Amph
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June 13, 2017, 05:39:13 AM |
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transaction delay will make the value shot higher, because people need to pay more which force them to buy more bitcoin, it's a win win for miners and they like the way it is now
so no i think it's the opposite, the limit on the block for the moment will help the value go a bit higher, what you noticed is just a coincidence...
this same thign happened at $2500 when we went again to $2k, the average fee at that time was around the same as now
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Kakmakr
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June 13, 2017, 06:18:56 AM |
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What I have observed is that some large exchanges like Coinbase crash when we reach new record high prices. When these exchanges come online again, you will see a small spike in transaction volumes. You have to remember that not all transactions goes through the Blockchain, because most trades are done off-chain. It only goes on-chain when you transfer from one Bitcoin address to another. < Out of the exchange and into the exchange >
So yes, it has a small influence in my opinion. ^smile^
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richmcrich
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June 20, 2017, 07:45:19 PM |
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Transaction delays does make a person want to sell or purchase Bitcoin though with Bitcoin transactions having a negative impact on the price, the price of bitcoin will only affect the price short-term. There is a general view that Bitcoin will have a very expensive price in the near future and the cost for the transactions are nothing compared to it right now.
It is not a big deal, prices of Bitcoin can be increase or decrease with time. It's not like it can affect its value. Transaction cost increasing could make people hold it till it most increased price. Until it will and them the highest level profit. So people buy Bitcoins and are ready to invest in it or to trade it with time. Transaction cost are nothing as compared to its price now a days.
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sana54210
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June 21, 2017, 02:54:50 AM |
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transaction delay will make the value shot higher, because people need to pay more which force them to buy more bitcoin, it's a win win for miners and they like the way it is now
so no i think it's the opposite, the limit on the block for the moment will help the value go a bit higher, what you noticed is just a coincidence...
this same thign happened at $2500 when we went again to $2k, the average fee at that time was around the same as now
You are right and I hope there is a discussion about bitcoin unlimited and if it's useful adopt it. Because a lot of my friend's here who gamble with me now pay me and take from me payment as bitcoins and we really love it, but paying high fees and waiting for confirmation hurts really bad. Please guys find a solution or make a high enough fees that people don't transact those tiny and dust amounts which clog up the blockchain.
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Nevis
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June 21, 2017, 03:00:04 AM |
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Its just normal i think,its not the transactions who pushes up bitcoins price down in fact i think delayed transaction somewhat help in pumping ithink specially for transaction that is for cashout that is being hold
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bryant.coleman
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June 21, 2017, 03:30:01 AM |
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It has more to do with the attitude of the exchanges. Along with the miners, the exchanges have also become greedy. They increased the withdrawal fees by as much as 1,000% when the minimum mandatory fee for instant conformation shot up. But now the mandatory minimum is back to normal rates, and the exchanges are not ready to decrease their fees.
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Faiyz
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June 21, 2017, 03:34:55 AM |
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It has more to do with the attitude of the exchanges. Along with the miners, the exchanges have also become greedy. They increased the withdrawal fees by as much as 1,000% when the minimum mandatory fee for instant conformation shot up. But now the mandatory minimum is back to normal rates, and the exchanges are not ready to decrease their fees.
Or probably the notion that they are in a rush for the money or just agitated to hold a money. So upon some price increase or the btc it is just but normal that the fee also increases. That is just part of the success of for the part of the btc. But for lowly traders just us then there absolutely nothing we could do so we just have to adjust and just appreciate btc and not always hold grudges against it.
