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Author Topic: Some of bitcoin's aim and purpose have been trampled upon  (Read 218 times)
Winterfrost
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November 10, 2023, 06:32:42 PM
 #21

The way i have used Bitcoin for a while is this: I use Bitcoin as a store of value. My largest holding and i only rarely take from it.
For smaller payments i need to make i use something like USDT on Tron. Its just better for small and fast payments. While Lightning is also an option, its just not widely adopted enough to have an impact
Exactly what am thinking. Perhaps the core developers have decided that BTC should not be used for payments, but as digital gold and as a store of value. Only the rich BTC holders can easily make payment these days. Little amount of Bitcoin transactions on the blockchain is hardly made. The might still be the block size limit and something should be done about it. Am having a though that the price will remain high like this for some time at least till the ordinal hype of a thing is over and if they are reduce now we might be waiting hours for confirmations.

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November 11, 2023, 10:25:46 AM
 #22

There is nothing about Bitcoin that's affected, so I am quit confused about what you mean, it's transparency works still, it's privacy works still, it's decentralization works still, if the high transaction fee is your major problem learn to use the lightening network, problem solved.

Bitcoin fits to be a store of value more than a means of payment, and if you are accepting Bitcoin as means of payment right now then know that some customers will choose to use other digital currencies to pay just to avoid the high transaction fee unless you start accepting lightening network transaction too.

I prefer to store my money in Bitcoin as a store of value than spending it here and there, Bitcoin is more of a digital Gold (an asset) than a digital currency means for making payment.
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November 11, 2023, 12:17:58 PM
 #23

This high transaction fee is affecting those who don't know how to make use of the lightning network, am among those that doesn't much about this lightning network, I wanted to do a little transaction, what they wanted to charge as a transaction fee for just 41$ is 11$, I was helpless at that moment, this made made me decide to hold for a while until the transaction fee is reduced a little, but the truth is, it has affected me because there are things I wanted to use that fund for, as for the reliability, security and other benefits that's accompanied with bitcoin, they are all intact.

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November 11, 2023, 12:41:29 PM
 #24

Am I the only one seeing this recent happening on the high transaction's fee of bitcoin as a direct attack on bitcoin purpose?
Tbh, It can be seen as an attack as it deprives others the opportunity to use the cryptocurrency they love and own!!

But then if we talk of financial freedom, we need people to use their coins however they like but if this spamming of the network makes it unused, then let's take this as positive criticism and allow for large volumes of transactions!!! Perhaps another fork by our devs should be in the pipe line...

Some of the things that make bitcoin unique and part of its purpose are: privacy, decentralisation, transparency, security, seamless transactions, and above all, financial freedom. Being in control of your holdings—when I say control, I mean total control—you decide when to spend your holdings and when not to spend them, and there is no limitation in terms of when they could be used.
If we are talking about no limitations, then the spamming of the network should also be accepted as these transactions are not free and being paid for at a premium by the users.... choosing to control how people spend their Bitcoins makes us no different from our governments and love to control everything.
 
 
Some of bitcoin's aim and purpose have been trampled upon, which don't look good on the network at all.
Supply and demand will also play their role and affect
it  negatively or positively which is something we don't account for...

R


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November 11, 2023, 06:14:43 PM
 #25

Exactly what am thinking. Perhaps the core developers have decided that BTC should not be used for payments, but as digital gold and as a store of value. Only the rich BTC holders can easily make payment these days. Little amount of Bitcoin transactions on the blockchain is hardly made. The might still be the block size limit and something should be done about it. Am having a though that the price will remain high like this for some time at least till the ordinal hype of a thing is over and if they are reduce now we might be waiting hours for confirmations.

Even when we didn't have Ordinals, fees were quite high for payments purposes.

As for Bitcoin Core, I wouldn't say that they don't want bitcoin to be for payments — it's just the fact that they think the base layer needs to be decentralized enough and easy enough for node-running. Their preferred solution is to have payments infrastructure on a different layer, though unfortunately none has been successful as of yet.

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PrivacyG
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November 11, 2023, 06:23:17 PM
 #26

Even when we didn't have Ordinals, fees were quite high for payments purposes.

As for Bitcoin Core, I wouldn't say that they don't want bitcoin to be for payments — it's just the fact that they think the base layer needs to be decentralized enough and easy enough for node-running. Their preferred solution is to have payments infrastructure on a different layer, though unfortunately none has been successful as of yet.
I rather believe the fees issues were not expected and Bitcoin is already too massive to make big changes and experiments.  If we were back in 2010 it would be easier to experiment.  Now it is something along the lines of a business contemplating a rebranding after years of decline in revenue.  It is very risky.

Another Layer is the least risky way of experimenting as of now.  Layers and trying out new features on Shitcoins before even contemplating adding them to Bitcoin.

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November 11, 2023, 08:48:54 PM
 #27

No sudden spike of block time and I disagree to call that Bitcoin has a network congestion.

Depends on what you say this congestion refers to:
- network health, yeah is not congestion because the network can't carry more data to experience packet loss
- transaction confirmation it's pretty much a congestion there, there are more tx waiting than can pass in the next block, and the moment even on of them is refused because of lack of space you have text book traffic congestion.

Even when we didn't have Ordinals, fees were quite high for payments purposes.



The median fee was almost all year except for the first Ordinal spam wave and the now second one below 1$ on average, constantly touching 10-20 cents range, it might have been much for some countries but when I see my favorite coffee at 1.99 euro 10 cents is still doable, once you go over $10 it becomes less than 1%.

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November 11, 2023, 09:01:04 PM
 #28

Financial institutions are fighting their best to keep Bitcoin at half mast and leave their financial structures afloat and shoving it down people's throats, this is done at the surface, beneath the surface, its still gaining traction.

The reason why Bitcoin and crypto related projects is being sued is just because they want to trample upon its aims but I trust them to loose out on their bids.

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November 11, 2023, 09:06:40 PM
 #29

I can relate to the fees, if you were making a transaction of so much money, you wouldn’t notice but if you wanted to transact little, then it becomes obvious. The good thing about all of this is that the transaction fee is not fixed. The fact that we’ve seen fees way lower than what it is now gives us hope that it’ll be lower again. Ethereum did the same thing the other time and I recall that I had paid transaction fee of over $50. Today, it’s a lot different.



 

 

 

 

 

 


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