Is Bitcoin changed after 10 years? Does it still have same benefits?

[Bitcoin-Pro]

Bitcoin is about 10 years old now, little more.
Question is, Is Bitcoin still usable after 10 years of creation ?

I remember when i was using Bitcoin in 2014, i was paying very low fees when 1 bitcoin was less than $500.
I was feeling it's great, It was fast, and i don't remember i was paying fees. Bitcoin was for me better than fiat money.

Now and after few years, i feel Bitcoin transaction becomes very costly, sometimes i wait hours for confirmation when i try to reduce fees.

I work online on Ad networks, usually i withdraw my balance when i reach $100.
recently, i notice that i'm paying $5 and sometimes more, sometimes it pass $8 fees on transaction. I don't remember i was worrying about tx fees before when i started to use Bitcoin. Now things are more difficult and costly.

Is Bitcoin changed? or only i feel that?
Now it's costly to use in normal days, sometimes goes slow when i lower fees, i try to find for alternative but i worry to invest on altcoins because i don't want my money to lose value by the time.

Is Bitcoin still usable for payments less than $100 ? i think not even for less than $500. i mean daily uses.
I feel paying $8 of $100 for fees, is like someone is sharing me with profits. i work hard to collect $100 then i throw $8 in that easily.

Should we ask for update on Bitcoin to make it little more faster, and cheaper to use ?
I don't mean super fast, and super cheap, just to be like it was before..

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[Fundamentals Of]

That's the downside of Bitcoin for the past years. When the network is clogged with a lot of pending transactions you really need to increase your fee or else it might take a longer time for your transaction to be broadcast and confirmed. If you are not in a hurry then you don't mind paying the minimal fee and wait until it is processed. But if your transaction cannot take a lot of waiting time, you will be forced to pay high fees. That makes transactions of Bitcoin good only when involving large amounts. I hope the future will be better to boost adoption.

[Bitcoin-Pro]

That's the downside of Bitcoin for the past years. When the network is clogged with a lot of pending transactions you really need to increase your fee or else it might take a longer time for your transaction to be broadcast and confirmed. If you are not in a hurry then you don't mind paying the minimal fee and wait until it is processed. But if your transaction cannot take a lot of waiting time, you will be forced to pay high fees. That makes transactions of Bitcoin good only when involving large amounts. I hope the future will be better to boost adoption.

waiting time is still fine for me, but paying high fees and wait long this gonna be crazy
before maybe we was waiting, but fees was very little as i remember.. now fees could be %10 of your amount. it's really too much.

[nelson4lov]

waiting time is still fine for me, but paying high fees and wait long this gonna be crazy
before maybe we was waiting, but fees was very little as i remember.. now fees could be %10 of your amount. it's really too much.

With about 7 TPS, it's clear that Bitcoin has a scalability issue that has linger over the last couple of years. But over the years, there have been several community proposals to mitigate this problem. One of such proposals is lightening networks which hasn't really being widely adopted across the network yet.

You can still make bitcoin transactions with less than $1 in fees. The problem here is that, if you're spending bitcoin from an exchange or any platform, they tend to set a fixed fee for their users just so they can process withdrawals at a faster pace and no backlog of pending transactions . I believe that's the issue you're having. There's a lot more flexibility if you do these transactions from your personal Bitcoin wallet. You get the options to pick a fee that you want. However, low fees also means longer confirmation times that made extend from 24hours up to 48 hours.

[ChiBitCTy]

This has been the unfortunate part of bitcoin for the last couple years.  Keep in mind in 2014 there were a heck of a lot less people transacting with bitcoin, so the blockchain was much less bogged down.  I think any blockchain out there would have handled it relatively the same way.  I'm not sure how much SegWit did or will continue to help, but I do have hope for the lightning network.

[Fundamentals Of]

That's the downside of Bitcoin for the past years. When the network is clogged with a lot of pending transactions you really need to increase your fee or else it might take a longer time for your transaction to be broadcast and confirmed. If you are not in a hurry then you don't mind paying the minimal fee and wait until it is processed. But if your transaction cannot take a lot of waiting time, you will be forced to pay high fees. That makes transactions of Bitcoin good only when involving large amounts. I hope the future will be better to boost adoption.

waiting time is still fine for me, but paying high fees and wait long this gonna be crazy
before maybe we was waiting, but fees was very little as i remember.. now fees could be %10 of your amount. it's really too much.

