High transaction fees

[Metal Brain]

Small purchases are impractical. This is a problem.

For that reason alone Bitcoin is over rated. I'm not surprised it is crashing and dragging the alt coins down with it. Now I realize why Bitcoin hard forked into Bitcoin Cash. Bitcoin's transaction fees will limit it's growth in the future. I will not buy bitcoin unless transactions fees can be reduced. I don't have long term confidence in Bitcoin. It has a growth limit because transaction fees will increase with it's growth.

I have concluded Bitcoin is flawed unless you are rich and always make large purchases. I once considered buying bitcoin to purchase cannabis seeds overseas. Not anymore. It is not worth it because of the transaction fees. Add the volatility of the price to that. Why? Why would I bother? I think many others will conclude the same.

[AB de Royse777]

Don't get too excited with those forked coins or even with all other shitcoins. Imagine the cryptocurrency industry without bitcoin. None of them will exist if Bitcoin is not around.

The recent spike of fees are maybe annoying, but it's temporary.

I have concluded Bitcoin is flawed unless you are rich and always make large purchases. I once considered buying bitcoin to purchase cannabis seeds overseas. Not anymore. It is not worth it because of the transaction fees. Add the volatility of the price to that. Why? Why would I bother? I think many others will conclude the same.

It seems Ver hired you to shill for his shitcoin. You can still buy those cannabis using BCH or BSV or even with your fiat currency.

[The Sceptical Chymist]

Imagine the cryptocurrency industry without bitcoin. None of them will exist if Bitcoin is not around.

None of them would have existed without bitcoin, but (don't crucify me for this) if bitcoin suddenly went away, other cryptocurrencies could fulfill the currency role that bitcoin had quite easily.  And while those forked coins aren't popular on this forum, it's hard to argue that right now it'd be much easier to buy something with pretty much any coin other than bitcoin. 

I once considered buying bitcoin to purchase cannabis seeds overseas.

Careful with that--there are a lot of scammers trying to sell illicit stuff for bitcoin, and often you have no way of telling whether a site is legit or not.  I'd wait until it's legal in your area, too, but that's just me.

[BlackHatCoiner]

Small purchases are impractical. This is a problem.

Small purchases were almost always a problem. It's just more intense now. If you want to make micro-payments without spending a fortune in fees, consider reading what is the Lightning Network. We'd discussed on another thread and as far as I understood, you didn't know what is LN. There is one problem with LN:  It hasn't been adopted by many stores yet!

Now I realize why Bitcoin hard forked into Bitcoin Cash.

Are you sure that you do? Because I don't think that the fees was the cause of Bitcoin Cash. Rather, I'd say that someone found the chance, because of a soft fork, to retain the previous chain by calling it "Real Bitcoin" and himself "Satoshi" just to make money out of it. Not sure why BSV exists, though.

I once considered buying bitcoin to purchase cannabis seeds overseas. Not anymore.

Where does that "Not anymore" refer to? That you can't buy it with Bitcoin? Or that you can't buy cannabis seeds overseas? Because if it's the first one:  Altcoins!

[AB de Royse777]

None of them would have existed without bitcoin, but (don't crucify me for this) if bitcoin suddenly went away, other cryptocurrencies could fulfill the currency role that bitcoin had quite easily.  And while those forked coins aren't popular on this forum, it's hard to argue that right now it'd be much easier to buy something with pretty much any coin other than bitcoin.

Let's understand the market psychology. If bitcoin vanish, no value at all. Value against the standard fiat unit goes zero then there will be panic everywhere. The myth will be everywhere that if Bitcoin disappears then another cryptocurrency form can disappear as well. Means everyone will move away from the entire industry. None will exist any more. Theoretically maybe one can prove it but practically vanishing all bitcoin node, vanishing all saved data of the node owners are not going to happen unless the whole world suddenly goes back to the past when there were no digital form of technology, no digital data storage device.

Bitcoin is going nowhere, Internet is not going anywhere, crypto industry, crypto technology is going to evolve further.

Consider bitcoin as gold and platinum bar in physical form. Other alts are those of cheap silver coins. You can use these silver coins (cheap alts) for regular shopping.

[nullius]

Bitcoin Forum > Bitcoin > Development & Technical Discussion (Moderators: gmaxwell, achow101) > High transaction fees

Small purchases are impractical. This is a problem.

For that reason alone Bitcoin is over rated. I'm not surprised it is crashing and dragging the alt coins down with it. Now I realize why Bitcoin hard forked into Bitcoin Cash.

https://archive.is/zIioX#selection-267.3-489.175

This blatant Bcash shilling is off-topic in Development & Technical discussion.  I am reporting it to the moderator with the suggestion that it be moved to a more appropriate dumpster fire.  Please at least keep your stupid trolling on-topic in the future.  Thanks.

