The Whole Concept of Bitcoin is Failing!

[pooya87]

Consider the situation we were in 2021 and then considering the present situation we are in, what do you think is the problem? Most of us would say nothing! I would say it is the transaction fees, won't you agree on this part.

There is definitely a problem but it is not the fees. The problem is developers that have refused to provide the option in full node implementations such as bitcoin core for users to reject these spam transactions that are exploiting the protocol.

The whole concept of Bitcoin being the cheapest payment system already got ruined after 2017.

The "concept" was never about being cheapest payment system. The main thing was to be a decentralized censorship resistant payment system that is secure (immutable blockchain).
We strive to keep the capacity in a level that prevents prolonged congestion. We can't do anything about spam attacks except patching exploits and rely on the fee market to make the attack expensive for the attackers.

Where are we going as a Bitcoin community? What do the developer plan for the future? Is this infestation being done by the government? Let's discuss possibilities or we might end up with nothing before the next halving.

It's not the time to get into who's behind the attack, it's time to find a solution to remove this exploit in the protocol and prevent the spam. For the time being, I'd say the community should start letting the dev teams know what they demand of them. We'll discuss other options if they continue refusing to fix the exploit or at least give users the option to not-relay these spam transactions.

[1714834552]

1714834552

[1714834552]

1714834552

[1714834552]

1714834552

[1714834552]

1714834552

[1714834552]

1714834552

[1714834552]

1714834552

[YUriy1991]

Where are we going as a Bitcoin community? What do the developers plan for the future? Is this infestation being carried out by the government? Let's discuss possibilities or we might end up with nothing before the next halving.

All about the anonymity, BTC needing to be purchased to get and increase the price, Maybe yes and the government is still a threat to Bitcoin.

This issue needs to be fixed with urgent attention, else the average Joe wouldn't be able to get their hands on Bitcoin because of its high fees when they think about how much they would spend on fees to get a small amount of BTC and seem it's where we are heading to and if care is not taken.

Yes. In this range it tends to be unstable. Fees will always vary where fees are high and always go down when there is a traffic jam where many people complain about withdrawals and If this doesn't do it quickly, it will be a different story. I think this also leads to what you said where miners want to expand block sizes, so they can make more money.

[btc78]

The whole concept of Bitcoin being the cheapest payment system already got ruined after 2017.

first of all to say that bitcoin’s whole concept is being the cheapest payment system may not be the most accurate bitcoin was made purposefully to be used as digital payment but without any third party

now getting that away it is truly worrisome that there seems to be no way around these high fees if bitcoin was used as intended like being used in daily transactions then it will be more congested it seems like the only way right now is to either pay high or do your transactions in times where the blockchain is not busy hopefully developers can soon implement a system where it will allow for faster transactions

[Games.Bitcoin]

Bitcoin is hampered by factors such as environmental impact and regulatory uncertainty, the original vision of a currency outside the control of centralized financial institutions. The original idea of Bitcoin was to introduce a decentralized digital currency account. It is facing increasing scrutiny and challenges to its effectiveness which raises concerns among the public. Doubts have been raised about Bitcoin's effectiveness as a store of value, mainly due to extreme volatility in its price. But addressing these shortcomings and stressing the need for Bitcoin through alternative means will ensure its use as a widely accepted digital currency.

[Rockstarguy]

The high fee of bitcoin transaction needs to be look into, it is dissapointing to be facing a challenge like this which has been hindrance for investors to carry out transactions. This can be a reason for new investors not to have interest to invest in bitcoin because of how the fee  is getting terrible.  I know their are things that could be cause of this challenge,  I think it needs to be look in to. It will be too if this continues like this for a while, it can be an excuse to people to give it is the reason why they could not invest in bitcoin for the bull market.

In the past we have had similar challenge like this but in different degree,  I know this is something that can be resolved for everything to come back Normal.

[pakhitheboss]

The whole concept of Bitcoin being the cheapest payment system already got ruined after 2017. Then came a time when institutional investors started buyin Bitcoin and we saw a new ATH. Everything was looking good until these guys, ORDI started utilizing the infrastructure for their own shit agenda.

I'm curious where did you read "the whole concept of Bitcoin is cheapest payment"? I didn't find it through the whitepaper.

I am assuming that you have read the whitepaper! Then answer my simple question, why and what was the reason Bitcoin was created? Please quote me the page number from the whitepaper, if you reply to my question. Otherwise you would become another troll replying for the sake of quota.

It was never about cheap fee, it was about fees that were below those that the government charged as at that time Bitcoin was the only payment entity that could get funds from one country to other in a few hours in the cheapest of fee.