That's not nice to hear. If that happens then you would have to set aside Bitcoin transactions for larger amounts and those which are cross-border. Segwit has been implemented but it seems we are still hearing the same complaints over the years ever since the update. Right now we can only wait for the larger adoption and faster momentum of the lightning network. Is it all right for you to do transactions off chain?

[dothebeats]

This is because bitcoin’s value in $ has gone up significantly over the years. Had the price stayed down below $1000 levels until now, everyone will be ‘enjoying’ the low prices of fees in $. However things does not work that way, unfortunately. As more and more people became interested in bitcoin, more and more began speculating its prices, thus sending us into where we are right now. Going back to the fees, it is completely relative IMO. I measure my transactions in satoshis per byte, although I understand that a lot more people are still comfortable in using the $ per tx metric as it is more comprehensible and easier to understand. If you can avoid using bitcoin on small transactions, it will be better and economical. Or if you can wait a few hours for your payment, you can always try to lower down the fee on your transaction and wait. In sat/byte terms, there’s not much difference when it comes to that, although at times the network really is clogged due to transactions being processed and sent simultaneously at a given point in time.

[sheenshane]

A Bitcoin wallet that has supported Lightning Network and using a wallet that supported with SegWit transaction for having a less fee is far better as of now when it comes to having less transaction fee.  Because there are custodial wallets that have a fixed fee that you can't able to modify your transaction fee and set into lower fees.  Remember that lower fees might also longer time to wait, sometimes waiting is the best thing to do.  If your transaction isn't urgent, choose lower fees, but if that is urgent it should be good if you follow the required fees by the miners depend on the network congestion.

You can also avoid transaction fees when the Bitcoin network isn't busy or congested, through the help of Johoe's Bitcoin Mempool Statistics, you will be able to calculate your transaction fee and the time to be confirmed.

[proTECH77]

Bitcoin is a decentralized currency which everybody is seeing as a currency will be rate as the best currency in the world. The year 2014 many people find it difficult to understand bitcoin the way they understood it now. Many thought in 2017 bitcoin will not last more than two years before it will fall totally in the world. Bitcoin is still improving taking over many currencies during the pandemic which still have a large population in different countries of the world. Many where still thinking bitcoin will fall some few months ago Which people are see bitcoin going higher and other cryptocurrencies are reducing in the market. I think more benefit are still coming for their users that still believe that bitcoin can only change positively.

[mk4]

Always take note that fees are priced specifically in sats, and not in USD. And comparing bitcoin's(and sats') price when it was less than $500 compared to know where it's upwards of $13k, then obviously the fees would be higher in USD because the price increased.

And yes, at times of heavy price movements fees(in sats) tend to go up due to mempool congestion. Yes, this is a problem, but developers are working on solutions to make user experience better.

[BrewMaster]

bitcoin age is getting closer to 12 years now

and of course bitcoin has changed. it has gotten so much better. the nodes are a lot more efficient and they have a lot less bugs and exploits both in the implementation and the protocol. the mining is also a lot more efficient and has made the network outstandingly secure.

bitcoin never promised to have ultra cheap or free transactions. although i am not a fan of high fees either. bitcoin was always meant to give financial freedom by decentralizing money.

[BlackHatCoiner]

That's a disadvantage of bitcoin, I know. They're working on lightning network that promises immediate transactions, but I don't see that happening soon. I don't know about you, but with 10 satoshis per byte, the transaction gets confirmed pretty quickly. I spend about 3-5 cents on my transactions mainly because I don't care when it'll be confirmed. But on online payments, you can't wait 8-12 hours to make a purchase. I think with 10-15 sats/byte (which is about 20 cents) you'll get it confirmed within an hour. Of course, there are exceptions too.

I don't understand why you spend $8 on a single transaction. I think you're using an online wallet. Check this wallet. It is not like bitcoin.com (if you use that). You choose your fee. I mentioned it, because I've seen that bitcoin.com charges high fees so you can instantly get your transaction confirmed, which is in my opinion dumb.

[imstillthebest]

the thing that have change is its price , fees , and speed . fees wont became high and speed wont became slow if not because of the increase of the price  . increase of the price is also cause by the increase in adoption . nothing have change on the use of btc tho but it was only became easier to use btc now because the support are now more wider than before.

 you dont want to pay high fees but you have done a good job of reducing the fee but waiting more longer , why complain ?

[Carlton Banks]

That's a disadvantage of bitcoin, I know. They're working on lightning network that promises immediate transactions, but I don't see that happening soon.

Lightning is working already, we're all using it.

Instant transactions, less than 1 satoshi in fees

[mk4]

Lightning is working already, we're all using it.

