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Author Topic: Can Bitcoin be fixed?  (Read 102 times)
PointHope (OP)
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January 10, 2018, 09:19:54 PM
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Seems like Bitcoin has broken down some.

With slow confirmations and or very high fees.

What is going on? Is this another attack?

I quit buying BTC a back when the price hit $7500. Since then I just stashed most of the BTC on a hard wallet.

Lately I've been buying DASH and ETH and trading for LTC., seeing how BTC is not very usefull for transactions.

BTC stiĺl seems like an excellent store of value but the usefulness for transactions very limited.

AdolfinWolf
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January 10, 2018, 09:28:10 PM
 #2

Seems like Bitcoin has broken down some.

With slow confirmations and or very high fees.

What is going on? Is this another attack?

I quit buying BTC a back when the price hit $7500. Since then I just stashed most of the BTC on a hard wallet.

Lately I've been buying DASH and ETH and trading for LTC., seeing how BTC is not very usefull for transactions.

BTC stiĺl seems like an excellent store of value but the usefulness for transactions very limited.


A number of factors, i think both scalability, a lack of adoption of new technologies like segwit, and companies/exchanges adding way too much fees to their transactions.

You can make bitcoin transactions about 20-70% cheaper just by using segwit adresses.
(Acccording to user reports like these https://www.reddit.com/r/Bitcoin/comments/6x5q45/my_segwit_transactions_are_35_cheaper/)

MariaPhuong
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January 11, 2018, 03:14:58 AM
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Bitcoin may experience some errors. But it does not matter as it will be fixed in a short time.
LoyceV
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January 11, 2018, 06:57:00 AM
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You can make bitcoin transactions about 20-70% cheaper just by using segwit adresses.
Since I joined Bitcoin, fees (in dollar) went up about 1,000,000%. Just 8 months ago, this topic was opened: $0.85 transaction fee is absolutely ridiculous!, and since then I've seen "normal" fees peak around $30 for a small transaction.

Quote
and companies/exchanges adding way too much fees to their transactions.
Users are bidding against eachother for scarce block space. The net-result for users is we pay more and still wait, the net-result for miners is they earn $5-10 million per day extra, and the sad result for Bitcoin is it can't grow when we can't use it.
I've seen Bittrex pay $5000+ to store 32 kB on the blockchain.

I still have hope Bitcoin can be fixed, but the dropping market share isn't good. Once people use something else, it's hard to get them back.

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