Bitcoin losing its P2P efficiency!!

[Apocollapse]

@new19980

You can use bluewallet because it doesn't have to open a channel although it's custodial https://bluewallet.io/features/

Increasing the mempool size from 300 MB to 2GB or higher won't give any impact as long as the block size and the transactions per second are still same.

Also you shouldn't post in a row since it's not allowed in this forum.

[Richbased]

You know the truth: Bitcoin has just become an investment scheme. Everyone just wants to make money from Bitcoin investments; hence, no one cares about the real goal of Bitcoin. True, Bitcoin still uses a peer-to-peer payment method, but it is insignificant in comparison. Due to the high fees, it has become hard to make payments in any marketplace through Bitcoin. Because congested network transaction times wouldn't meet with the payment gateway. In this manner, it's true that Bitcoin is losing efficiency. Developers should find a solution to reduce transaction fees and avoid congested networks.

You are correct, every Bitcoin investors is just geared on how to make profits from Bitcoin investments rather than use Bitcoin to make transactions from person to person directly without seeking the service or assistance from centralized body or a third party which was the sole reason for inventing bitcoin and due to congestion in the mempool and high transactions fees rate has made the system difficult because transactions now take longer time to confirm so this might cost some reduction in the number of Bitcoin hodlers. Although every investor needs to make some profits from their investments but let's not forget the reason for introducing Bitcoin.

 I quite agree with you that it's developers needs to proffer lasting remedy to this effect if not the number of Bitcoin investors hodling Bitcoin might start depreciating and it might really conquer the goal of Bitcoin becoming massive in other to pave way for it's adoption globally.

[yhiaali3]

According to my personal opinion, Bitcoin lost its P2P efficiency a long time ago, not because of the rise in fees, but because of its deviation from its basic path for which it was created. Bitcoin has turned into an investment only and not to be used as a means of peer-to-peer payment.

When the price of Bitcoin began to rise, people started rushing to own Bitcoin to invest and make huge profits, so most of them forgot or did not know in the first place that Bitcoin is not a way to make money, but rather a means of P2P payment.

Therefore, in my opinion, the high fees are a result, not a cause.

[kojektea]

Bitcoin was originally created for alternative transactions, it was supposed to be used for people who transacted on the black market initially. but because of the uniqueness of bitcoin, which has a limited supply, there has been innovation in bitcoin until it was released to the public. What this means is that they have made this a commodity asset, but that of course eliminates the characteristic of bitcoin, which was originally P2P. but here are the facts. even if bitcoin is made p2p how much will it cost to just make transactions?

[Synchronice]

To my mind, Bitcoin is a currency that satoshi created with short-term plan and he hadn't thought about long-term plans and if I recall correctly, he somewhere mentioned that he had a hope that developers would improve it over time (correct me if I am wrong).

At the moment transaction fees are low but overall, Bitcoin is not always a good choice for making a p2p transactions and it's not the optimal choice the power that miners have and the way whole process works because miners can easily increase the transaction fees if they flood mempool with very high transaction fees (after all, they receive them back via mined blocks, so, fees that they pay to increase transaction fees, aren't wasted).

[Promocodeudo]

You know the truth: Bitcoin has just become an investment scheme. Everyone just wants to make money from Bitcoin investments; hence, no one cares about the real goal of Bitcoin. True, Bitcoin still uses a peer-to-peer payment method, but it is insignificant in comparison. Due to the high fees, it has become hard to make payments in any marketplace through Bitcoin. Because congested network transaction times wouldn't meet with the payment gateway. In this manner, it's true that Bitcoin is losing efficiency. Developers should find a solution to reduce transaction fees and avoid congested networks.

Boss you outlined a fact here, people failed to recognise this problem, this is why most people in the signature campaigns prefers using the exchange wallet to receive their payment in other to avoid any extra fee unless for those who want to hold completely, this high fee of a thing is a problem I hear some people say that bitcoiners should concentrate on purpose for bitcoin existence, but the question is, will people hold forever, no matter how long we hold some day, some time we will make an option either to continue holding or withdraw a little bit and this will pose a threat on us because of the fee involved, I think an urgent attention should be given to the high fee to allow more users to allow more users to embrace this innovation by making payment through the system and indirectly advertising this innovation called bitcoin, though this is my opinion.