Instant transactions, less than 1 satoshi in fees

Breez[1] and Phoenix[2] wallets have been working freakin great to the point that the UX is really close to Bitcoin mainchain transactions. What we lack is merchant acceptance unfortunately, because there's little reason for casual bitcoiners to use lightning if the places they can use LN is really limited.

[1] https://breez.technology/
[2] https://phoenix.acinq.co/

[Wexnident]

Well, it's a price to pay together with how much BTC is right now. The price is literally many times different from when you used it to now, so it's natural for fees to change as well. The issue with speed is currently being addressed, as a result of that, we've seen the development of the Lightning network, though afaik it's still in its infancy and still can't really be used or adopted fully. As for the fee issues, I'm not particularly sure if there's a solution for that, but if the lightning network were to come true, then fees wouldn't really be an issue. \

Also as a personal solution to your problem, you can try increasing the amount before withdrawing, let's say $500 or so. Up to you tbh, but that sounds much cheaper since you'd normally pay $5-$8 per transaction.

[teosanru]

Bitcoin is about 10 years old now, little more.
Question is, Is Bitcoin still usable after 10 years of creation ?

I remember when i was using Bitcoin in 2014, i was paying very low fees when 1 bitcoin was less than $500.
I was feeling it's great, It was fast, and i don't remember i was paying fees. Bitcoin was for me better than fiat money.

Now and after few years, i feel Bitcoin transaction becomes very costly, sometimes i wait hours for confirmation when i try to reduce fees.

I work online on Ad networks, usually i withdraw my balance when i reach $100.
recently, i notice that i'm paying $5 and sometimes more, sometimes it pass $8 fees on transaction. I don't remember i was worrying about tx fees before when i started to use Bitcoin. Now things are more difficult and costly.

Is Bitcoin changed? or only i feel that?
Now it's costly to use in normal days, sometimes goes slow when i lower fees, i try to find for alternative but i worry to invest on altcoins because i don't want my money to lose value by the time.

Is Bitcoin still usable for payments less than $100 ? i think not even for less than $500. i mean daily uses.
I feel paying $8 of $100 for fees, is like someone is sharing me with profits. i work hard to collect $100 then i throw $8 in that easily.

Should we ask for update on Bitcoin to make it little more faster, and cheaper to use ?
I don't mean super fast, and super cheap, just to be like it was before..

I don't think Bitcoin has changed but it's just that now it's facing the real challenges and issues of mass adoption. It's obvious if we want mass adoption there are going to be some challenges tell me one software/hardware which got it's best version in 1.0. it's about facing challenges and improving. I think if we get Lightning Network it might solve out these scaling problems upto some extent. But yes if fees increases too much then after some extent BTC will not remain much lucrative for people doing transactions. As of now I think if we compare it with other methods of cross border payments it's still cheaper but compared to methods of in country payment it's way expensive.

[Boov]

bitcoin age is getting closer to 12 years now

and of course bitcoin has changed. it has gotten so much better. the nodes are a lot more efficient and they have a lot less bugs and exploits both in the implementation and the protocol. the mining is also a lot more efficient and has made the network outstandingly secure.

bitcoin never promised to have ultra cheap or free transactions. although i am not a fan of high fees either. bitcoin was always meant to give financial freedom by decentralizing money.

Bitcoin were definitely evolved from the starting point up to now. A lot of us has observed it and one of it was the exchange fee of altcoins were get higher than before fees. But despite of this, it is amazing to think that some of the evolution of bitcoin was for its good. Bitcoin were already proved the project worth and now become a known digital currency. Though it is decentralised but hopefully this may bring to us a financial freedom.

[AniviaBtc]

That's the downside of Bitcoin for the past years. When the network is clogged with a lot of pending transactions you really need to increase your fee or else it might take a longer time for your transaction to be broadcast and confirmed. If you are not in a hurry then you don't mind paying the minimal fee and wait until it is processed. But if your transaction cannot take a lot of waiting time, you will be forced to pay high fees. That makes transactions of Bitcoin good only when involving large amounts. I hope the future will be better to boost adoption.

Higher transaction fees will surely be always present when you make bitcoin transactions and it is not new to us even if we do it for the next upcoming years.

We need to accept the fact that bitcoin is pain in the ass when we make transactions with it when there's a lot in a queue.

Probably in 10 years, bitcoin will become much more wider due to a progressive adoption in that span of years. We just need to be optimistic about it and aim for a gold and success. Also, patience in transaction is necessary and be disciplined investor.

[proboxapk]

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