bisnisali16
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January 24, 2018, 01:45:05 AM |
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We know that one of the weaknesses of bitcoin is its high price sensitivity, but the sensitive price I think is an advantage too, because if the bitcoin price is sensitive we can easily influence it so that the bitcoin price is easy to rise, one of the facts I've seen is when many people buy bitcoin because they want to invest, then bitcoin prices will jump up (that's a fact every year). So I think that's one of the reasons we have to stick to bitcoins.
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9jaflick
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January 24, 2018, 12:48:09 PM |
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Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
i don't expect much than this, if you are those shop owners wouldn't you have done the same? Every reasonable business man would do the same. Just imagine you wanted to buy a stuff from the supermarket worth $5 and you are been charged a transaction fee worth $7, will you still go on with the transaction? Vendors that do accept BTC as a payment method are no longer making money so they have to switch to other alternative which is ETH. This is a wise decision which any business man will take. |
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Carmen01
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Streamity Decentralized cryptocurrency exchange
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January 24, 2018, 12:55:51 PM |
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In some ways yes it's happen but we can avoid to lose in high fees if we do not make any transaction in that time i'm sure it can back after a few weeks or after they solve the problem so i say there's no issue about fees at all if you do wise move because transaction fees are already given here so no need to say negative in that situation even it's high or low i think if you have problem then don't do transaction here.
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bobq
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January 24, 2018, 06:14:41 PM |
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Why are they switching to Ethereum? That has its own fee and chain freezing problem too. As soon as something is used en masse then this will happen. If everyone switched to LTC it would happen eventually too, though it does indeed have more capacity.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
Absolutely even other coins too would face such a problem if used in huge volume.Its totally surprising for me to hear that they have switched to ethereum. Actually there is now a much improved version of Bitcoin, which is called Bitcore (BTX), which supposedly would not face the same problems of scalability of Bitcoin and would never get to having such high fees. Check its features on https://bitcore.cc/ . The major problem of course is that it doesn't enjoy the same levels of user adoption like Bitcoin. It's surreal that user adoption is a more effective reason of success than an actually functioning coin. |
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crytomusica
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Cointed. The Future of the Money
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January 24, 2018, 06:22:06 PM |
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Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
who would you buy a coffee using bitcoin? dont you have cash, lol but i see your point, your example are too simply not to be ridiculed at, sorry. As for the fees are concern, true, it does make bitcoin fall (partly) though it is not the main reason for this fall on bitcoin, you have to consider the trend which newbies follow. the fees are already there and given, that is how trading goes when you deal with exchanges. maybe the stores in your place only tested bitcoin's capabilities to compete with fiats. they are also experiencing hassles in their own exchange sites, so they stop and the other stores follow. what matters is what you believe, believe in bitcoin and make other investors to rely on bitcoin too. do not post negative stuff like this, the only way for bitcoin to go up again is to keep it for a while and make room for law of demand. Yes, that is not the main reason for bitcoin's current fall but anyway those high transaction fees are one of the major obstacle that btc was struggling with. His example is actually right. When the blockchains are integrated to our life completely and even if you buy very cheap things you'll have to pay way more. |
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lucas.zimmer
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Machine Learning & AI - Trustless Ledger System
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January 24, 2018, 06:35:12 PM |
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Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
who would you buy a coffee using bitcoin? dont you have cash, lol but i see your point, your example are too simply not to be ridiculed at, sorry. As for the fees are concern, true, it does make bitcoin fall (partly) though it is not the main reason for this fall on bitcoin, you have to consider the trend which newbies follow. the fees are already there and given, that is how trading goes when you deal with exchanges. maybe the stores in your place only tested bitcoin's capabilities to compete with fiats. they are also experiencing hassles in their own exchange sites, so they stop and the other stores follow. what matters is what you believe, believe in bitcoin and make other investors to rely on bitcoin too. do not post negative stuff like this, the only way for bitcoin to go up again is to keep it for a while and make room for law of demand. Yes, that is not the main reason for bitcoin's current fall but anyway those high transaction fees are one of the major obstacle that btc was struggling with. His example is actually right. When the blockchains are integrated to our life completely and even if you buy very cheap things you'll have to pay way more. Totally agreed. Those amount of transaction fees and transaction times became ridiculous. I know recent drop is not related with these problems but anyway it effects bitcoin's future directly, especially scale-ability issues. |
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Taki
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January 24, 2018, 06:41:33 PM |
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Nobody actually push you to use bitcoin, you simply can move on fast and cheap, let's say, Etherum and make all operations in this crypto currency. But you are right, transaction speed and the level of fees are just killing. I suppose exactly due to that the use of bitcoin will go lower and the price of it together with that.
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JL421
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January 24, 2018, 06:44:49 PM |
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Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
Bitcoin is still the most important cryptocurrency in the market, it shaped the cryptocurrency world which influenced the creation of altcoins. The fees is a major issue but believe and hold it the fees will definitely lessen over the period of time. |
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Karavadinos
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IOS - The secure, scalable blockchain
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January 24, 2018, 10:13:04 PM |
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Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
The fees have a big part in the failure of the price lately, actually people are getting to know bitcoin more worldwide and the community is getting bigger and difficulties as well, which caused the increasement of the transactions. With a crowded system, and 250k unconfirmed trasanctions the dealers started to pay more to confirm their transactions in less time that's why for a certain moment the fees went as far as 80$ in the last 3 to 6 weeks thus its price decreased, but their attempt on ending bitcoin isn't positive since I believe it will rise again as the fees are around 0.5$, Bitcoin will top the world of crypto once again. |
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freightjoe
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February 13, 2018, 10:22:23 AM |
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Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
yes it is true |
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V-t.Ester
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February 13, 2018, 03:07:48 PM |
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You know, it's really sore subject. But I hope this problem will be finally solved. I've already seen some promising ICO-projects that work at creating payment applications or Apps that will enable quick and low fee transactions of fiat money into the most popular cryptocurrencies. If even one of those ICO-projects is not a scam then high fees and slow transactions won't be a problem anymore.
