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

[xZork]

Basically, bitcoin hasn't changed much in the past 10 years, except for the difficulty of mining and the rising costs, it's still the same as bitcoin 10 years ago.
Rising transaction costs will cause people to limit deposits in bitcoin to a different currency, hoping that in the future bitcoin will solve this problem.

[Chris Barth]

You've got a Great point here. TBH, In as much as I do cherish bitcoin, I do not like using it because of the expensive fee attached. I remember the last time I sent bitcoin, the transaction fee was not worth smiling at. Now it's more disappointing to see that the fee has rather multiplied. Maybe because of too many transactions to verify, maybe not. But, it'll be of great advantage if this fee can be well-reduced, or if possible, pegged at a particular price.

[MCDev]

I hope the future will be better to boost adoption.

If bitcoin can't solve the problem of fees and transaction speed, I think it's very hard to be a currency.
You can't pay a $ 5 fee for an item worth $ 2, and because of the delays, if something goes wrong you may have to wait hours to solve it.

[MCobian]

I am one of those who believe that the benefits provided by Bitcoin are increasing, therefore the demand for Bitcoin is increasing.
Even platforms as large as Paypal have started accepting Bitcoin, this is a good step to make Bitcoin more accepted by all parties.
Although there are several obstacles that Bitcoin has, a solution must be found immediately. Such as high transaction fees, decreased
transaction speed and increased mining difficulty. If these Bitcoin obstacles can be resolved properly, Bitcoin will change for the better,
and can be accepted as a currency all over the world.

[7788bitcoin]

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.

In the past it was great and we never cared about the transaction fees as the price was not high and small transactions that cost $50 at the present valuation were considered dust and from that stage the vision has changed a bit from currency to store of value and i used to boast about bitcoin being a decentralized currency that would change everything but i am not loosing my hope as there are many updates that are expected in the near future and i hope we will sort these issues in the future.

[TimeTeller]

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.

In the past it was great and we never cared about the transaction fees as the price was not high and small transactions that cost $50 at the present valuation were considered dust and from that stage the vision has changed a bit from currency to store of value and i used to boast about bitcoin being a decentralized currency that would change everything but i am not loosing my hope as there are many updates that are expected in the near future and i hope we will sort these issues in the future.

Times has changed, and the bitcoin price is higher than it was in 2014.
We had enjoyed low fees but the adoption at that time was small as compared to what bitcoin has achieved these days.
For me, the benefits increased as more merchants are now acknowledging the crypto payment.
And also, look at the number of crypto exchanges, whether global or local presence, the numbers increased.
And with the inclusion of crypto in PayPal, it will aid in further increase of crypto adoption.
And so with other companies that will follow this move.

[kawetsriyanto]

Now and after few years, i feel Bitcoin transaction becomes very costly, ~

Yep, I feel the same, the fees are getting more costly. It is a bit different from the expectation of Satoshi written on the introduction of Bitcoin whitepaper. There is an implicit goal of lowering transaction fees by removing third parties there (compared to transactions done by banks). But indeed it is once the Bitcoin can achieve the goal of being a global currency. While today, Bitcoin is mostly used as a digital asset, so it is not in ideal condition dreamed by Satoshi. In this matter, we must accept if it doesn't fulfill the expectation for a low transaction fee. Just look forward to the next change in Bitcoin, maybe someday we can have the ideal condition for it. Remember that it is growing, there should be the next changes in the future.

[Ratash]

Its true that the fees of bitcoin are very high right now compared to what they used to be at that time and the difference is because bitcoin price now is hitting the roof and every one now  is either buying or trading bitcoin so there is so much pressure on the blockchain network.

[Brujux]

Now you can use them more than 5 years ago, and 1 2020 btc = x30 2015 btc, so who cares if it's more expensive now?

[Fundamentals Of]

I hope the future will be better to boost adoption.

If bitcoin can't solve the problem of fees and transaction speed, I think it's very hard to be a currency.
You can't pay a $ 5 fee for an item worth $ 2, and because of the delays, if something goes wrong you may have to wait hours to solve it.

Those are two big hindrances in reality. While Bitcoin is really appreciated as it is an amazing technology which the people would definitely prefer over the centralized fiat, the downsides are enough for it to not move forward as it should be. I think if Bitcoin does not have such problems, it must have been already more accepted as payment form. But of course there's also the fact that it is having a hard time pleasing those people holding the most powerful positions in the government. 

[Twinkledoe]

I hope the future will be better to boost adoption.

If bitcoin can't solve the problem of fees and transaction speed, I think it's very hard to be a currency.
You can't pay a $ 5 fee for an item worth $ 2, and because of the delays, if something goes wrong you may have to wait hours to solve it.

Those are two big hindrances in reality. While Bitcoin is really appreciated as it is an amazing technology which the people would definitely prefer over the centralized fiat, the downsides are enough for it to not move forward as it should be. I think if Bitcoin does not have such problems, it must have been already more accepted as payment form. But of course there's also the fact that it is having a hard time pleasing those people holding the most powerful positions in the government. 

That is one bottleneck to surpass by bitcoin. So the development of Lightning Network should really push thru as it will address the tx fee problem. Or use other alts like doge/xrp as part of the payment method. Because right now, btc is really not a friendly crypto to pay for things.

[Fundamentals Of]

I hope the future will be better to boost adoption.