[Kakmakr]

This has nothing to do with governments, it has all to do with "GREED"!

The developers of this technology (Ordinals) to the people invested in this to the miners mining this.... all are motivated by greed. The thing is this, it is a NORMAL part of how this should evolve, we should allow for technologies to use the Blockchain and developers should find solutions to solve the congested Blockchain. 

There should be FREEDOM to use the technology and the experiment should adapt with it.... because all other tokens would face the same challenges and they should also adapt to it. 

[moneystery]

the problem of the network being constantly congested seems to be something that bitcoin devs need to solve as soon as possible, considering that the adoption of bitcoin is increasing, and once the sec accepts the bitcoin ETF it will bring more and more retail investors into the ecosystem and that could make the network even more congested.

because just imagine if the bitcoin developers didn't solve this problem, at one time people would spend more money just for 1 transaction worth a few dollars, and this is quite funny considering that bitcoin offers a revolutionary payment concept but in terms of a network that is just congested they reluctant to solve the problem.

[crwth]

Isn't it that the whole concept of Bitcoin is decentralization Or giving the capacity to the unbanked to banked type of thing, right? It has done its job very well and it has been continuing. It's just that the network is so congested that it makes the transactions skyrocket which makes it hard for the users to use it. It's definitely expensive now.

Do you guys think that Bitcoin can create that financial crisis for us? Like too many transaction fees to do anything and it cannot be saved from what it should have saved you from? (Since it was created with the financial crisis in mind)

[Mahanton]

Consider the situation we were in 2021 and then considering the present situation we are in, what do you think is the problem? Most of us would say nothing! I would say it is the transaction fees, won't you agree on this part.

The whole concept of Bitcoin being the cheapest payment system already got ruined after 2017. Then came a time when institutional investors started buyin Bitcoin and we saw a new ATH. Everything was looking good until these guys, ORDI started utilizing the infrastructure for their own shit agenda.

What has happened now? High transaction fee, congested Bitcoin blockchain and continuous discussion about Ordinals. Cursing the miners and what not!

Where are we going as a Bitcoin community? What do the developer plan for the future? Is this infestation being done by the government? Let's discuss possibilities or we might end up with nothing before the next halving.

Totally before Ordinals had been created, everything is really that smooth and having these network congestions doesnt really happen often on which it might happen but only once a in a bluemoon on which it is really that something considerable but now that it did really make these things becomes to often on which it is really just that a hassle. Fees are really just that becoming on standard on playing in between $8-38 as far as i had noticed which it do really remove the general or main essence of its existence to be sticking into that utility about p2p transactions. How we would really be able to do such thing if the fees were on the rooftop?

Did make out some search on what would be their plans and comments on this then i have seen on this one.

Bitcoin Dev Claims Ordinals and BRC-20 Only Possible Because of a ‘Vulnerability’
and said this  one too Dashjr confirmed this and said ordinals and BRC-20 would no longer exist.
Source: https://cryptopotato.com/bug-fix-expected-to-halt-btc-ordinals-and-brc-20-tokens-says-bitcoin-dev/

Hope they would be able to resolve this shit condition!

[mirakal]

Change is the only constant in this world. So it's not surprising to see bitcoin concept not the same anymore. However, I believe what you have mentioned are the changes in bitcoin that only last temporarily. Transaction fees are high because there are already seen increased network activity which leads the market to be more congested. So we just have to wait for the regular fees to come back and make huge transactions again.

However, in order for bitcoin to improved and become more developed, certain changes may apply. But those will be positive changes that everyone will agree, and not something like this that everyone gets more confused.

[Z-tight]

the problem of the network being constantly congested seems to be something that bitcoin devs need to solve as soon as possible,

Do you have any proposals for a solution, most of the proposals i have seen is pro censorship, and the network is censorship resistant, so it is against its 'concept' to implement solutions that are pro censorship. It is not as easy as saying developers should simply solve this, but how do they go about it, without setting a precendent of censorship in the network.

---

Did you read the op, or did you use any bot to make this post. You are well off-topic

[Marvelman]

The Bitcoin is dealing with some headaches right now.  There's high fees to send payments, congestion on the blockchain, and people are arguing about how to make Bitcoin scalable.  Yeah, it's getting some Bitcoiners worried and pissed off.   

These issues Bitcoins running into are no joke, but there's ideas out there that could maybe help.  The community's gotta team up to fix this stuff and keep Bitcoin working smooth and  it can be useful tech still but only if the core problems get sorted.

Bitcoin shouldn't have to be the cheapest system ever, but right now the fees are just too dang high.  If you ask me, Bitcoin payments oughta cost about the same as using your credit card or bank account.  That seems fair to me.

