Is bitcoin broken?

[Pablo778]

If by broken, you mean split up into chunks, then yes. It is broken into fragments that can be individually sent and received.

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[ktru19]

Any other way people know of to trade low amounts without this ridiculous fees 10-12 dollar.

[btcprospecter]

Transaction fees are a big problem just now as many have said it defeats the purpose if it can't be use for simple transactions. It could even get to the point where the cost of transaction outweighs the value of transaction itself.

[crypto_Butterfly]

Probably that is why the segwit2x was cancelled, I heard it was thr to lower the fee. but the miners pressured the devs and they cancelled it. Not sure if its really true or just a fud.

[whitemacna]

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

[Anti-Cen]

Yes it's broken in terms of scaling and fees too but they are using a carrot of the lightning network (LN)
to fix it and keep people gambling/investing but LN uses hubs and they charge fees on top of you having
to pay fees to miners when you close a channel to a hub

See https://bitcointalk.org/index.php?topic=2680315.new#new

They say "Low fees" not capped to $0.10 or anything so where have I heard that old
chestnut of a lie before.

Sure if you use LN to buy a coffee a day for a year from a local coffee shop you
might save but in the real world you are about to get stuffed as I understand it

[grumpy619]

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

hm, we all waiting when this happening. because the situation is really sad now, the only advise for people who wants to send 10 dollars in BTC value - don't do that, wait till better times. So, yesterday i sent 200 dollars and paid 5dollars fee using blockchain.info - not so bad how it could be.

[richardsNY]

So, yesterday i sent 200 dollars and paid 5dollars fee using blockchain.info - not so bad how it could be.

The fees have decreased significantly in the last days, which might explain your situation a bit. Even Coinbase lowered its fees significantly, but it's not manually customizable like blockchain.info unfortunately. However, it has not decreased to such a level, that the fees are now ~0.00035 BTC. It's either blockchain.info selected a relatively low transaction fee itself, or you manually set a lower fee. That honestly isn't really the most interesting part here, what matters here is how long did your transaction need to get its first confirmation with such a low fee?

[jeje28]

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.

also don't be destroyed immediately this job because this is very important with us and for all who need so impossible i will break

[Cryptoshops]

Yep def the transaction fees are way over the top. Makes me not want to trade Bitcoin anymore.

[Adv Tahmina]

Bitcoin is not broken.Bitcoin was one of the best coins in the world and is widely used all over the country.It's  value is so high.Bitcoin is the king of currency.

[Shreek]

no, as long as there are still many people who use and take advantage of bitcoin, then bitcoin will always be good. and will be able to deal with all the problems.

[cizatext]

Well at the moment the transactions fees is coming down little by little, but what baffle me mos is the fact that each time bitcoin increase in price transactions fees will go high why is it like that. Transactions fees will eat up all the gain you make and at times I use to feel that we are working for the miner's and  block chain's because they are the people gaining in the price rise in bitcoin using system to collect back the money but I thank God for the lightening network that will be lunch soon I pray and hope it will in eventually solve the problem of high transactions fees.

[jseverson]

Well at the moment the transactions fees is coming down little by little, but what baffle me mos is the fact that each time bitcoin increase in price transactions fees will go high why is it like that. Transactions fees will eat up all the gain you make and at times I use to feel that we are working for the miner's and  block chain's because they are the people gaining in the price rise in bitcoin using system to collect back the money but I thank God for the lightening network that will be lunch soon I pray and hope it will in eventually solve the problem of high transactions fees.

This isn't always the case. There is some truth to it, because fees are inevitably going to get higher as satoshis rise in value, but a few cents multiplied by Bitcoin's growth should still be a few cents. It becomes a problem once the fees rise into the dollars, as they do now. You can't blame that on the increase in Bitcoin's value.

What usually happens when Bitcoin's value rises, though, is increased market movement. This leads to a congested network where people try to outbid each other to be able to confirm their transactions sooner. That's why there's a perceived correlation between Bitcoin price rallies and fees skyrocketing.

Also, Bitcoin isn't broken. It has always had a scaling problem, which is just manifesting itself now.

[RamonBTC]

I don’t care about bitcoin replacing dollars as the main currency because in the first place it won’t be happening in my lifetime for sure and the government won’t allow such. Those argument like transaction fees is high because the bitcoin price is relevant on the matter of difficulties and demand but only on the certain level and I won’t tolerate such abuse by greedy miners. But as long as it processed even for a much higher price and much delays I won’t leave bitcoin in those reasons.

[Cryptosaint$]

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.

This is why Altcoins exist. Ethereum or other alts offer a much better transaction/currency application.

BTC is currently like the old clunky computers back in the 70s that used to take up entire rooms, but in retrospect had the processing power of a 1998 nintendo gameboy.

[Silvermist]

No, I dont think that Bitcoin is broken, not because ohts price is getting low, it means it is broken. Also , people taking bitcoins have their full responsibility to secure their accounts in holding bitcoins.So, i think there would be no chances for bitcoin to be broken.

[lisikewell]

Yes, everyone would have the same problem in terms of time and fee of Bitcoin transactions.But this is why Altcoins exist.

[Herbert2020]

like any other system, bitcoin also has flaws but none of them make it "broken". you are too dramatic to call it so.

at the same time nobody is sitting around! there has always been work being done in order to fix the issues/flaws. but you can not simply change things recklessly to put a band-aid on the problem and push it for the future to fix it and put them in a bigger ditch they can not dig out of.
we need to be careful, change things in a way that it  doesn't change fundamental characteristics of bitcoin such as the most important one: decentralization.

[yonjitsu]

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.

Bitcoin transaction time and fee is one of the issues for bitcoin today. I have had a bitcoin transaction previously in one of major exchanges but was so unhappy of how the transaction goes since it took 5 days just to confirm my 120$ BTC. Only then i started to realize that the transaction fee has already changed into a bit expensive one. I was really thinking if BTCs blockchain was broken that time or the major exchange itself.