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Author Topic: So without segwit2 how are transaction fees going to be lowered ?  (Read 124 times)
idonthaveanametoday
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November 13, 2017, 04:40:33 PM
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Sorry if this has been posted bunch of times before, I was just hoping to get a fresh perspective. I've been a bitcoin adopter from the early beginning. What I'm seeing is that the fees of using this as an actual currency are becoming so high almost more than an atm bank fee. Of course there are much better reasons to choose a crypto over a fiat currency but I'm currency what is going to be done to solve the problem. I didn't like segwit2 for the collusionish and centralized way things happened. What are some thoughts for the future?

Also, what about these large electricity costs. I'm sure over time there will be solar farms, more efficient farms/mining but it seems like its a lot of computing power and resources that can be solved in other ways?  Please don't hate on the post I love bitcoin I'm just curious about the future. Absolutely no fud here

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November 13, 2017, 04:46:58 PM
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Sorry if this has been posted bunch of times before, I was just hoping to get a fresh perspective. I've been a bitcoin adopter from the early beginning. What I'm seeing is that the fees of using this as an actual currency are becoming so high almost more than an atm bank fee. Of course there are much better reasons to choose a crypto over a fiat currency but I'm currency what is going to be done to solve the problem. I didn't like segwit2 for the collusionish and centralized way things happened. What are some thoughts for the future?

Also, what about these large electricity costs. I'm sure over time there will be solar farms, more efficient farms/mining but it seems like its a lot of computing power and resources that can be solved in other ways?  Please don't hate on the post I love bitcoin I'm just curious about the future. Absolutely no fud here

It's called Bitcoin cash and is already here.
$0.05 tranaction fee.

With BTC it is something like 10-20 bucks now.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#6m

Its going to suffer. There is no improvement in sight for BTC. It is going down the toilet.

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November 13, 2017, 04:48:17 PM
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That's actually what I'm afraid of:(

freeElectron
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November 13, 2017, 04:57:04 PM
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That's actually what I'm afraid of:(

Nothing to fear Smiley This is great news.


"The simplest option would have been to raise the block size cap from 1 MB that Satoshi Nakamoto originally added as a temporary measure to prevent spam transactions. However the company BlockStream, backed by insurance giant AXA[ref] which now has the majority of developers controlling the Core repository did not want that. They wanted to stifle on-chain capacity so they could force users and transactions into using their patented side chain called Lightning Network[ref]. Not to mention that the Lightning Network will abandon the original Bitcoin vision for a fully decentralised payment system[ref] and move to a system which is more like regular banks which can be controlled, regulated and censored[ref]. This is a disgusting hostile corporate takeover attempt of Bitcoin and the goal is to kill it off as a decentralised currency."

https://theflippening.github.io/open-letter-to-bitcoin-miners-from-another-miner/
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November 13, 2017, 04:59:34 PM
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That’s a great read and the reason I was against segwit2 but it sucks if you only have bitcoin and not cash

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