If bitcoin can't solve the problem of fees and transaction speed, I think it's very hard to be a currency.
You can't pay a $ 5 fee for an item worth $ 2, and because of the delays, if something goes wrong you may have to wait hours to solve it.

Those are two big hindrances in reality. While Bitcoin is really appreciated as it is an amazing technology which the people would definitely prefer over the centralized fiat, the downsides are enough for it to not move forward as it should be. I think if Bitcoin does not have such problems, it must have been already more accepted as payment form. But of course there's also the fact that it is having a hard time pleasing those people holding the most powerful positions in the government. 

That is one bottleneck to surpass by bitcoin. So the development of Lightning Network should really push thru as it will address the tx fee problem. Or use other alts like doge/xrp as part of the payment method. Because right now, btc is really not a friendly crypto to pay for things.

It badly needs to. Until then, Bitcoin is just a preferred store of value or asset or a cryptocurrency best only in terms of large transactions. I agree that this is one point which makes some altcoins useful. I am not really a hard fan or hater of altcoins. In fact, I own a few of them because I believe they are contributing to the overall development of cryptocurrency and they have a role to serve such as a cheaper and faster alternative to Bitcoin. For as long as Bitcoin remains imperfect, having an alternative is always better than not having at all.

[rodskee]

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.

Good to hear that you are using Bitcoin when this was below 500$ but what happens in between?why stopped using this and now asking relative question that you can answer if you don't stop.

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

6 years passed mate and you expect low fees still?remember that everything in this world increases in value same as the fees of course.

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..

it is fast if you pay for correct fee,and besides you have options mate using other cheaper altcoins if you cannot go with bitcoin progress.

[shoreno]

Now you can use them more than 5 years ago,

btc were said created on 2008 . You compare btc when it was 5years ago or on 2015 , that was 7 years later from 2008 and that's long enough for btc to be known and btc was actually starting to get popular that time but another 5years have passed and we are now on this current date 2020 and the markets for btc got even much better . So you are correct

and 1 2020 btc = x30 2015 btc, so who cares if it's more expensive now?

You mean the price of 1btc now times 30 than its price on the year 2015 . According to my research it shows that price of btc on year 2015 was $395–$504,  that was early November [ credits to google and wiki for that data ] . Your calculations could be right . The price will play at that range  . Who you think won't care for the current price of btc but even if btc fell down people will still care

[Ridwan Fauzi]

A few user above me has mentioned that you may need to try another way to send your bitcoin especially through lightning network and using segwit address it is very low to pay the fees. I've done it several times and I don't have any problem when using it, yeah although there is some issues about lightning network but I'm still loving it.

As for using altcoin, as long as you use it for sending your money I think it is really safe. Because there is some altcoin who just need a low cost for fees transaction like XRP or TRX because after that when you accept the altcoin in your another wallet you will sell them right? So it doesn't matter when you using it.

[0xBitcoins]

I don’t really know about that, but which wallet are you using? Because the last time I did a transaction of over $200, which is more than the $100 threshold of yours, I didn’t pay up to the $5 you mentioned not to talk of the $8 for the sending fees.

The only problem I have had is with the waiting time, but with some of the wallets I have, like Blockchain and BitPay, I am able to spend unconfirmed funds (for my BitPay wallet I had to go to the settings and activate it, while for Blockchain the funds appear immediately and I am able to spend them.).

[vlast01]

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

As long as there are Internet and users Bitcoin will never lost its value.

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.

Because there are only few people that have the knowledge about the power and potential of Bitcoin so others won't mendle on it. Due to the unpopularity of Bitcoin that time the price is not that high due to the facts that it has less demand and are more on supply.

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

Because there are numerous transaction happened world wide so the system can't handle these overload of pending transaction so they choose to raised the fees in order to lessen the transaction happens from time to time.

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.

It's because there's no stability on the market on crpto world.

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.

All crypto currencies had changed drastically these few years and these changes will still happens in the future.

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.

It's sad to say that we can't do anything about it.

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..

It's depends on the market and on the one that have a better control on the market

[MCDev]

Those are two big hindrances in reality. While Bitcoin is really appreciated as it is an amazing technology which the people would definitely prefer over the centralized fiat, the downsides are enough for it to not move forward as it should be.

Bitcoin is appreciated by everyone because it is a pioneer of the cryptocurrency market, but now people come to bitcoin to invest and make a profit.

I think if Bitcoin does not have such problems, it must have been already more accepted as payment form. But of course there's also the fact that it is having a hard time pleasing those people holding the most powerful positions in the government. 

Bitcoin is a decentralized currency, so governments don't like it. In the future, even though bitcoin improves its speed and transaction fees, it will also be difficult for bitcoin to gain support from the government.

[ChrisPop]

Bitcoin is now mainly used for hedging and increasing wealth, in other words like a speculative asset, not so often to make day-to-day payments. We do have the Lightning network through which AFAIK the fees are minimal and tx speed is pretty much instant. I'm sure the congestion problems will be solved in some way eventually.

[Becky666]

Bitcoin has been living with the issue of scalability which might live with it forever. Remember, Bitcoin has never promised it inhabitant of free transaction, so, the price of Bitcoin back in 2014 compare to 2020 should create the awareness of seeing different transaction among the mentioned years. As the value of Bitcoin keep increasing, then we should be expecting a higher transaction fee in the future and not less fee base on what we have today. The Lightning Network has made this problem solvable as it transactions are small compare to our normal pay fees while use Bitcoin in other platforms.