This is the the reason why Bitcoin price will go down and not up long term

[CoinCollect]

Yes, this problem exists, but despite this, investors still buy bitcoin. And so far I see no reason for its price to decrease. I believe that bitcoin has a promising future.

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[eaLiTy]

You sent a transaction 45 minutes ago with a fee of 103 Sat/B which according to bitcoinfees.earn.com - this should take no more than 25 minutes to confirm, and nonetheless despite you paid a large fee and more than the recommended fee amount - it's still unconfirmed:

Bitcoin will never be instant, and that's why people won't use it long term. In our dynamic world things need to be fast and instant.

Let us take this transaction and say that you are doing an international transaction worth over million dollars, how much will it cost you including bank transaction, forex conversion charges and other service charges and the time it will take to carry on that deal, i can bet it will be far more than you are spending for a transaction in bitcoin and this simple case is more than enough for every international trader to adopt bitcoin in the long term.
I accept that bitcoin is not a good platform for small transaction but that is not the case with international transactions.

[jhongzjhong]

I accept that bitcoin is not a good platform for small transaction but that is not the case with international transactions.

I also into that sentiment, bitcoin will works anytime even holidays or even midnight you can make transactions compared to bank fiat transfer. I think transaction fee and speed of transaction doesn't matter of me if only takes an hour only not 24 hours. I don't have any issue with that and I guess bitcoin is will have an advantage than other valuable things online. Well, we have a different perspective on how to use bitcoin even high fees and delay transactions.

[maxreish]

There are so many great things about bitcoin except for the transactions fees and the movement of transaction. Yes, there are times the transaction took so long. I remember it took the whole day before my transaction came. But if you increase the price of gas, the fee will also increase but the tx will be instant.  However, that doesn't be a problem for some who really earn huge profits. It aids the problem for anonymous transactions without going to the payment center and banks.

[Dapper]

I'll be sure to tell that to growing asset portfolio.   

[jademaxsuy]

bitcoin and ethereum going to grow very nice **

 

Yeah, I am also like you always watching the crypto market price movement. It is the always thing that a bitcoin or cryptocurrency lover would do especially if one is investing in a crypto. Updates will always be visible here in the forum and I am seeing it always to think that there are millions of users in this forum and users also of cryptocurrency all over the world.

[slaman29]

You must remember one thing also, which is the irrationality of the market. And for Bitcoin, there is a big step it must overcome in the minds of mainstream, which is this irrationality. To use something that no state owns, no one controls, it is against every rational and logic thinking that we were taught about money.

But if we get over that, then Bitcoin's superiority is difficult to ignore.

[stompix]

You sent a transaction 45 minutes ago with a fee of 103 Sat/B which according to bitcoinfees.earn.com - this should take no more than 25 minutes to confirm, and nonetheless despite you paid a large fee and more than the recommended fee amount - it's still unconfirmed:

https://www.blockchain.com/btc/tx/850eddd1551126e2af94c82c57890c75f4c7377a901863b56d071ba7c5bd09d7

Bitcoin will never be instant, and that's why people won't use it long term. In our dynamic world things need to be fast and instant.

It's faster than Visa.

Visa payments are instant. You insert, swipe whatever your card on the POS and it gets confirmed in seconds.

In my home country wire transfers can take one or two days, but only during workdays. The country I'm in now, they are used to wait one or two weeks, and this is among local banks, not international. Bitcoin is lightning fast next to that.

I particularly tend to transfer at 1 sat/b (the minimum), i don't mind waiting a couple of days. If the network is congested, it usually confirms overnight. Nothing like those dreaded first months of 2018.

Comparing apples and bananas with carrots.
Just because the banking system sucks in one country it doesn't mean it is everywhere like this.

When bitcoin zealots try to show how fast bitcoin is they always put in the comparison the worst situation for banks.
If you're going to talk about different banks why don't you do the same for cryptos, like how hard is to transfer eth to somebody when you only have bitcoins in your wallet? That would be fair!

Also, just how many people do you think are making international bank transfers? I've probably done two or three in my entire life!

On a chain, transactions can't compete with banks! There is a limit of around 400-500k transactions per day.
If 10 million people would try to make a tx in a day, for 3 millions of them it will take longer than two weeks to confirm the transactions.
With the traditional system or with visa you will never experience this.

On chain transactions have limits, once we deal with the LN, that's a whole different story but that was not the point here.

[PilotofBTC]

Visa payments are instant. You insert, swipe whatever your card on the POS and it gets confirmed in seconds.

That's not true. The approval is instant[sic]. The settlement takes at least 24 hours.

To me, swiping a card and getting an approval is the same as sending bitcoin to an address and seeing the tx in the mempool. You see the transaction in your wallet within seconds too, just like Visa.

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So, if you are talking about the time it takes for a fungible asset to move from one person to another, bitcoin has visa beat.

I can send you bitcoin, and you can spend it after one confirm, which is usually about 10 minutes, say even in the extreme 60 minutes.

If I go into a store and swipe my credit card, the merchant can't spend that money, since they won't get it until settlement... which is at least 1 day, could be more depending on the merchant's account.

So, yea, Bitcoin settlement, which is the point at which the fungible asset has exchanged hands, is much faster than Visa. That's assuming you don't get a chargeback too.

Neither is instant.

Of course, lightning will change that and make the settlement almost instant too. So, much better than Visa.

[ACheair]

Bitcoin will never be instant, and that's why people won't use it long term. In our dynamic world things need to be fast and instant.

bitcoin was never meant to be "instant-confirmation" and people have been using it fine so far knowing it is not like that.

although bitcoin fees these days are not a problem as you think but i agree that having such high fees and having them shoot up like what it did over the past 30 minutes is bad for bitcoin adoption as a currency.

Exactly, i think that too many websites and exchanges are promoting their services using claims like "instant transaction", "instant confirmation" as a part of their  marketing strategies - it crooks the real time of the whole transaction, which for me is not the main problem in the adaption process.