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Author Topic: Bitcoin Increases Again - Will Transaction Costs Become Problems?  (Read 171 times)
crestella
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May 04, 2018, 01:08:09 PM
 #1

The last time Bitcoin went up, traders and holders were happy with the price, but saddened by the terrible transaction costs. Unfortunately, sometimes the cost to move money is greater than the amount of money transferred. For crypto assets that try to be a direct replacement fiat money, bitcoin should at least be cheap to transact as cash.
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May 04, 2018, 01:13:32 PM
 #2

At the moment, I think Bitcoin transaction is much lower than before, I just made a Bitcoin transaction few days ago and I just need to pay less than 0.0001 BTC for transaction fee but this transaction still broadcasted very quickly in just 2 or 3 minutes Grin.

But if you still think that it's too high, I suggest you should make your transaction with ETH, you'll be able to pay less for transaction fee Grin

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May 04, 2018, 01:25:25 PM
 #3

You can convert your btc to other alt and make your transaction through them. I don't think it's that big of a problem as there is always a workaround. I did have a issue high transaction cost last time but as I said there is a workaround to these problems. Hopefully it will be fixed by the time btc reaches 1 million as some people have predicted.  Wink

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May 04, 2018, 01:41:18 PM
 #4

Mempool is empty in comparison with November-January period when we saw transaction spam attack. And now we have SegWit also.



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May 04, 2018, 01:47:32 PM
 #5

Mempool is empty in comparison with November-January period when we saw transaction spam attack. And now we have SegWit also.



Can you please enlighten me about this mempool? Is this a chart that shows the amount of transaction cost in blockchain? I never heard of this before, this is an interesting topic to be searched for.


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May 04, 2018, 01:47:44 PM
 #6

You can convert your btc to other alt and make your transaction through them. I don't think it's that big of a problem as there is always a workaround. I did have a issue high transaction cost last time but as I said there is a workaround to these problems. Hopefully it will be fixed by the time btc reaches 1 million as some people have predicted.  Wink
I agree with you, every problem there must be a way out and in some recent transactions I always use another coin alt to do the transfer because with alt we will only get a small transfer fee.
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May 04, 2018, 01:59:38 PM
 #7

No it will not be a problem because most of the exchanges starts to uses segwit address and they are batching the transaction now but before they are sending each transaction separately so the chance of number of unconfirmed transactions will increase is very low so the transaction cost also will be under control.

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May 04, 2018, 07:10:18 PM
 #8

Given the current growth of bitcoin, I believe that transactions by size and speed are quite acceptable. Let's see what happens next)
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May 04, 2018, 08:01:50 PM
 #9

No it will not be a problem because most of the exchanges starts to uses segwit address and they are batching the transaction now but before they are sending each transaction separately so the chance of number of unconfirmed transactions will increase is very low so the transaction cost also will be under control.

for the implementation of the segwit address is not fully understood and I feel the bursting volume will happen again in the next few weeks, but I try to believe it and keep learning it, so far the transaction fee is a troubling issue if the volume jumps too big. Thank you for your explanation.



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May 04, 2018, 08:12:02 PM
 #10

Well, there's not only Segwit adoption being pretty high these days, but also there's the Bitcoin payment protocol. I know a few websites I purchase things from accept this form of payment. It cuts down on network usage by quite a bit. Bitpay I think has a good guide on what exactly it is. But trust me, it helps A LOT.
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May 10, 2018, 04:14:09 PM
 #11

It appears so since the issue wasn't really addressed.  When transaction volume picks back up, which it will when BTC goes back up, it'll become pay for play all over again to get transactions processed in a somewhat timely manner.
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May 10, 2018, 04:51:32 PM
 #12

Transaction costs, transfer fees, and transfer time are now a major problem for BitCoin. As long as the Lightning Network is not used more effectively and quickly, it seems difficult to achieve the desired breakthrough faster.

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May 10, 2018, 10:04:47 PM
 #13

This problem has recurred since the beginning of Bitcoin and we are accustomed to finding many locks in the transactions, but problems exist to be solved and as mentioned above Segwit can and should be a great alternative to rid the network and help look for new ways to make the overall system lighter.
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May 11, 2018, 12:01:17 AM
 #14

Well, there's not only Segwit adoption being pretty high these days, but also there's the Bitcoin payment protocol. I know a few websites I purchase things from accept this form of payment. It cuts down on network usage by quite a bit. Bitpay I think has a good guide on what exactly it is. But trust me, it helps A LOT.
What's the different between bitcoin payment protocol and segwit? Segwit has been used to improve the bitcoin protocol and i can't understand what make you call it as bitcoin payment protocol.
The store only adopt bitcoin just become one of their payment system and it can't be called as a protocol. I was confusing about that.

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May 11, 2018, 12:03:19 AM
 #15

Mt. Gox Cold Wallet Moves 8200 BTC / $76.7 Million

https://www.reddit.com/r/Bitcoin/comments/8idw28/mt_gox_cold_wallet_moves_8200_btc_767_million/

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May 11, 2018, 12:08:41 AM
 #16

After Segwit, it will be lightning network adoption that will help transaction costs. Hopefully, these are not going to skyrocket again to last years levels but some rise with bitcoin at new highs is going be there.

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May 11, 2018, 07:43:32 AM
 #17

The last time Bitcoin went up, traders and holders were happy with the price, but saddened by the terrible transaction costs. Unfortunately, sometimes the cost to move money is greater than the amount of money transferred. For crypto assets that try to be a direct replacement fiat money, bitcoin should at least be cheap to transact as cash.
If people still believe and use it, then such costs are acceptable to them and they are ready to accept this. Although now there is no problem to choose another coin in which this lack is not present. And perhaps not to lose both in price and in demand, there is much to review and improve.
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May 11, 2018, 09:58:57 AM
 #18

I am sure if Lightning Network has been used by everyone, then this is not a serious problem for bitcoin.

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May 25, 2018, 09:33:41 AM
 #19

Well, there's not only Segwit adoption being pretty high these days, but also there's the Bitcoin payment protocol. I know a few websites I purchase things from accept this form of payment. It cuts down on network usage by quite a bit. Bitpay I think has a good guide on what exactly it is. But trust me, it helps A LOT.

We are seeing a huge decrease from 7-10% everyday dropping and now it's $7,500.
Bitcoin definitely will touch 20 k dollars in the next year because of two main reasons. First, it has a very limited supply, only 21 million and after the loss of some it was predicted that the value reduced to 18 million out of which only 4 million are still to be mined out but its demand is increasing too much.
It will retouch the sky while ETH is going to take a lot of time. Other than these two, monero, waves and ltc have some potential.


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May 28, 2018, 03:28:26 AM
 #20

I agree with that! I think,the high cost of bitcoin transactions pay can also affect to the price of bitcoin in the crypto market world.
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