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izanagi narukami
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June 21, 2017, 03:54:59 AM |
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Its just normal i think,its not the transactions who pushes up bitcoins price down in fact i think delayed transaction somewhat help in pumping ithink specially for transaction that is for cashout that is being hold
I think the fee is adjusting bitcoin transaction on that time as I know there are many transaction happen so there are tons of unconfirmed transaction that must be complete by miner Maybe if we hold and wait a little longer, the fee will turn into normal
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zedicus
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June 21, 2017, 04:04:05 AM |
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I think so it is,some users got pissed off with this so fucking slow transactions and they ended up just selling at low rate and switching into other altcoins or even stop using cryptocurrencies
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pooya87
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June 21, 2017, 04:05:12 AM |
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It has more to do with the attitude of the exchanges. Along with the miners, the exchanges have also become greedy. They increased the withdrawal fees by as much as 1,000% when the minimum mandatory fee for instant conformation shot up. But now the mandatory minimum is back to normal rates, and the exchanges are not ready to decrease their fees.
which exchange did increase the withdrawal fees by 1000%?!! are you sure you are not making a mathematical mistake while calculating that percentage? all the exchanges i know increased the fees about 2x and to 0.001 BTC which is not that bad since the transaction fees are nearly as much. and i think they raised it by that much to be safe and don't have to change it another time if it went up more.
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coynedterm
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June 21, 2017, 04:14:40 AM |
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I think so it is,some users got pissed off with this so fucking slow transactions and they ended up just selling at low rate and switching into other altcoins or even stop using cryptocurrencies
How can you think like this , Instead of negative you should think in positive ways because increase in the fee of the Bitcoin prices results into pay high fee during the transaction and that amount of fee is going for those miners who are mining Bitcoin and spending Thier electricity . This will surely help to anyone to get earn more with the Bitcoin , and also if everyone will use high fee for the transaction then this will results into buy of bulk Bitcoin amount instead of small , so this results into increase in the price and increase in the demand more . Moreover the actual reason of increase in the price is the competition , because when demand going on increasing then unlimited numbers of the transaction happened at the same time , and high fee transaction get include in the block fir then rest of them will get kicked in backed blocked and so on . So why we should blain Bitcoin network for higher fee , and also Thier is factor that transaction fee depends upon the input and output numbers of the transaction Bitcoin amount .
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Dudeperfect
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June 21, 2017, 04:19:50 AM |
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Good question. Well, I don't think it is affecting the current bitcoin price as I believe that there are many institutional investors entered into the Bitcoin and they booked their profits when Bitcoin touched $3K so transaction delays are not affecting the current price but yes, it is something that is restricting the further growth. There are many businesses out there who are willing to give a try to the bitcoin for their financial fund transfers but since there are the aspects like price volatility and fluctuating transaction fees, they are currently preferring to stay on wait & watch mode and hence it is affecting further growth.
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wuvdoll
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June 21, 2017, 06:04:23 AM |
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Transaction delays does make a person want to sell or purchase Bitcoin though with Bitcoin transactions having a negative impact on the price, the price of bitcoin will only affect the price short-term. There is a general view that Bitcoin will have a very expensive price in the near future and the cost for the transactions are nothing compared to it right now.
It is not a big deal, prices of Bitcoin can be increase or decrease with time. It's not like it can affect its value. Transaction cost increasing could make people hold it till it most increased price. Until it will and them the highest level profit. So people buy Bitcoins and are ready to invest in it or to trade it with time. Transaction cost are nothing as compared to its price now a days. Also when the price is high people become more conservative, in fact I myself am a pro gambler and when the prices are high, I take a pause in gambling or do it very slowly like 10 times lesser than what I normally do because there are two reasons first of all the transaction fees as mentioned and the other is I believe that if I can just hold and not loose my coins that is itself a win for me.
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timerland
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June 21, 2017, 06:17:01 AM |
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It has more to do with the attitude of the exchanges. Along with the miners, the exchanges have also become greedy. They increased the withdrawal fees by as much as 1,000% when the minimum mandatory fee for instant conformation shot up. But now the mandatory minimum is back to normal rates, and the exchanges are not ready to decrease their fees.
