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

[Reid]

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 am hoping for the same.
Been using Bitcoin also before with every transaction.
But because of the traffic and high tx fee, I need to stretch my options into using other cryptocurrencies.
The last time was Ethereum and then heavy traffic came again with DeFi coming in.
Now I am using XRP.

Trying to be optimistic about these events. That just means there are more using technology than before which I think is a good thing.

[Oshosondy]

If we check bitcoin price, marketcap and relate it with the latest news, we will not have to think twice before thinking correctly that bitcoin is a deflationary currency with its adoption increasing which makes it to be a coin that will benefit its holders.

I am hoping for the same.
Been using Bitcoin also before with every transaction.
But because of the traffic and high tx fee, I need to stretch my options into using other cryptocurrencies.
The last time was Ethereum and then heavy traffic came again with DeFi coming in.
Now I am using XRP.

You are right about the bitcoin fee which is very high, but not the transaction fee is the problem, it is the scalability, in such a way that time and fee are both the factors to be considered, I still make a transaction of bitcoin with a fee as low as $0.2, this is low enough, but it takes like 3 or more hours before such transaction will be confirmed.

[Bitcoin-Pro]

maybe we was paying higher fees in Bitcoin, but in Dollar it was much lower when Bitcoin price was ~$500

i mean when i was withdrawing $100 in bitcoin which was ~0.2 BTC, fees was 0.001 BTC (high) but in Dollar it was only $0.5
now for $100 i'm paying $5 or more fees. it's x10 higher than before.

that's why i think Bitcoin is no longer usable for small payments. now Bitcoin price high so it's good for big amounts only.

problem is i can't set fees from the site i use when i ask for withdraw payment  

[Carlton Banks]

that's why i think Bitcoin is no longer usable for small payments. now Bitcoin price high so it's good for big amounts only.

use Lightning

[davis196]

If you are way too annoyed by the Bitcoin transaction fees and confirmation time,then good luck with finding a better fiat or crypto alternative(there are cheaper and faster ones,but they aren't so popular).
Unfortunately Bitcoin is more like a "digital gold" asset now,than it used to be back in 2014.
The BTC blockchain and the fiat payment processors kinda have the same problem.When more people join the system,transaction fees usually go up.Fiat payment processors don't have a problem with confirmation time,but their transaction fees will never go down.

[GeorgeJohn]

From my views it depends on bitcoin marketcap because the value of bitcoin or price of bitcoin in previous years remain constant to the next year therefore the values can't change and it remain until the market determine, but the process we're by the values is in rotations after ten or twenty years, the values will keep on increasing and their will be a surplus benefit from user, but the values does not increase based on total numbers of years it's based on marketcap.

[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.

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.

Patience in transaction is not about investment. It is about Bitcoin as it should be, a currency. So a delay is more or less acceptable if you are only moving Bitcoin as an investment but not if you are moving Bitcoin as a currency like when you are selling some stuff or service for Bitcoin or purchasing something with it.

It is really a pain in the ass but I am still hopeful that it will be highly improved with the adoption of the lightning network. I am also hopeful that when the network gets a lot busier in the years to come due to a lot of people using Bitcoin, there will be a corresponding development that would address this problem.

[Oasisman]

There is LN (Lightning Network) that let's you process faster with very low transaction fee, but It hasn't been widely used.
Scalability issues in Bitcoin network has always been the problem, and of course Bitcoin is still the same Bitcoin you knew before, the only things that's changed is the price and number of adoption ,the reason why you had have longer waiting time for a transaction to be confirmed and higher transaction fees.

[Sebas.tian]

No doubt that Bitcoin has improve and still improving which in a short time from now things that seem abnormal will be attend to, but, for the transaction fees in this regard, Bitcoin can't control exchanges fees but for blockchain it's due to Bitcoin price that determine the fees at any point in time. The beauty about this is, LN has something good to that effect and you can have a look at  them.

[cabron]

Yes I also learned Bitcoin back 2014 and some employers who automate their fees to their employees that will send BTC every hour and they didn't count the fees during that time. Now 2020, fees like $8 is unbearable. Its hurting employers already, this could be a reason for employers not to pay in BTC instead.

