Will Turnoff Happen to Bitcoin

[CarnagexD]

I don't think lagging will be a huge impediment in the progress of bitcoin. Sure, the lightning network will become a very revolutionary assistance in the coming of bitcoin to the public, but I believe that bitcoin is still faring well compared to what it was, it definitely became busier, but at least we got more people investing on it.

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[Wallflower28]

Inveestors never be turned off in bitcoin. Above all the cryptocurrency, bitcoin can survive the possible turn down of market. It has many market players and it would not easily shut down because it has no development. Maybe, we can expect future developments for it. As a matter of fact, it will be good if bitcoin lowered its transaction fee. Lightning Network will surely solve the issue concerning about the fee and networks. As of now, let us all trust bitcoin.

[Darkelf11]

The delay in the transactions in bitcoin does not make me turned off with the cryptocurrency. It is a normal event that is happening because of the piling up of transactions of trading activities from different users. I think it is a not big deal also to other investors because there's also a good news which is the bitcoin's high price in the market. The high value of bitcoin is much more important than  the delays in the transaction. This situation will not always be like this, it just happened due to traders that causes traffic in the site.

[redsun114]

I never used to worry about the transaction taking long, because about 90% of the Bitcoin transaction I do are to people who are living abroad and if I used other methods it would take longer (PayPal would have been fast I guess, but I don't use it because they don't fully function here). The time I started having problem with Bitcoin was when the fees started to gradually increase, none of us wants that, they should fix the issue.

As for the lightening network, I think it's not something we as individuals can use whenever we want, the wallets or exchange we are using has to be offering that feature before we can use it; I can remember that I once installed a random wallet and I was asked whether to activate the lightning network feature or not, but the wallet warned that it was still in development. Sometimes I wonder if the devs are serious or they are waiting for Satoshi to come back and tell them what to do?

[ololajulo]

A lot of cryptocurrency enthusiasts and investors are hoping for the day Bitcoin and some meaningful altcoins will be mainstream and also use by online payment giant like Paypal. Fortunately, the crypto community received an amazing news this year about Paypal integration of Bitcoin, LTC, ETH etc last month but after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.

My question is there any perfect solution put in place fix this problem aside from the lightning network which i don't know much about cause Bitcoin will gain more traffic next year and if nothing is done now it may lead to some turnoff by some investors?

Institutions have always disappointed with price response when news of adoption gets to the news. The news only help adoption and has proven several times that adoption is not the most important factor in price improvement. Have always believe bitcoin can rise to any price because of FOMO in  short time but it wont be allowed until the time is right. The adoption may also determine the height of price at the bull market any way

[coolcoinz]

I don't really care about that. Once you hold long enough and your profit gets big you stop caring about the little things like a fee in USD going from $10 to $20. Each of the coins that I hold is worth more than $10k over the price that I paid for them and the cost of sending them to another address is maybe $10. To me it's a joke, but I realize that the entry level will continue to rise. In 2010 you could simply get a bitcoin for free. In 2016 you could buy it for $200 and send it for $1. Now you have to pay $15k and we're on the way to paying $10 for sending it. It's becoming a safety fund for people who already have money, unreachable for a poor worker who earns $1 per hour in India or something.

[Casdinyard]

I don't really care about that. Once you hold long enough and your profit gets big you stop caring about the little things like a fee in USD going from $10 to $20. Each of the coins that I hold is worth more than $10k over the price that I paid for them and the cost of sending them to another address is maybe $10. To me it's a joke, but I realize that the entry level will continue to rise. In 2010 you could simply get a bitcoin for free. In 2016 you could buy it for $200 and send it for $1. Now you have to pay $15k and we're on the way to paying $10 for sending it. It's becoming a safety fund for people who already have money, unreachable for a poor worker who earns $1 per hour in India or something.

The market price of Bitcoin is not consistently and continuously increasing, holding therefore is not enough to make profit. There's this market analysis to when will selling should be made. The market price indeed has increased over the years but it did not make it in a consistent way and given the nature of market volatility, things are not certain in its market value. Not a safety fund still due to the risks involved as an investment. Holding is necessary but as an investor you should be aware of the selling points.

[ReiMomo]

That's never gonna happen folk. Bitcoin will never ever shut down. Unless humanity has extinct. That's the only way for Bitcoin to
close its doors. The only reason why Paypal announced the lag from bitcoin is to set proper expectations. Bitcoin is the pioneering cryptocurrency so any lags are always considerable.

Besides, bitcoin is not meant a payment as of now. It is an investment that you can hold for the long term. Holders consider bitcoin as a safe haven. So, there is no reason bitcoin will shut down or turn off.

[20kevin20]

LN seems to be an okay approach for this issue, but only considering today's needed scalability. If we take into account even larger number of txs to be needed than LN supports today, we may need another approach.

I personally don't think it's logical for an investor to be turned off by these issues. The mempool has been clogged many, many times in the past few years and if one does proper research, they'll already know about it before investing any money. If they have no idea about some of the most prominent issues Bitcoin has, then I consider them bad, bad investors.

[Myleschetty]

after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.

PayPal didn't cause that, the reason why it happened is that big price movements cause a lot of trading activity, which means people make more transactions to exchanges, and more transactions means more competition for block space, so higher fees.

But what I understand about crypto market is that some news help the market in gaining more traffic and with crypto lover long wait for giant payment company like Paypal to integrate Bitcoin which now happen, we cant say paypal is not one of the reason behind the transaction congestion.

[target]

after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.

PayPal didn't cause that, the reason why it happened is that big price movements cause a lot of trading activity, which means people make more transactions to exchanges, and more transactions means more competition for block space, so higher fees.