which exchange did increase the withdrawal fees by 1000%?!! are you sure you are not making a mathematical mistake while calculating that percentage? all the exchanges i know increased the fees about 2x and to 0.001 BTC which is not that bad since the transaction fees are nearly as much. and i think they raised it by that much to be safe and don't have to change it another time if it went up more. I remember that Bittrex last year was able to offer 0.0002 BTC withdrawals and that seemed quite high to me. Right now as you said the industry standard seems to be somewhere around 0.0008 BTC up to 0.002 BTC. In bittrex's case it was quite a dramatic increase, although it wasn't 10x it was indeed 5x. This alongside with the exploding bitcoin price just doesn't really go well together. I would argue that transaction fees don't affect traders all that much. If they are transacting tens/hundreds/thousands of bitcoins at a time 0.001 BTC is literally nothing and does not affect their buying power whatsoever. These traders are the people that ultimately decide the price of bitcoin. Although, if there was a decrease in transaction fees, then traders should be more willing to buy in as they see the community being able to actually use the coin for micropayments, making bitcoin more useful in a sense.
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Sir Paijoe
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June 21, 2017, 06:18:50 AM |
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Yes it is definitely this is because creating a degree of confidence about the bitcoin will drop, surely the user concerned if the transaction failed so that money will be lost. When the trust decline, surely they will leave a bitcoin.
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poplolnman
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June 21, 2017, 07:03:48 AM |
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transaction delay will make the value shot higher, because people need to pay more which force them to buy more bitcoin, it's a win win for miners and they like the way it is now
so no i think it's the opposite, the limit on the block for the moment will help the value go a bit higher, what you noticed is just a coincidence...
this same thign happened at $2500 when we went again to $2k, the average fee at that time was around the same as now
that's interesting way to think , but you have to admit that the delays mostly makes people get upse and even move immediately to other coins as an alternative , and based on my personal experience once it's happened and i feel comfortable to do it. i would keep repeating the same and slowly feel like i'm rare to use bitcoin right now as i have an alternative , that's what i feel .
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I'm in 400,000 euros debt , dont help me , i rather die
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HasHe
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June 21, 2017, 07:09:51 AM |
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Yeah, I think they are. The massive transaction delays cause people rethink before they send transactions. Some people have never had their transactions sent. I have seen a huge migration to other cryptocurrencies lately. I blame transaction times. We need a solution for this problem, fast.
Transaction delays does not directly affect bitcoin prices.But it has made many traders to drop their plans of accepting bitcoin as payment.It would affect bitcoin price in a long run.But there is no such potential crypto currency like bitcoin for investors to switch from bitcoin.
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erickkyut
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June 21, 2017, 07:21:51 AM |
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Good question. Well, I don't think it is affecting the current bitcoin price as I believe that there are many institutional investors entered into the Bitcoin and they booked their profits when Bitcoin touched $3K so transaction delays are not affecting the current price but yes, it is something that is restricting the further growth. There are many businesses out there who are willing to give a try to the bitcoin for their financial fund transfers but since there are the aspects like price volatility and fluctuating transaction fees, they are currently preferring to stay on wait & watch mode and hence it is affecting further growth.
we have different opinion. mine is transaction delays and transaction fees are some of the factors that can be consider to have an effect on bitcoin prices. the logic is simple, if the investors or the business is affected with the delay, probably you will look for something that offers the same service with faster transaction and lower fees. maybe the investors switched from bitcoin to other altcoins.
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hello_good_sir
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June 21, 2017, 08:31:43 AM |
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I've noticed that whenever BTC gets near to $3000, transaction costs go up and payments start getting stuck. The next day it seems to crash down again. Is this a coincidence?
I don't think that the price correction can be explained by rising transaction fees, or at least that alone. In fact, if it was to be because of a direct consequence of rising transaction fees, then it would have happened a lot time ago. The correction happened around 4-5 months after the original big pump that bumped btc over $1000, and ever since then transaction fees were skyrocketing. Wouldn't make sense for people to dump now just because transaction fees are high. It is more likely that bitcoin prices have just been in a bubble state as of late. A correction is necessary in anything, if a bubble precedes it. There is nothing in this world that will last forever, bitcoin price booms included. So don't be too surprised when it does happen, and don't get too comfortable when things are all going well.
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Joshapat
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June 21, 2017, 09:48:27 AM |
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It could be, this was due to the effects of increasing bitcoin users, if this continues a long and massive, I worry many users a bitcoin redirecting to altcoin and of course it will make the price will drop.
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