LN is an option or they could ask whether their employees will accept altcoins like XRP or some other coins. ETH's gas is also increasing.

[J.Amador]

Maybe yes or maybe not for me it will remain the same bitcoin is still the same after 10 years they are giving the same opportunities to whom who need it and they still give you a life opportunities to poeple who want to know bitcoin more.

[lifeOK]

From my perspective, Bitcoin market is become more reliable than anytime before. In its 10-year history, this is the longest time Bitcoin has spent over the desired $10k mark. It's presently additionally encouraging, and I think something significant is coming. Stop complaining at its lows and stay focus.

[Bitcoin-Pro]

this is my recent withdraw today :


few years ago i wasn't worry about fees, because amount in Bitcoin was higher (~0.2 btc = $100).
today i paid $18 fees for about $100 withdraw. this is very annoying for me  

i know fees now are high, but recently lowest fees i'm paying is $5 which is still high for me.

should i wait my balance to reach $500 or $1000 before withdraw if i want to continue using Bitcoin?

maybe we should start accepting Litecoin ? but we should see it approved on more companies before we accept it.
is there any hopes Bitcoin fees will back to $0.5 ?

[Gotumoot]

Yeah I missed those old good times when fee was so low and the transaction isn't slow.
Now that the price of Bitcoin is so high so does their transaction fee and not to mention the transaction nowadays are slower compare to how it used to be in it's early stages or is it just me who feels that way.
And it is so easy to accumulate 1 Bitcoin back then because it was so cheap compare to it's current price.

[Shasha80]

Indeed Bitcoin has changed now compared to 2014, because now more and more people are making transactions with Bitcoin, of course
Bitcoin fees are getting more expensive. Because nothing is perfect, including Bitcoin has a number of weaknesses, one of which is the
transaction costs become increasingly expensive. Same with Ethereum, where transaction fees have become expensive since DeFi projects
became a trend. So now some wallets already support Lightning Network and SegWit to make Bitcoin transactions cheaper and faster,
but it seems the implementation is still not maximal. We should just be patient for a while, I hope that in the near future there will be other
solutions that can make Bitcoin transactions cheaper and faster.

[cheezcarls]

In my own opinion after 10 years, the lightning network may already be live and running that would give us an experience in faster and cheaper transactions. And I have concern as well, which is the development of quantum computers that might affect the entire blockchain network and can possibly mine all of Bitcoin’s supply of 21 million. That’s just my opinion of course.

[Fundamentals Of]

In my own opinion after 10 years, the lightning network may already be live and running that would give us an experience in faster and cheaper transactions. And I have concern as well, which is the development of quantum computers that might affect the entire blockchain network and can possibly mine all of Bitcoin’s supply of 21 million. That’s just my opinion of course.

The lightning network is already in operation right now so you don't have to wait for 10 long years before it will go live and running. And even if it isn't, 10 years is too long for such a development to take. There are already a number of wallets which offer lightning network compatibility. That means faster and cheaper transactions are already being featured but off-chain.

The worries of quantum computers have already been addressed a number of times. And the common ground is that it should not be treated as the end of the world for crypto.

[Eureka_07]

Same benefits. Different in value when you compare it's price this current year and the next 10 years.
The function of bitcoin is still the same ofcourse, decentralized, meaning their is no need for any middleman because it is peer-to-peer, just like BitTorrent.
The only thing that would change is it's value, bitcoin is not stable, it's volatility causes it's value to went to change overtime.
All of these are just pre assumptions, the fact is there is no thing that is certain, the only thing that certain in this world is change.

[DatKing]

Bitcoin has been in this market for 11 years. Of course, we have seen many changes. For example they worked hard to build Lightning Network to provide people way better transaction speed. The thing doesn't change in Bitcoin is its system as you guess. It will be the same forever.

[mezzaluna]

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..

Bitcoin will surely change in the future. The outcome can either be super beneficial to the current users or it will be beneficial to all since there are already a lot of differences that is occurring with people that has knowledge regarding Cryptocurrencies and people without knowledge of it. As long as people are gonna support it without abusing it, it will surely be a profitable invention that might change the whole payment system. Its currently being integrated into Paypal and its only a matter of time before people start learning where to gain Bitcoin.