P.S.,

I will not buy bitcoin unless transactions fees can be reduced. I don't have long term confidence in Bitcoin. It has a growth limit because transaction fees will increase with it's growth.

I have concluded Bitcoin is flawed unless you are rich and always make large purchases. I once considered buying bitcoin to purchase cannabis seeds overseas. Not anymore. It is not worth it because of the transaction fees. Add the volatility of the price to that. Why? Why would I bother? I think many others will conclude the same.

Please don’t buy Bitcoin.  Bitcoin does not need you and your drug purchases.  Go away.

Intelligent people know that Bitcoin’s base layer competes with wire transfers, not Visa, and use it accordingly.  They probably have more money than you do, so Bitcoin will get along just fine without you.

[Metroid Kirby]

it gives me such a headache that bitcoin core refuses to raise the blocksize. Their main argument is to keep the cost of running a node cheap due to space but this makes transactions so expensive that people are priced out.

Bitcoin at this point is a failure. Yes the price increases but its unusable for most of the world. Its why many OG bitcoiners like roger ver support bch.

Maybe nullius should read the whitepaper and see what bitcoin was meant to be.

[nullius]

it gives me such a headache that bitcoin core refuses to raise the blocksize. Their main argument is to keep the cost of running a node cheap due to space but this makes transactions so expensive that people are priced out.

Bitcoin at this point is a failure. Yes the price increases but its unusable for most of the world. Its why many OG bitcoiners like roger ver support bch.

Maybe nullius should read the whitepaper and see what bitcoin was meant to be.

Ooh, a Brand New sockpuppet just for me!  I’m not impressed by these children’s games.

P.S., yes, I have read the Bitcoin whitepaper.  Also, I’m poor (an open secret scattered in my post history), and I am not priced out of Bitcoin; I use it just fine.  If its current performance is “a failure”, then I want for it to fail some more, please!

[AGD]

Hey guys. Bitcoin Lightning (NO shitcoin!) is what you need. Electrum wallet supports it btw
If you want to run your own node to make money with routing fees your can build it on a RasPi or you buy a complete RasPiBlitz, that is almost ready to start a node on arrival.

https://shop.fulmo.org/

[webtricks]

Imagine the cryptocurrency industry without bitcoin. None of them will exist if Bitcoin is not around.

None of them would have existed without bitcoin, but (don't crucify me for this) if bitcoin suddenly went away, other cryptocurrencies could fulfill the currency role that bitcoin had quite easily.  And while those forked coins aren't popular on this forum, it's hard to argue that right now it'd be much easier to buy something with pretty much any coin other than bitcoin.

Other cryptocurrencies can be used to transfer the value, no doubt in that! But bitcoin itself is value. Tell me how many of the F500 companies would like to maintain a portion of their reserves in any coin other than bitcoin? None I guess. But they are happily adding bitcoin in their Balance Sheets.

Other blockchains may be getting their own space by providing smart contracts, cheap fees, faster transactions and all those fancy stuffs but no matter how good they do, they will just be a medium to transact value, they can never become the value like bitcoin. And if bitcoin suddenly goes away, believe me the crypto market will die. If the strongest network can be taken down, why not the others?

[Wind_FURY]

Hey guys. Bitcoin Lightning (NO shitcoin!) is what you need. Electrum wallet supports it btw
If you want to run your own node to make money with routing fees your can build it on a RasPi or you buy a complete RasPiBlitz, that is almost ready to start a node on arrival.

https://shop.fulmo.org/

OP’s argument will be, it’s too complicated to use, it’s a banker’s network, it’s not centralized now but it will be, and it’s “not Bitcoin”. Only bigger blocks/low fees are the solutions for “Peer to Peer Digital Cash”, the users don’t need to run nodes, only miners.

Four years later of Bitcoin Cash, then why are there more transactions in Bitcoin? Did the community actually want it, or just a minority?

[Lorence.xD]

Hey guys. Bitcoin Lightning (NO shitcoin!) is what you need. Electrum wallet supports it btw

I don't get why people are still sleeping on LN, it is a promising one for bitcoin. It might be the soltuion that we had been looking for a long time and we just didn't bother checking it out.

[bosede1]

Small purchases are impractical. This is a problem.

For that reason alone Bitcoin is over rated. I'm not surprised it is crashing and dragging the alt coins down with it. Now I realize why Bitcoin hard forked into Bitcoin Cash. Bitcoin's transaction fees will limit it's growth in the future. I will not buy bitcoin unless transactions fees can be reduced. I don't have long term confidence in Bitcoin. It has a growth limit because transaction fees will increase with it's growth.

