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Author Topic: I don’t think bitcoin is now decentralized  (Read 593 times)
Wakate
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December 28, 2023, 05:53:03 PM
 #61

For those of us who do small transactions, the difficulty is especially high as small transactions are charged more.Those who are charging more are working earlier and those who are charging less are doing it later. In my opinion, to reduce these charges, we all need to be a little more stable and if we are stable, the transaction fees will be reduced. As we reduce transactions the mempool congestion will decrease and as congestion decreases high transaction fees will decrease.
A lot had been happening in the Bitcoin Blockchain making many people to look for alternative ways to send money to their love ones and make transactions. Many people had recovered alternative tokens that has low network fee like Tron network and Binance smart Chain because of what is happening currently. I believe this problem was creative by miners so that they would make more money from network fees congesting the Blockchain network. Something need to be done to reduce the network fee or else people might start dumping Bitcoin for some other cryptocurrencies just like how it happens when the Ethereum fee was very high that made many investors to dump the Ethereum Blockchain for some other chains that has low fee.

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February 05, 2024, 05:28:34 PM
 #62

Because little transactions incur higher fees, it is particularly tough for those of us who do them. Individuals who charge more often work earlier in the day, while those who charge less frequently work later. I think that in order to lower these costs, we should all strive for a little more stability. once we achieve this, the transaction fees will also be lowered. mempool congestion will go down as we decrease transactions, and high transaction costs will go down as well.
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February 05, 2024, 09:18:38 PM
 #63

The meme pool has nothing to do with the decentralization buddy, you are on the wrong track, if you are encountering network fees & network congestion you should look for the scalability solution because decentralization has nothing to do with it In the first few moments I thought this is gonna be the joke of the day but seems like Op by misconception created this thread.

I can consider myself one of the people who learned about how the Bitcoin network works and how network congestion-related problems are taken into count this day with the help of senior fellows, a few weeks ago, I was supposed to ask a few questions which I was expecting has been already covered before but in the flow of discussion on that thread I did asked them and of one senior explained things out, that the solution's I was asking were removed due to the misuse of the system from the meme pool Moral of the story is buddy if you find it difficult to know about the base concepts just ask don't blame.

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February 06, 2024, 07:38:14 AM
 #64

BTC is still decentralized in my opinion
EarnOnVictor
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February 06, 2024, 10:06:52 AM
 #65

BTC is still decentralized in my opinion
You have the same view as mine, Bitcoin is decentralised and what the OP is trying to explain is a different issue entirely. Bitcoin is and remains the most decentralised cryptocurrency in the world and has been able to preserve it for years. That is why people and developers are always careful of scaling it better like what other altcoins are doing for better purposes and functions. They believe that leaving it as it is in most cases is the best answer to preserve its decentralization nature which is one of the core goals of Satoshi in creating the coin.

If they could be determined this much despite all the flaws noticed and what altcoins are enjoying with their upgrades, I think it's rather worth celebrating and not ridiculed.

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February 06, 2024, 09:23:47 PM
 #66

About 20+ days ago ,I sent a transaction with 5000sats fee.

20+ !

It hasn’t been confirmed yet!

Ok to pay more ,confirmed faster.

But isn’t it ok for pay less confirm slower?

The miners are too centralized,and a lot of dust trans was made every day.

From A to A with high fee rate! Why does this transaction exist?

I don’t think a normal man would make such a nonsense transaction.
Does transaction fee make crypto centralized?
Bitcoin is still decentralized the only thing that change is the price of crypto and the amount for a faster confirmation.
Before sending out your crypto make sure that the transaction fee is enough so that it wouldn't be delayed.
If you are in a rush to get your Bitcoin then you should be prepared to pay the amount that is needed, if you couldn't afford it then use other crypto for a smaller fee.

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