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Author Topic: Crypto faster and cheaper??  (Read 146 times)
Thanhjonhan
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January 21, 2018, 01:30:57 PM
 #1

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??
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January 21, 2018, 01:38:57 PM
 #2

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??

Yeah exactly, BTC used to be fast and cheap but right now people outbid eachother to get into the next block so the fees are very high. There is Lightning Network coming to cure the issue but that can still take a long time. The problem you describe is why BTC forked and there's now BitcoinCash which still lives up to the ancient promise of BTC's low fee and fast transactions.

Sorry


There's still the advantage of no middle man and sending to anyone in the world P2P, can't do that with a creditcard.

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January 21, 2018, 01:48:17 PM
 #3

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??

Yeah exactly, BTC used to be fast and cheap but right now people outbid eachother to get into the next block so the fees are very high. There is Lightning Network coming to cure the issue but that can still take a long time. The problem you describe is why BTC forked and there's now BitcoinCash which still lives up to the ancient promise of BTC's low fee and fast transactions.

Sorry


There's still the advantage of no middle man and sending to anyone in the world P2P, can't do that with a creditcard.
As you said the implementation of lightning network will take care of the confirmation time in future but right now you have to wait for the transaction get confirmed.And coinbase still using legacy address that's why the fee is more and the waiting time also more.You can use some pther wallets which supports segwit address then you transaction will get confirmed soon than normal coinbase transaction.
But right now bitcoin is the only crypto currency facing this kind of issue but there are lots of other crypto currencies available so we can use them now to make purchases and transaction will get confirmed in seconds.

But you need to understand the credit card payment is a third party who pays your money for someone which means someone is controlling your money but in bitcoin you are the only person who can decide what to do.



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January 21, 2018, 02:09:42 PM
 #4

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??
Bitcoin has been like this for a very long time, high fees and long confimations times are nothing new. Is this the first time you use Bitcoin? if so then you should've known what you were getting yourself into when using Bitcoin to purchase stuff. Oh, and just so you know, depending on the fee of your transaction, it might take even more than an hour.

"voodoo currency"? I think you're better off using the fiat ponzi created by the bankers.


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January 21, 2018, 02:14:25 PM
 #5

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??

Bitcoin right now is not fast or cheap, that's just the reality of it, previously fees were much less as were transaction speeds. Visa payments etc actually have a large clearing time as well as costs that we do not see as they are on the banks end and facilitated for us.
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January 21, 2018, 02:55:20 PM
 #6

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??
This is the serious issue with the bitcoin today this is happening due to the heavy traffic on blockchain network but the implementation of lightning network will solve all the problem.But in earlier days bitcoin not faces problem like these it shows that we are still in the early days of cryotocurrency soon all the issues with the cryotocurrency network will overcome and in some years bitcoin will be fully ready for faster and cheaper transaction.

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January 21, 2018, 03:45:27 PM
 #7

There's not enough blocks to keep up with the amount of transactions being made per second so we end up paying more fees to get faster confirmations. $17 in fees sounds too much though the recommended transaction should be somewhere $10 to $11. One advantage that I like with bitcoin is that if you have a wallet where you control your private keys you can adjust the miner fee to your own preference.



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January 21, 2018, 04:20:52 PM
 #8

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
Maybe the bitcoin daemon failed in coinbase or there was a certain thing happened that made your transaction that high to pay. Last time I made a transaction cost me $24 in order to transfer my funds to another wallet and it took 5 hours or so. So, just wait.

How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??
This is the thing of the future. We don't try to persuade you to use bitcoin, if you don't want to the door is open for you to lose your heat.

There are many advantages of this "voodoo" currency you are talking about. Do Your Own Research(DYOR).

Another thing, if you are transferring a lot of funds, then you shouldn't be upset on that. 17 USD is just a what? It's just a little thing on your money  Cheesy.

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January 21, 2018, 08:52:27 PM
Last edit: January 25, 2018, 12:10:38 AM by Baofeng
 #9

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??

With your rank, you obviously know that we have this situation, high tx frees and slow confirmation. That's why I was quite surprise you asking that basic questions, unless you have some intentions (bad).

It's the thing of the future because we haven't seen this kind of technology, well sort of. And there has been solutions being laid out, but being tested on mainnet and that is Lightning Network. Also why the hell are you using coinbase as wallet?

No this voodoo currency has no advantage. Much better if you stay away with it because you really don't know what it's purpose anyways, go back to your Visa card and see how much they are going to charge you if you don't settle your bills on time.

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Anonylz
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January 21, 2018, 08:54:11 PM
 #10

$17? Those are not the fees for coinbase at the moment. You are a little bit outdated.

