Bitcoin is not serving its purpose ANYMORE transfer waiting 48hr even paid high

[Vishnu.Reang]

I have often posted that I don't believe that Bitcoin was created to be a mass payment method. The 10 minute block generation time, and the 21 million cap are evidence of this. I feel it was a banking experiment that exceeded their expectations. It has become a valuable store of wealth, and they are now taking advantage of that.

With average of 10 minutes time interval between the blocks, it is never going to work for making instant payments (irrespective of the price). But I don't think that the 21 million cap has anything to do with the acceptability as a payment medium. 21 million is in terms of Bitcoins. It can also be defined as 2.1 quadrillion Satoshis. I don't have any issues with the cap on maximum supply and I believe that it is one of the positives for BTC.

Bitcoin is now mostly being used as a store of wealth, or as a speculative investment asset. It can be used for bill payments. But even with very low fee (20-30 Sat/Byte), now the users need to pay close to $10 per transaction. If you want confirmation within 2 hours or so, then you need to pay $30-$40 as the fee. This makes it unattractive as a medium of payment, when compared to its competitors.

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[k@suy]

This is normal, everytime that bitcoin increases its value we can suffer through fees and network congestion last week it took me almost 2 days because I chose the slowest speed because I don't want to pay for more value just to transfer , I hope there will be a solution for this, so sometimes just for me to make is faster I will convert it to TRON or XRP, for faster and minimal fee.

[ChiBitCTy]

I feel OPs pain as I have had several bitcoin transfers yet to confirm for a couple weeks at this point.  This was of course my fault for not paying enough to have it confirmed sooner, but it's kind of besides the point as bitcoin should be much quicker than it has been of late.  I wish that they would roll out a functioning Lightning Network sooner than later as these expensive transactions really suck.

[hulla]

This is a high fee transaction yet still unconfirmed. I've checked mempool and there's a lot of unconfirmed transactions.

Try your luck pushing that transaction through: https://www.viabtc.com/tools/txaccelerator

Or use the bitaccelerate - https://bitaccelerate.com/. Whenever I make btc transaction, I use this free accelerator afterwards. OP's transaction will be soon confirmed. But 19 hrs and still waiting, paying  176 sat/byte, usually that payment amount before will only take few minutes.

bitaccelerate only rebroadcast transaction but https://www.viabtc.com/tools/txaccelerator is the only working accelerator. It seems to be beyond the limit due to requests.

I don't find bitaccelerate to be effective, I've used it a lot of times before when there's such congestion before but to no avail.

Btw, @OP, congratulations your transaction got 24 confirmations already. I think the thread is already good enough to be closed.

I'm not surprised the transaction was confirmed while you make your post but Bitaccelerate is not for transaction acceleration cause it was used to re-broadcast transactions which seems to be forgotten in the mempool.

Transaction confirmation delay doesn't mean Bitcoin did not serve it purpose anymore if you follow the right procedure before sending your transaction and paying a huge transaction doesn't matter either if you don't check the mempool condition.

And you can check the mempool conditions four hundred million times, can you people just stop with this non-sense?
You can look at that mempool all day long, it won't change the fact that if you want to send now even the smallest transactions (in size) you have to pay 8$.
Everyone is saying look at your inputs, look at the mepool size look at whatever!

I understand that's the condition of the Bitcoin network right now in spite that, like it or not people still need to check the mempool condition using the Bitcoin transaction fee estimator to avoid long/stuck transactions.

[MCobian]

Many newbies are surprised by the high Bitcoin transaction fees, even though this is something that is normal when the price of Bitcoin is high.
Then it affects Bitcoin transaction fees and Bitcoin transaction speed. There is not much you can do, besides accepting this as one of
the weaknesses of Bitcoin. Or you want to get cheap fees when making transfers, my advice is to just convert the Bitcoin you have into altcoins.
Because some altcoins like TRX and DOGE have low transaction fees and fast transaction speeds.

[AicecreaME]

Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?

Yes, but even with higher fees, sometimes it gets delayed because of what we called "Bitcoin network traffic". If I'm not mistaken, every time Bitcoin's price surges, it's transaction demand per block also increases that causes your Transaction getting delayed even with a high transaction fee because the Bitcoin network size is still limited, meaning, your transaction fee is not the highest transaction fee that's being processed by the miners, that's why it is also getting delayed.

You might want to try to accelerate your transaction using any bitcoin accelerator. Anyways, you'll still going to receive your Bitcoin.

[kryptqnick]

I have often posted that I don't believe that Bitcoin was created to be a mass payment method. The 10 minute block generation time, and the 21 million cap are evidence of this. I feel it was a banking experiment that exceeded their expectations. It has become a valuable store of wealth, and they are now taking advantage of that.

But are you okay with Bitcoin being limited to a store of wealth? I realize that many people are focused on the price and profits, but I'm still kinda hoping that Bitcoin will be able to function as money. And of course, #1 issue with that is scalability. It's often not a visible issue when the traffic is pretty low, but if the price is changing a lot, there's a lot of traffic and the fees along with the time required to confirm a transaction spike too high for any daily transactions. However, I hope there will be a way to deal with it in the future, either by off-chain solutions or by accepting unconfirmed transactions.

[nightxglow]

Oh wow that's sure is so long, and i'm shocked to see the fee. I never used btc for any transaction before, since i never find the chance to use it, but i never knew that it will be that high!
But well i kinda understand your point. Btc is changing into "longterm investment" rather than being used as a currency. But it might be because, the place, or the chance for us to use btc is still very limited. Not all country accepted this currency yet, and many people still not be able to use btc as a currency, only able to use them as an investment instead

[semobo]

Hello,

I was made a transfer yesterday
https://www.blockchain.com/btc/tx/c2f026d881fb1e927918f6dbb699636e4fc4591623ceadac80c09a1db07fc03b

I paid high fee:
Fee
$29.26
(176.366 sat/B - 44.091 sat/WU - 339 bytes)

But still didnt get confirmed.

Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?

High fee doesn't always mean your transaction will get include in the next block, who knows after you broadcasted your transaction the required fee increase considerably and your transaction will be more depth from Mempool so you need to wait until the right time comes.

But now your transaction was confirmed,and it happened after you said it is not happening so keep practicing patience.

[vaultman]

Now most people use bitcoin as an investment asset, the initial idea of bitcoin - its widespread use, cannot be realized due to the high commission. Most altcoins are currently superior to bitcoin in all respects. Therefore, it is worth using altcoins for transfers.

[Twentyonepaylots]

This is an issue that has surfaced ever since bitcoin reached really high values. Although in bitcoin's defense, it's not made to make cheap and fast transactions, but it is solely made to give the power back to the people, by means of decentralized transactions, hopefully in the future an aid is given to at least help everyone in terms of making all transactions cheap and fast.