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alyssa85
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CryptoTalk.Org - Get Paid for every Post!
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February 13, 2018, 03:13:44 PM |
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who would you buy a coffee using bitcoin? dont you have cash, lol but i see your point, your example are too simply not to be ridiculed at, sorry. As for the fees are concern, true, it does make bitcoin fall (partly) though it is not the main reason for this fall on bitcoin, you have to consider the trend which newbies follow. the fees are already there and given, that is how trading goes when you deal with exchanges. maybe the stores in your place only tested bitcoin's capabilities to compete with fiats. they are also experiencing hassles in their own exchange sites, so they stop and the other stores follow. what matters is what you believe, believe in bitcoin and make other investors to rely on bitcoin too. do not post negative stuff like this, the only way for bitcoin to go up again is to keep it for a while and make room for law of demand.
Well part of the reason the banks got bailed out in 2008/9 was because they controlled the payment network for everyday commerce. Bitcoin was exciting in the beginning because it promised to be an alternative payment network, one that would allow govts to allow banks to fail because they were not the sole payment option. We're going backwards when you say, why not use fiat. It means we haven't moved forward in the last 9 years. |
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Niya
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February 13, 2018, 03:20:18 PM |
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Only a few years ago we had a growing number of shops here in berlin that you were able to buy food and/or drinks from for bitcoin. Right now there are no more of these stores left. And most of the sellers I used to buy things from on the big marketplaces now refuse to trade bitcoin too and changed to etherium. I know for those people that think that bitcoin is the new gold it is not that bad but bitcoin was "released" to be something completely different. Right now bitcoin is no real crypto currency at all. Buy a coffee for 2,5 bucks and pay 25 bucks fee.... sure.......... In my opinion bitcoin completely failed because of these fees and I sold every last satoshi and invested in other crypto currencies. Is there a single reason to stick to bitcoin? If yes, please feel free to tell me!
Yes, it's true. High fees (as well as long confirmation time) make Bitcoin not viable for daily purchases, especially in physical stores. In my opinion another reason it's not uses as a payment method is that people consider BTC more a speculative tool/long-term asset rather than a way to make payments. |
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RawDog
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February 23, 2018, 05:13:14 PM |
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Yes, it's true. High fees (as well as long confirmation time) make Bitcoin not viable for daily purchases
Now nobody is using the network and no merchants take it any more. The traffic is very low. Bitcoin is dying slow death. |
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imteaz
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February 23, 2018, 05:21:52 PM |
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It was last 2 months, but now fees comes down, and surely it will comes down more. Once bitcoin fees is under $0.25 cents, more and more people will use it instead of Ether or lite coin. For example, last 2 months, i never bought bitcoin due to high fees, my first pick was ether then lite coin, i guess many people did that same.
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donalfonso
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February 23, 2018, 05:23:19 PM |
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I agree that the fees are much, but we need to understand that bitcoin(blockchain) is a decentralized ecosystem that's functioning because all stake holders have something to benefit, thats what the fees cater for- like the miners. but since we all agree that the fees are high, though it seems to be going down. Maybe is time to discuss how we can have sustainable fees.
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ELONCITY ❱ ❱ ❱ ❱ Power The world for FREE!
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preshpr1nce
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February 23, 2018, 05:46:16 PM |
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All cryptos evolve and are under constant development, to think this is going to be a long term issue is a bit pessimistic
The lightning network will solve these issues, they could also increase the block size but the big issue is we need miners, larger block size = less reward for miners.
In sayinig that, my view is the lightning network will probably hurt miners more than a larger block size, we will see what comes I guess.
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Trilogy-AI
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February 23, 2018, 05:52:58 PM |
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All cryptos evolve and are under constant development, to think this is going to be a long term issue is a bit pessimistic
The lightning network will solve these issues, they could also increase the block size but the big issue is we need miners, larger block size = less reward for miners.
In sayinig that, my view is the lightning network will probably hurt miners more than a larger block size, we will see what comes I guess.
Scalability and fee spikes are a substantial problem. Even more problematic is the battle of solutions and the ability of a small minority to force forks instead of having a unified update. It may be the 'fair' way to handle things in a decentralized system, but it ultimately weakens BTC. |
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jhonnydeep87
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February 23, 2018, 08:13:14 PM |
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People only pay more for their transactions but I see some transactions confirmed with a cost of 100 so not much. Most of the exchanges and web purses can not allow you to use special fees. There is no room for small transactions in bitcoin lately so that's why we need a power grid to make micro transactions possible.  |
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CryptoBeefy
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February 23, 2018, 08:28:46 PM |
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Why are they switching to Ethereum? That has its own fee and chain freezing problem too. As soon as something is used en masse then this will happen. If everyone switched to LTC it would happen eventually too, though it does indeed have more capacity.
That's why we've sat waiting to see if layer 2 stuff works. No conventional blockchain will ever, ever scale enough to satisfy everyone's daily spending.
Exactly this. They'd all have their own problems if they had the volume Bitcoin does. Let's not forget how crypto kitties destroyed the ethereum blockchain! Having said that, Bitcoin certainly needs to figure out a solution one way or another. |
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