Only when the price gets to that point will Bitcoin payments really make sense for most folks.

[kentrolla]

100% aligned with this as I have same complaint as well because Bitcoin was not created as an investment medium but rather as an cheapest and faster way to make P2P transfers without involvement of third parties and I am taken aback looking at the way people are justify these charges stating these higher fees. These fees are unacceptable but some people are least bothered because they have been using Bitcoin as an investment medium wherein they hodl it in centralized exchanges as an investment and convert it to some other coins like USDT or other alts with lower transfer fees incase if they want to transfer. I think people will soon forget the concept why Bitcoin was created.

[taufik123]

Change is the only constant in this world. So it's not surprising to see bitcoin concept not the same anymore. However, I believe what you have mentioned are the changes in bitcoin that only last temporarily. Transaction fees are high because there are already seen increased network activity which leads the market to be more congested. So we just have to wait for the regular fees to come back and make huge transactions again.

This increase in network activity makes anyone have to wait long enough to see a transaction complete because the fee to see a fast transaction is very expensive compared to the assets to be sent.
This is all due to the ordinal BRC20 network, which has a very large transaction rate.
I don't know what changes must be made to overcome this transaction bottleneck that always occurs.
BRC20 has to have its own trajectory, and they have to separate from Bitcoin so that there is not always congestion, but is it possible that it can happen?

However, in order for bitcoin to improved and become more developed, certain changes may apply. But those will be positive changes that everyone will agree, and not something like this that everyone gets more confused.

Positive changes are certainly eagerly awaited, but whether they address network congestion as it currently stands.
Whether to utilize and continue to develop the Bitcoin Network is still an unanswered question.
Bitcoin really needs to escape the congestion that often occurs these days.

Look at how the large increase in the number of transactions in BRC20,
this is always a spike that makes the network always congested.

Source: https://dune.com/cryptokoryo/brc20

The increase in Bitcoin transactions has also increased

Source: https://ycharts.com/indicators/bitcoin_transactions_per_day

[Ryu_Ar1]

For now, transaction fees are still quite high and that's an undeniable fact but I think for transaction fees it starts because there are some situations that make them soar rapidly which results in fees becoming more crazy but on the other hand when a trend or an event starts to disappear then indirectly transaction fees also weaken. This means that in this case transaction fees will only appear in some specific periods and not for the whole transaction fees to jump.
Ordi can be one of the causes of that but I think for this it can still be minimized in the end even though now I have to think a few times to move or issue bitcoin that I have but I am still quite sure everything will definitely return to normal.

[electronicash]

the devs are working on it. but each dev i think also has something in mind. BTC developers are divided in favor of big blocksize and small. i have no updates on what they are doing but they will need consensus on whatever is to be decided including the miners.

it's true though. BTC is designed to be a currency but when the transaction fee is this high, you would rather be using a stablecoin of a network with low tx fees.
one reason why we insist on using BTC is that BTC is best to have as an investment which we prefer to make a profit.

[Sim_card]

ORDI is like a pain in the ass currently for daily bitcoin users, as they can no longer make use of bitcoin as they want die to the high transaction fee. This has kept me worrying what will happen in the future if developers don't tackle this problem. I was thinking that it will last for two weeks but from the look of things, is like it has come to stay and something needs to be done fast, if not it will scare new adopters to the bitcoin ecosystem. This one that more BRC20 tokens will soon be lunched, it means that the transaction fee will be high like crazy and people that can't risk such amount will finally become hodlers. I just hope that everything goes back to normal so that one can enjoy cheap payment for transactions again.

[tabas]

I thought that 2017 was the toughest but it's also nice because we're in the bull run by that time. Toughest as the fees was terrible back then but no it's not the worst but we've got this time more expensive fees. But it still varies and changing from time to time and I'm still in the hope that even with these ordis, sats and other brc20 tokens, we'll still see some light soon. It's not just the right time because they're in demand. What I am thinking right now, we deal with inflation in the real world whilst Bitcoin is a deflationary asset, the inflation that we deal IRL is the fees that we deal here for Bitcoin and transactions that we do. Well, I'm just looking at the brighter side of it that we'll see a new ATH as this could be the indication of it although we didn't experienced this a lot on 2021 bull run.

[coolcoinz]

The whole concept of Bitcoin being the cheapest payment system already got ruined after 2017.

It was never a thing. I don't know who had that concept of the cheapest network but this could never work. Bitcoin transaction was more expensive than a bank transfer 10 years ago.

Is this infestation being done by the government?

What government? the government of the world?

Bitcoin is hampered by factors such as environmental impact

There's no environmental impact. This whole narration is one big lie made to discredit bitcoin.