy for you to understand because they want you to become part of their customer database. Not because you are important for them but because your money, even though the amount is little, will be added to their global "trade and play" database.

So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".

Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.

So yeah, harder with bitcoin. More expensive? I don't think so!
It seems to me that bitcoin is still too poorly developed to compete with the banks. We can't buy goods with bitcoins with the same ease as we do with credit cards. The cost of banking transaction 20,000 times cheaper than transactions in bitcoin. Therefore, bitcoin is absolutely not suited right now for everyday use.

 
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November 13, 2017, 03:20:55 PM
 #44

Most institutional banks make it easy for you to understand because they want you to become part of their customer database. Not because you are important for them but because your money, even though the amount is little, will be added to their global "trade and play" database.

So yes, of course, with bitcoin it is more complicated. You do not have btc ATM delivering you money you can use to buy things in your everyday life (unless you are very lucky). You do not have a clear and comprehensive guide of "how to deal with bitcoin".

Still, through the blockchain, you get security. More than any bank can offer I assume. And regarding transactin fees, actually your bank may hide them from your view but they still exist. Your bank is not a charity, they make money out of you. With your saved money but also with your current account. You pay fees, you pay because you use a dedicated website, you pay a credit card... All these are fake fees. I mean it cost nothing to the bank but they charge you anyway.

So yeah, harder with bitcoin. More expensive? I don't think so!
It seems to me that bitcoin is still too poorly developed to compete with the banks. We can't buy goods with bitcoins with the same ease as we do with credit cards. The cost of banking transaction 20,000 times cheaper than transactions in bitcoin. Therefore, bitcoin is absolutely not suited right now for everyday use.
If we do see the current situation of bitcoin regarding price volatility and on its transaction time and fees then would really able to differentiate it with our traditional payment system using credit cards or any other means which we can really tell the differences on each side and we would really still prefer the old ways because we can already make it use conveniently without any hassle and talking about the fees I guess it is already lower compared to the amount which a certain bitcoin transaction do require.

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November 13, 2017, 03:31:32 PM
 #45

Transactions fees may go up or down depending on the intensity of traffic , for example if there's something near 15k transactions waiting to be sent you'll find that there's 8 transactions done per second and that the fees don't even make it to 2.5 dollars , while when there's high volume of traffic going on like for instance now 105168 transactions are being treated you'll find 19 or so transactions per second and of course higher fees . So my advice to people is to send transactions when there's low traffic or to customize the fees of their transactions but it'll take a bit longer .
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November 13, 2017, 05:03:35 PM
 #46

They are two affected groups out their when you relate Bitcoin with its "volatility" and "transaction fees" and that are traders and also people who use Bitcoin as a mode of payment. Technically if Bitcoin is volatile then it is more of an advantage for the trader because he has a chance to profit many times in a day however it is a bad thing for Bitcoin users who use Bitcoin as their cash. Transaction fees can also affect the latter as they will hinder additional cost for buying something that will worth lesser when bought by other forms of payment.

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November 14, 2017, 01:13:55 PM
 #47

They are two affected groups out their when you relate Bitcoin with its "volatility" and "transaction fees" and that are traders and also people who use Bitcoin as a mode of payment. Technically if Bitcoin is volatile then it is more of an advantage for the trader because he has a chance to profit many times in a day however it is a bad thing for Bitcoin users who use Bitcoin as their cash. Transaction fees can also affect the latter as they will hinder additional cost for buying something that will worth lesser when bought by other forms of payment.

Well as much as it hurts, its necessary for faster transactions. I just recently experiemced having my transaction stuck in the mempool and after reading blogs, i learned that to have fasrer transactions, a higher fee is necessary so if you really need to have it done, paying a little extra shouldn't hurt that much

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November 14, 2017, 01:55:11 PM
 #48

Time can not make bitcoin die and worthless, with more people who know about bitcoin then the demand for bitcoin will be higher, plus the use of bitcoin technology can be adapted in all businesses and projects, certainly even make the value of bitcoin more  higher
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November 14, 2017, 02:20:32 PM
 #49

They are two affected groups out their when you relate Bitcoin with its "volatility" and "transaction fees" and that are traders and also people who use Bitcoin as a mode of payment. Technically if Bitcoin is volatile then it is more of an advantage for the trader because he has a chance to profit many times in a day however it is a bad thing for Bitcoin users who use Bitcoin as their cash. Transaction fees can also affect the latter as they will hinder additional cost for buying something that will worth lesser when bought by other forms of payment.

Well as much as it hurts, its necessary for faster transactions. I just recently experiemced having my transaction stuck in the mempool and after reading blogs, i learned that to have fasrer transactions, a higher fee is necessary so if you really need to have it done, paying a little extra shouldn't hurt that much
I never use accelerated transaction. I pay a minimal fee per transaction. I don't care how much time my transaction is done. If you have problems with the passage of a very important transaction, you can absolutely free to take the help of suggestions on this forum under services. But I think that still this problem must be solved at the level of developers and miners.
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November 14, 2017, 02:33:11 PM
 #50

Transaction fees are definitely going up.

