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Author Topic: The OFFICIAL SegWit Activation Thread  (Read 3137 times)
TagaMungkahi
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August 30, 2017, 09:32:35 AM
 #101

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.
Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers  currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

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August 30, 2017, 09:30:25 PM
 #102

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers  currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

Since you bring up Bitcoin dying, let me introduce you to the Bitcoin Obituaries: https://99bitcoins.com/bitcoinobituaries/

People have been saying that rising transaction fees will kill Bitcoin for 2+ years now. Over that time, Bitcoin's price has risen 15-20x. Clearly, there is significant demand for Bitcoin usage regardless of whether the fees are rising. Could fees reach a point where it could threaten adoption? Sure, in theory. But for now, the market is telling us otherwise.

I really wouldn't worry about it too much. Batch your payments to minimize fees, and learn to hold your bitcoins for the long term. Smiley

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August 30, 2017, 09:52:51 PM
 #103

Dear, does segwit make any changes? It seems the fee is huge. I need to pay transaction fee .0007 BTC in order to send 0.001.Why transaction fee become so high after Segwit

this is a temporary situation that has many reasons. the spam attack, the drop in hashrate for about 2 days, increase in number of transactions because bitcoin price was rising fast,...
and eventually this will be solved and fees will come down. even without SegWit.
with SegWit things will be a little better too and eventually if LN can take some of them transactions away from the main chain (like the gambling sites or exchanges,...) it can help with the fee situation.
Agreed with this, there is a lot of upcoming upgrades that needs to take place, as for me , i will wait till the transaction fees will come down, i know that this is temporary and developers will not let transaction fees to stay in that particular range.

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers  currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

We understand your concern, but with the current high demand for bitcoin, the rising may may be continue. But if you would look at the mempool now, its currently down from 82000 2 days ago to 67000 so there is a improvement at some point. And the the highest fees to get your transaction to confirmation immediately is around 400 satoshis/byte. But I would suggest to go as low as 200 sat/byte if you don't want to pay high fees.

But I don't think that bitcoin will die because of this factors. Solutions have been rolling out since but we may feel the effect in the next couple of weeks.

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August 30, 2017, 09:56:01 PM
 #104

Fees might come down in the short term as the ecosystem transitions to Segwit, and also when signature aggregation and LN come into play. But in the long term, I think that most Bitcoin developers actually want to see fees increase. Core has done an incredible job implementing optimizations to keep the network running under increased load.

By and large, the point is to fit more transactions in less space. But that doesn't necessarily mean lower fees; if adoption is happening, then demand for confirmations might still outweigh the ability to increase capacity without sacrificing decentralization.

I understand it, but the main problem here is the slower transaction speed and the transaction fees, with this existing problems that bitcoin developers  currently solving and bitcoin-enthusiast/bitcoin users currently main concern, bitcoin might die because of unresolved concerns, I might be wrong but if casual users cannot pay a high transaction fee, then bitcoin will not be globally acceptable, enough to make bitcoins die. This is only my opinion.

Since you bring up Bitcoin dying, let me introduce you to the Bitcoin Obituaries: https://99bitcoins.com/bitcoinobituaries/

People have been saying that rising transaction fees will kill Bitcoin for 2+ years now. Over that time, Bitcoin's price has risen 15-20x. Clearly, there is significant demand for Bitcoin usage regardless of whether the fees are rising. Could fees reach a point where it could threaten adoption? Sure, in theory. But for now, the market is telling us otherwise.

I really wouldn't worry about it too much. Batch your payments to minimize fees, and learn to hold your bitcoins for the long term. Smiley
Exactly this. I don't believe bitcoin will suffer too much in the long run from the fees. It's just a problem we face this year and for me at least it already seems like it's solved. I don't make transactions very often anyway.

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August 30, 2017, 11:35:12 PM
 #105

Bitcoin is truly becoming the gold standard. That isn't necessarily a good or bad thing.

If cryptocurrency is to gain mainstream appeal and usage then BTC isn't going to make that happen when fees are ridiculous for small daily type transactions. Im not sure what the currency will be that allows this to happen (LTC? BCH? a million other possibilities?), but BTC is heading towards a future of being locked in a vault and passed down to grandchildren. Years and years from now the value will go very high, and then it will go very low once people truly question why BTC has any value and the only ones left with it are hoarders.
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August 31, 2017, 07:13:57 AM
 #106

Bitcoin is truly becoming the gold standard. That isn't necessarily a good or bad thing.

If cryptocurrency is to gain mainstream appeal and usage then BTC isn't going to make that happen when fees are ridiculous for small daily type transactions. Im not sure what the currency will be that allows this to happen (LTC? BCH? a million other possibilities?), but BTC is heading towards a future of being locked in a vault and passed down to grandchildren. Years and years from now the value will go very high, and then it will go very low once people truly question why BTC has any value and the only ones left with it are hoarders.

Even if BTC will be locked away in vaults and the basis for generational inheritances, that doesn't necessarily mean micropayments will be impossible. Altcoins may not be necessary, at least for payments. Now that transaction malleability has been addressed by Segwit, the Lightning Network is a real possibility. Even if it ends up being hub-and-spoke, it'll still be a trustless system where micropayments are possible. There are also other possibilities like sidechains, which are effectively altcoins, but transact directly with the mother chain.

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