But what I understand about crypto market is that some news help the market in gaining more traffic and with crypto lover long wait for giant payment company like Paypal to integrate Bitcoin which now happen, we cant say paypal is not one of the reason behind the transaction congestion.

Paypal is one of the reasons why it's going up, no doubt about it. It made it easy for paypal users to get into crypto market. Like they said LN is a solution for the rise of the transaction fees and shifting to an altcoin could also be a solution. 

One thing that is also making users move away to BTC is the withdrawal fee from exchanges. It won't really be high if you look at it as satoshis but people normally look at the value in USD.

[kryptqnick]

but after the announcement by Paypal Bitcoin have been experiencing a huge transaction lagging and ridiculous size of the mempool.

The increase in number of unconfirmed transactions and delay in confirmation was not due to the announcement by PayPal but it coincided with the spike in Bitcoin price which led to a bit of fomo, with transaction rate far excedding the average rate of confirmation (10 minutes).

Whatever caused it, I believe it's a genuine problem that requires a solution. I understand that there are various suggestions and projects trying to do something about it, but the solution that merely exists is useless. We need something that can become popular and be attractive for retailers and for people who will not be able (or bother) diving into the specifics. It must be user-friendly, simple and truly helpful with scalability, but it should also not have huge trade-offs (which, I believe, prevent the LN from being this great solution).

[Crptomagma]

Oh you got somethings mixed up here, there is a difference between an investor and trader. The investor doesn’t pay much attention to the charge rate but rather is concerned with the value of bitcoin it’s self, I will continue to pay high transactions rate provided bitcoin price continue to appreciate. Bitcoin is good for investment.

[NelfiNovita]

it's a nightmare that will happen if it is not fixed.  in the future there will be many companies or payment applications that will accept bitcoin, but if this problem is not resolved then bitcoin will be blocked, and after that bitcoin will experience a very deep price drop.
if in the future there is a crypto currency that has more functions than bitcoin and very fast transactions, bitcoin will be replaced by that coin.

[imstillthebest]

it's a nightmare that will happen if it is not fixed.  in the future there will be many companies or payment applications that will accept bitcoin, but if this problem is not resolved then bitcoin will be blocked, and after that bitcoin will experience a very deep price drop.

block is an offensive word but no it wont happen they dont need to block btc if they dont want to partner or use it but they can easily say no  . delays in transfers are bothering but people keeps on going . the btc team are still working on to  fix the issue because all are going to be happy once the main issue are solved .

if in the future there is a crypto currency that has more functions than bitcoin and very fast transactions, bitcoin will be replaced by that coin.

litecoin is the second bitcoin and it has the quality that you are looking for but litecoin still remains an altcoin . same to other altcoins that can also function as close to litecoin but for the record btc still holds its title .

[CODE200]

it's a nightmare that will happen if it is not fixed.  in the future there will be many companies or payment applications that will accept bitcoin, but if this problem is not resolved then bitcoin will be blocked, and after that bitcoin will experience a very deep price drop.

block is an offensive word but no it wont happen they dont need to block btc if they dont want to partner or use it but they can easily say no  . delays in transfers are bothering but people keeps on going . the btc team are still working on to  fix the issue because all are going to be happy once the main issue are solved .

if in the future there is a crypto currency that has more functions than bitcoin and very fast transactions, bitcoin will be replaced by that coin.

litecoin is the second bitcoin and it has the quality that you are looking for but litecoin still remains an altcoin . same to other altcoins that can also function as close to litecoin but for the record btc still holds its title .

1st point
There's no BTC team working out on the delays of transactions. There's a possibility for this technology to be banned, and there are already countries wherein it is. And the reasons are not because of issues regarding transactions but because of lack of taxation, and some reasons are "involvement" with illegal activities or maybe because they are threatened;they have their own reason. IMO this technology will receive full acceptance once regulation occurred.

2nd point
Ethereum I think is next to Bitcoin and not lite coin. Cryptos which will be more accepted in the aspect of scope of usage are probably fiat based because it will be more supported by the governments.

[hatshepsut93]

But what I understand about crypto market is that some news help the market in gaining more traffic and with crypto lover long wait for giant payment company like Paypal to integrate Bitcoin which now happen, we cant say paypal is not one of the reason behind the transaction congestion.

When people say that something caused something, it firstly means that it was a direct reason, so with this explanation that PayPal caused market action, which in turn caused a congestion you only have an indirect cause. Also, PayPal couldn't move the market so much alone, other news contributed too, like companies using it as reserve asset and FOMO among institutional investors.

[sotoshihero]

This is only a matter of time, each bitcoin integration still needs adaptation time, for problems with delays or a little transaction problem, over time there will definitely be updates, which will have a positive impact on the integration of bitcoin transactions.  if it looks easy and there are few problems.  I think it's very good.

Bitcoin has its updates also always, and hoping that this concern can be address. Maybe some people, will be temporarily turn off or lie low for a while regarding the outcome but in the long run,  bitcoin is still cannot be ignored. This problem is I think temporary and finally in the future it will be completely diminish and solved.

[darewaller]

When you said turnoff I thought you meant Bitcoin being turned off lol. The devs are not doing anything about this, and I have noticed that the complaints has been too much as of recent, and I experienced it too while sending money.

I think their solution is the lightening network, but no one has been talking about that for long now and there are no wallets that I have seen that are making use of this feature, it still remains the normal method that we are using with the same fees. I once thought of using Ethereum, but it doesn’t work for me because don’t use altcoins.

[ChrisPop]

When so much money is in the game, solutions will appear, don't worry about it. You think investment funds or companies who hold large positions in Bitcoin haven't made an extensive research on the future of cryptocurrencies? They are probably funding developers and startup companies who work on implementing solutions on top of the Bitcoin blockchain.

Let's not forget we're in the era of innovation and rapid advancement.