Is bitcoin broken?

[treer123]

as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.

[namjar]

Bitcoin will have that function once that the lightning network gets released, that is probably the only thing that we are waiting for.

Just think about this; when it gets released, we are going to be able to send money for less than $0,50 worth of fees, it is amazing.

This will really make bitcoin a real currency that can be used at any time, you can not buy a coffe with bitcoin anymore because of the fees, but with the LN activated, it would be possible.

as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs

[treer123]

I like your coffee explanation, exactly the point I was trying to make.
All the coffee sellers will not be happy if the bitcoin lowers significantly  while they are waiting for transactions to clear, that will be the end of their selling coffee for bitcoin.
The situation is not good at all.

[gidaahmad]

Yes, everyone would have the same problem in terms of time and fee of Bitcoin transactions. And I hope Lightning network will really solve the problem.

[Beefcake]

I think we are seeing a massive increase in adoption right now.  The insane tx fees should normalize one way or another as everyone and the network adjusts.  OTOH is it possible that there is another spam attack by bitmain for political reasons?  I have no idea, but unless you absolutely need to send, I would just wait a week or two and see what happens.  Alternately you could change out for a solid alt like litecoin to send, and then buy back once it gets to where it is going.  Or just hold litecoin for a while.

[ilovefeetsmell]

Bitcoin is not easily broken. It is normally that having a bitcoin hardfork. It occurs when the developer wants to improve new things or we want to trade. Bitcoin was one of the best coins in the world and is widely used all over the country.

[777asianinvasian]

Lightning network will help the fees and the speed of the transactions and all these unconfirmed transactions will go away. That will be better for bitcoin and also better for the perception of bitcoin. It isn't broken so much as it needs a slight tweaking a little repair if you will.

[hatshepsut93]

Bitcoin is not broken, exchanges are. Because most of Bitcoin's transactions are transactions to or out of exchanges, they are the ones who responsible for current fees, because the current congestion is caused by Bitcoin's parabolic price increase. Exchanges refuse to use SegWit, which makes transactions almost two times smaller and they refuse to batch withdrawal transactions which would result in 90% reduction in costs for users - if the biggest exchanges used those things, we wouldn't have $17 fees today.

[ndoromas]

Usually the increase in the fee of a transaction is always based on a complaint of service transaction process problems, the process or sooner.

With this fee increase, the confirmation and confirmation issues are not confirmed as long as the bitcoin transfer between wallets does not take a long time, given that the blocks get harder every day, so the more days the more "obstacles".

Bitcoin prices rise or fall depending on the mood and heart of big players, just like the capital market brokers, if you want to drop the price of selling all that exists, panic the new learners join in selling [sometimes loss], roughly until the price is' agreed 'they buy back, which had been panicked and sold off, added more loss and finally they have nothing to market.

[Fundamentals Of]

as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.

Not really broken. But definitely, as regards, this concern, Bitcoin needs to be fixed. Bitcoin badly needs a serious check up if we will look at its current transaction fee vis-a-vis the actual objective of Bitcoin. Bitcoin will not be used accordingly--as an online cash--if we continue to be charged with an extremely high transaction fees every time we use Bitcoin to buy what we want. But, if you noticed, Bitcoin has transformed itself into more of an asset.

[ItBeginInAfrica]

Bitcoin is not broken, exchanges are. Because most of Bitcoin's transactions are transactions to or out of exchanges, they are the ones who responsible for current fees, because the current congestion is caused by Bitcoin's parabolic price increase. Exchanges refuse to use SegWit, which makes transactions almost two times smaller and they refuse to batch withdrawal transactions which would result in 90% reduction in costs for users - if the biggest exchanges used those things, we wouldn't have $17 fees today.

I totally agree with you...it will take time but I think Lightning adoption will improve things a lot.
At the moment BTC is a store of value and not cash money that you can spend in everyday life, especially for
micropayments.

I am not even sure, from an investor point of view, we want BTC to become cash money cause it is already
the de-facto ONLY NEW store of value, it is already better than gold and usually there is only one store of value universally
adopted and accepted at a time. Gold was the previous one and you couldn't buy a coffee with gold.
So probably it would be better to adopt a different crypto to be used as cash money

[diguyo]

Not broken, no, but at at pretty major crossroads in the long term IMO. It's important that these things get ironed out, otherwise the future won't be as bright as some of those forecasts.

[catchemcrypto]

How can it be broken? I don't think it is broken. Do you experience errors when transacting with bitcoin? Please enlighten me.

[goribert]

But why would anyone want to spend their valuable gold buying coffee or cookies? At present there are already a lot of altcoins that can widely satisfy the needs of people who want to pay their daily expenses with cryptos, for which we should reserve bitcoin for what in practice is already: only and exclusively a store of value.

[MD Milon]

Bitcoin is not broken.it's have massive adoption now.it's popularity so high .it's value so much.Bitcoin.is so much strong.

[kiyuan]

bitcoin won't broken so easily...
perhaps that lightning swap will solve fee problems

[kissme09]

as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.

The payment for the low cost is really high so this would be a really bad idea, I do not think using bitcoin replaces real money.

[Reid]

If it is not for those who have made transactions that are too low then it wont get to this.
Spam transactions that is unknown what their real purpose is. Is it to destroy bitcoin or not.
Because of this there is load of pending transactions, with that they would have to increase the fees just so to stop them and regulate the traffic again.

[orarider]

Bitcoin will have that function once that the lightning network gets released, that is probably the only thing that we are waiting for.

Just think about this; when it gets released, we are going to be able to send money for less than $0,50 worth of fees, it is amazing.

This will really make bitcoin a real currency that can be used at any time, you can not buy a coffe with bitcoin anymore because of the fees, but with the LN activated, it would be possible.

as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs

What she's saying is exactly, with the current fee, bitcoin does not have any chance to put it into practice. Therefore, the lighting network is really essential. It is a prerequisite for bitcoin to continue to be used, or any similar remedy that can make the bitcoin fee less than $ 0.5.

[bitcub]

Oh that hurts. Thats the only catch, bitcoin is not good to use as payment for very low amounts. May be you can use DOGE.  It uses a very low transaction fee.

as regards the high fees at present, I thought the idea of bitcoin was to use in place of dollar(whatever).
How can I buy something for 10 dollars and pay more than the value of the transaction in costs, people will not stand for it.
Something has to alter, and very fast, people once bitten will shy away.
In another thread people are saying wait, the fees will come down, do they really think so?
Once miners get used to high fees they will not give them up willingly.
The argument that the bitcoin value has gone up, so fees must go up is wrong, sending 10 dollars worth of bitcoin is sending 10 dollars worth of bitcoin, whether the value of 1 bitcoin is 200 or 20000.