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Author Topic: Will the Bitcoin Gods soon update the Bitcoin software to solve future backlog ?  (Read 329 times)
daweller
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November 14, 2017, 07:59:42 AM
 #1

Currently, it worries me because 2 big things that first attracted people to Bitcoin were
- Fast transactions
- Low fees

But the last couple days? This does not inspire confidence at all especially for newcomers.

Do you guys think changes can / will be made to make such backlogs and high fees a thing of the past... or at least for a few years?
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DannyHamilton
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November 14, 2017, 02:54:00 PM
 #2

Currently, it worries me because 2 big things that first attracted people to Bitcoin were
- Fast transactions
- Low fees

But the last couple days? This does not inspire confidence at all especially for newcomers.

Do you guys think changes can / will be made to make such backlogs and high fees a thing of the past... or at least for a few years?

Fast AND cheap transactions were never going to be long term benefits of Bitcoin.  In the beginning there weren't many people using it yet, and the block weren't full.  However, there was already discussion as early as 2010 about how eventually blocks would be full, and people would have to pay higher fees to get fast confirmations.

Bitcoins has several features that make it useful and valuable.  But users should expect to pay higher fees if they want faster confirmations.
Manyara
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November 15, 2017, 08:56:17 AM
 #3

An off-line transaction platform would help with these current issues. But at the moment, with the traffic in Bitcoin, we will have to get used to the high fees. But you can look at the speed and fees that others such as Ethereum are charging.

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bob123
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November 15, 2017, 03:29:33 PM
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An off-line transaction platform would help with these current issues.

An off-line transaction plattform? How exactly should this work? I imagine you walking thousands of kilometers around the world to deliver my 5$ to ling long lee in china.
I guess you probably meaned off-chain transactions? Like the lightning network with its side channels, which may come in the future.
Unfortunately its not implementable yet.


But you can look at the speed and fees that others such as Ethereum are charging.

Ethereum does not charge fees. Fees are depending on the amount of tansactions waiting to get confirmed. Bitcoin isn't charging a fees either.

slate_main
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November 15, 2017, 09:08:13 PM
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In the beginning fees were low, it is a logical progression the fees have to be higher as there are now many many more users and transactions, the fees are still very good comparatively when compared to banking institutions, and the fact you can send your payment and time at your choosing.
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