I have concluded Bitcoin is flawed unless you are rich and always make large purchases. I once considered buying bitcoin to purchase cannabis seeds overseas. Not anymore. It is not worth it because of the transaction fees. Add the volatility of the price to that. Why? Why would I bother? I think many others will conclude the same.

Your deduction about all this is quite too sudden for you to make conclusions based on what you are recently seeing or associated with. I am only saying this because from your post I deduced that you are a newbie on this forum not just sure if this is also pertaining to bitcoin as a whole. Bitcoin is not overrated and it is not flawed

[ropyu1978]

If you do not like Bitcoin, please go, I am very sure without you bitcoin will be fine, and much better, because I believe internet bitcoin, and crypto will always be there and will not go away, if bitcoin goes I am sure the others will follow
bitcoin, although there are many who hate it, botcoin is always at heart ..

[Wind_FURY]

Hey guys. Bitcoin Lightning (NO shitcoin!) is what you need. Electrum wallet supports it btw

I don't get why people are still sleeping on LN, it is a promising one for bitcoin. It might be the soltuion that we had been looking for a long time and we just didn't bother checking it out.

For me, it’s lacking in business development, and a good UX/UI that newbies can use. But I believe it’s currently the wrong time for front-end developers to start building apps on Lightning. Lightning needs more support from Bitcoin exchanges/services.

[hv_]

Small purchases are impractical. This is a problem.

For that reason alone Bitcoin is over rated. I'm not surprised it is crashing and dragging the alt coins down with it. Now I realize why Bitcoin hard forked into Bitcoin Cash. Bitcoin's transaction fees will limit it's growth in the future. I will not buy bitcoin unless transactions fees can be reduced. I don't have long term confidence in Bitcoin. It has a growth limit because transaction fees will increase with it's growth.

I have concluded Bitcoin is flawed unless you are rich and always make large purchases. I once considered buying bitcoin to purchase cannabis seeds overseas. Not anymore. It is not worth it because of the transaction fees. Add the volatility of the price to that. Why? Why would I bother? I think many others will conclude the same.

Same holds for the so sold world computer ETH - there is only on industrial way to get Bitcoin AND smart contracts to scale

some see it

few speak about, cause bashing of trolls is result https://www.youtube.com/watch?v=3MJSEGnpgB8

and it works what was not understood 2014 / 15

https://bitcointalk.org/index.php?topic=431513.0

[carter34]

I am sure that over time, the fees should become lower in order to attract more crypto investors. But how to achieve this, I do not yet know.

Transaction fee I think can be reduced anytime you don't like the fees that you are sending with. You need to select it out or adjust to your capacity to pay for. I believe not many people know such service especially newbie. Sometimes the transaction at low active season is another way to get around high transaction fees.

[TangentC]

Hey guys. Bitcoin Lightning (NO shitcoin!) is what you need. Electrum wallet supports it btw

I don't get why people are still sleeping on LN, it is a promising one for bitcoin. It might be the soltuion that we had been looking for a long time and we just didn't bother checking it out.

1.  LN is overly Complicated.
2.  Losing your Bitcoins when LN is a real possibility if you don't follow the overly complicated rules of LN.
3.  Using an EXchange offchain transactions is cheaper and easier than LN.
4.  Altcoins like Doge do what Bitcoin used to do, except faster and cheaper.

LN is no real solution, the altcoins such as Doge, have more onchain transaction capacity ,
so in the end they are better for actually using as digital money.

Bitcoin is pure investment, that if you are smart , you never ever bother sending onchain.
Bitcoin is for the rich, Doge is for the rest of us.  

[BrewMaster]

Bitcoin is for the rich, Doge is for the rest of us.

then why do you guys only show up here to advertise doge only while it is pumping and you can make some profit (the profit in bitcoins you invested in doge) then disappear the moment that doge starts dumping and we don't hear anything about it for months

[TangentC]

Bitcoin is for the rich, Doge is for the rest of us.

then why do you guys only show up here to advertise doge only while it is pumping and you can make some profit (the profit in bitcoins you invested in doge) then disappear the moment that doge starts dumping and we don't hear anything about it for months

Why did Bitcoiners ignore the lack of BITCOIN ONCHAIN CAPACITY for the last 5 YEARS?

Just Sayin.  

FYI:
Bitcoin Price will still hit infinity verses fiat, but it's direct use for a digital currency is DOA,
thanks to blockstream artificially limiting the onchain transaction capacity.
Alt-coins like Doge never bothered to cripple their onchain capacity which is why they are the usable digital currencies.  
IMO, Doge is here to Stay, it will probably outlast the US Dollar.

FYI2:
I send the same amount in fiat value in doge for fiat transfer fee value of 40 cents, and the same value transfer in bitcoin transfer fees cost me $23.
Simple math. * Note the Doge transfer was 20 minutes faster to confirmation also.*