The price for the fees is as low as 0.0009 BTC for all the transactions (less than $11 at the moment) So no, why do you said that you spent more than $17 in that?

You are wrong mate..

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Dread Pirate Roberts
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January 21, 2018, 09:17:33 PM
 #11

I understand your problem in this position that I once used a $ 16 fee in December 2017 to send bitcoins.
quite upset to see our money cut by a fee of that size.
the thing I do is trade it with altcoin which has a small fee and so buy i doing buy d * ge coin and send it back to exchange and sell it again in exchange. the fee that I use if calculated maybe only $ 1 hope this helps you in reducing the loss of bitcoin fees at this time.

you can choose coin that has big volume trade in market to cover the fee for the optional .

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January 21, 2018, 10:53:08 PM
 #12

I just made a purchase using Bitcoin today.The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!How is this digital currency the "thing of the future"??
Just wait until the Lightning Network gets released and you will see how cheap are the transactions..

In fact, just like the other ones said, you can not pay $17 for a single transaction, and less in Coinbase, since the fees are less than 1 mBtc at the moment (11$)

Anyway, fees are cheap compared to what they were a few weeks ago. They touched $40 each.

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January 21, 2018, 11:00:11 PM
 #13

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??

This is the reason why we need to support the segwit2X so that the heavy traffic in the blockchain will be address by making a wider road for every transaction resulting to fees will become cheaper but 1 hour is a normal waiting for me specially if you use flat charges only in your transaction but if you want an instant result you will pay much for it.

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January 21, 2018, 11:10:29 PM
 #14

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??
When Bitcoin was still low on the market and the price was probably lower than $100 when i noticed it but still ignored it. The rates of fees was still low it was because the of every Btc due to the rate flow it was slow and almost unmovable the transactions was over seconds to minutes until when it became famous all over the internet. From minutes to hours and sometimes days and rarely weeks to process.

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January 21, 2018, 11:17:59 PM
 #15

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??

This is the reason why we need to support the segwit2X so that the heavy traffic in the blockchain will be address by making a wider road for every transaction resulting to fees will become cheaper but 1 hour is a normal waiting for me specially if you use flat charges only in your transaction but if you want an instant result you will pay much for it.
There may be a solution, but I don't know, if it is technically possible. Lets say you buy in a supermarket for 10$ in Bitcoin. But you don't send them, but hand over the wallet with amount of 10$ in Bitcoin. The supermarket takes the wallet and adds it to its own wallet
Is it possible to connect several Bitcoin wallet to one wallet?
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January 21, 2018, 11:26:11 PM
 #16

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??

For now the real advantage we can from bitcoin and other altcoins is just the volatile that we can manage to get profit from trading or holding.
Now bitcoin is not really good to use for paying something you purchase because tje high fee and slow transaction will make us not very happy to use it. Bitcoin needs to fix this to become the most suitable digital currency
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January 21, 2018, 11:49:25 PM
 #17

If we are talking in crypto in general, then you should use altcoins like nem or ltc to make payments. These altcoins are still fast and cheap. Bitcoin is not feasible in that category anymore, it is too expensive and slow.

There may be a solution, but I don't know, if it is technically possible. Lets say you buy in a supermarket for 10$ in Bitcoin. But you don't send them, but hand over the wallet with amount of 10$ in Bitcoin. The supermarket takes the wallet and adds it to its own wallet
Is it possible to connect several Bitcoin wallet to one wallet?

Are you giving away your private key? Then that is a security risk.














 

 

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January 22, 2018, 12:48:23 AM
 #18

Patience is key and we must have that with the Bitcoin network at the moment. It isn't great but when LN comes around and gets adopted we will not be having these threads and complaints I firmly believe it will resolve most technical problems.

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January 22, 2018, 01:08:23 AM
 #19

I just made a purchase using Bitcoin today.
The receiver has yet to receive the Bitcoin sent over an hour ago.
And...I was charged $17 in fees (using Coinbase) to complete this transaction!!
How is this digital currency the "thing of the future"??
If I had paid with credit card, my purchase would have been final in seconds with no additional fees.
What is the real advantage of this voodoo currency??
are you new about cryptocurrency? it seems to me entirely your fault, should you know more about cryptocurrency before using it, it seems funny to me. transactions using bitcoin unlike in the past, many have complained about similar events like you, so many are turning to altcoin for faster transactions

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January 22, 2018, 01:23:13 AM
 #20

Yes i have also that problem, when i want to send Bitcoin from exchange the fee will be too high. I hope any solution later for this problem. Now there are other cryptocurrency that has cheaper fee transaction like DASH, WAVES, DIGIBYTE so when i have to send Bitcoin to any exchange ,I will buy those crypto first and then send with it after that i buy Bitcoin back.

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