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November 14, 2017, 02:55:38 PM
 #51

Transaction fees are definitely going up.



           Yeah i do agree. I don't know but when it comes to bitcoin there is some kind of unfair fees which is a bit my concern or maybe for few people here. Bitcoin has mostly fixed fees, but if you convert it to fiat in relevance with bitcoin's volatility, well i guess it goes higher. Just correct me if i were wrong but most of the times that is what i've been hearing a lot, but well anyway we are required to pay the fees for each and every transaction no offense about that.

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November 14, 2017, 03:03:14 PM
 #52

Transaction fees are definitely going up.



           Yeah i do agree. I don't know but when it comes to bitcoin there is some kind of unfair fees which is a bit my concern or maybe for few people here. Bitcoin has mostly fixed fees, but if you convert it to fiat in relevance with bitcoin's volatility, well i guess it goes higher. Just correct me if i were wrong but most of the times that is what i've been hearing a lot, but well anyway we are required to pay the fees for each and every transaction no offense about that.
Transactions fees will definitely going up because of this demands that also increase. This is actually most concern by the users the transactions fees are being higher each day. And most hoping this would be corrected for us to less and save btc.

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November 22, 2017, 07:06:51 PM
 #53

Its a new technology, and as any other new invention, it is also little bit tough to underatand. I am sure when banks started for the first time, it was also not as convinient at it is now. And the trust u talk about associated to banks comes from a very long time being. Bitcoin is still new,and unknown to majority, it will also need some time to devalope more trust and securenes. It being volatile is connected to the fact that no one controls bitcoin thus no one can decide ita value or ups and lows. Anyways, butcoin is a very higu tech digital currency which is in many ways secure and corruptionless compared to paper money. We should give it a shot.

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November 22, 2017, 07:18:40 PM
 #54

Fluctuations are truly a problem but that's the concept and ideology of bitcoin , it's based on a market cap and trading processes .
Transactions fees aren't really to be scared about since most of the time they are low or you can customize them as low as you want , only when there's a hard fork or a Segwit the fees goes up since miners effort won't be at it's full .
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November 22, 2017, 07:19:39 PM
 #55

i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech

You are not completely wrong though. This thing will come up in the future when bitcoin will be worth millions but there won’t  be any easy way to transact it just because of heavy fees due to increased prices. Or it could be the case that bitcoin is still worth thousands of dollars but du to demand of bitcoin and less supply in the future the miners may get more work done and hence more fees. With different combination of volatility it could lead to different type of fee structure from the miner side. And as we all know, the miner can set the fees range they want so the lowest fee could be higher for our side no matter what we do. So yeah things could really get dragged to bank Doors later in the time. But let’s hoep that we come out with some exceptional ways of transacting with bitcoin. ;-)
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November 22, 2017, 07:59:18 PM
 #56

Fluctuations are truly a problem but that's the concept and ideology of bitcoin , it's based on a market cap and trading processes .
Transactions fees aren't really to be scared about since most of the time they are low or you can customize them as low as you want , only when there's a hard fork or a Segwit the fees goes up since miners effort won't be at it's full .
Transaction fees will mostly increase by a petty amount. The market cap of btc is less compared to cash which explains the instability in prices of btc. Fees are much higher in other payment sources, bitcoin fees is relatively cheaper and even with fluctuations it's a promising source of income.
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November 22, 2017, 08:23:21 PM
 #57

The transaction fees are getting slightly out of control.  Shocked

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November 22, 2017, 08:43:19 PM
 #58

High fees, yes it's now become something annoying, but I'm  not blame it ,volatility did it to us, beside the volatility help us to earn more profit. At least I pay fees for something or someone that can convert my bitcoin to money or vice versa. My transaction fees not even big enough compared to their hardwork. Btw you can choose how much fees you want. If you want extra speed,why dont you use extra fees. Help them to develop from your fees. Smiley
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November 22, 2017, 08:51:32 PM
 #59

The transaction fees are getting slightly out of control.  Shocked
It's really going up, last checked it was around $1.14 and it was the minimum customize fee with the use of blockchain.info but I know there are people who are even paying it 1-10sats/b and they really don't want to pay higher fees and as long as they can save, they will put that put even to the lowest. But all of us wants to have a fast transaction, before it was free and quick - now it was slow and more expensive together with the price of bitcoin increasing.



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November 22, 2017, 09:39:16 PM
 #60

The transaction fees are getting slightly out of control.  Shocked
It's really going up, last checked it was around $1.14 and it was the minimum customize fee with the use of blockchain.info but I know there are people who are even paying it 1-10sats/b and they really don't want to pay higher fees and as long as they can save, they will put that put even to the lowest. But all of us wants to have a fast transaction, before it was free and quick - now it was slow and more expensive together with the price of bitcoin increasing.


These two negative sides of bitcoin proves that they poorly enough to compete with the banks around the world. With the presense of volatity makes the price are pumping and dumping causing by segwit fork. This makes it the bitcoin is fasterly rise its price everyday. The good to have trust is basically what people find to make interest that bitcoin is used to.
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