How much of a future does bitcoin have with $16 transaction fees?
As bitcoin has been thrust into the spotlight, some of it's major weaknesses are being exposed.
It's large network fee being one of the biggest.
Check out the current divergence in fees:
(Source: https://twitter.com/Bitcoin/status/951685556047613952/photo/1 )
This is precisely why bitcoin cash was created in the first place.
Bitcoin's inability to deal with this large transaction fee might end up ultimately leading to it's demise.
Bitcoin still has potential as a decentralized, unhackable, store of value, but it's overall potential is limited if that is it's only appeal.
I think it's time for a fee-less, and nearly instantaneous cryptocurrency to stake it's place among the top 10 cryptocurrencies in the world. I'm looking at you steem.
Oh and by the way, there's this:
https://investorplace.com/2018/01/4-bitcoin-alternatives-that-you-need-for-2018/#.WlpJFPmnGM8
Check out the 3rd coin down. Steem gets a shout out. ;)
Stay informed my friends.
Follow me: @jrcornel
Things on the internet surge and die very quickly. Just look AOL, Yahoo, MySpace. And Bitcoin is just dying in this exact moment. Just loonk at the Market share plummeting. Now it is at less then a third 33%. Tomorrow it will be even lower.
Sure, nevertheless BTC could surge another time and 2018 could become a decisive year for Bitcoin with the advent of Lightning!
Bitcoin is that candle which burning itself to show a path to altcoins.
1.60% @pushup from @discernente
This post has received a 2.64 % upvote from @boomerang thanks to: @discernente
I'm done with BTC. I'm cashing out. I've had too many transactions held up and cancelled because of "low transaction fees" as if .004 BTC is too low to be processed.
BCH and ETH are my new go-to coins for transactions.
For me, with this much fees, bitcoin is living its last days. That is insane man, like you have to pay more than $15 for the transaction of $12.
RIP bitcoin.
I totally agree with the OP if BTC does not change status-quo, its days are numbered.It is already losing market share, now 32% and used to have 60%.
On the other hand, STEEM is the cryptocurrency with the most number of utilities and functionalities.
The following gif is made by me to compare STEEM's zero fees with top cryptocurrencies. Please feel free to use without any attribute.
For more: https://steemit.com/steem/@riseofth/comparison-of-steem-s-speed-scalability-and-fees-with-major-cryptos-please-use-them-all-over-the-internet
The transaction fees make bitcoin a wild horse hard to tame
I'm just going to put this here.. https://www.coindesk.com/lightning-bitcoin-scaling-tech-really-know/
Agree with most if what this topic has, but at the same time it's all been said before when BTC hit 1k, 5k, etc.
I'm hoping Steem jumps as I'm new to puting Money into crypto and have found myself here, but I still think BTC will be top dog for a while.
I couldn't agree more with you
I do understand that bitcoin transaction fees can sometimes get high, but as of the moment of writing this comment they are actually only about $5. If you go here: https://dedi.jochen-hoenicke.de/queue/more/#2h you can see that the best price is around 160 satoshis per bitcoin, and that could get confirmed the next block. Every time the price has a major, fast change the mempool gets a lot more transactions but within a few days it clears out (to somewhere around 120, 140, or 160) leading to around $4-6 fees. Of course, I wish it was nothing but sometimes it's better just to wait before sending a transaction (Of course, if the price went up a lot, you may want to pay the higher fee to sell more quickly)
So basically Bitcoin is only usable when there are relatively few transactions. Does not bode well for the promise of using it in place of cash / credit transactions. The fees are also only half the issue, since the long confirmation times also make it unusable. Right now it can barely provide decent service processing only investment transactions, so what happens if/when people actually start using it for payments? The Lightning Network is the only hope for Bitcoin to remain a contender for being the cryptocurrency of choice, but even that seems like a kludge to fix a poor design. With so many better blockchain technologies out there my money is on the altcoins - only problem is with so many it's hard to predict the winner(s)
I have been using bitcoin for payments for over a year now (gyft.com) and earlier, the transaction fees were lower but even now as long as the price settles down for even a day I can usually get a transaction in for under $10, sometimes even only $5. Yes, this is a problem simply because if the price rapidly goes up a lot it would be harder to spend, and it is important that the lightning network get developed as quickly as possible in order to increase the ability for bitcoin to be used as a payment method. With the fees I mentioned above, and in a low transaction time (which happens daily to once every few days), a transaction would most likely confirm within 10-30 minutes (Any more would simply be because a block has not been found in a while). Quite honestly, I have tried using ethereum before (for cryptokitties), and I was shocked when my transaction fee was evaporated and the transaction itself never occured (That is, it ran out of gas). At least with bitcoin I know that it could just be in the mempool, and if I wanted to I could put it into a transaction accelerator.
there is no future with such ridiculous fee amount
No, there is no future because BITCOIN is ruled and controlled by few miners in china and they do not allow any good change to happen to BTC, because the slower it is -the more they get BTC from mining.
The Chinese Miner is moving out to other countries now. Hope Bitcoin transaction fee reduces soon.
Lool, you sheep need to get more educated, it is not really the miners, the developers at AXA/blockstream/ main BTC core have publicly stated they don't mind high fees (the blocks are full nothing can be done ATM...)
Nice story
It's simple, bitcoin doesn't have a future. While bitcoin cash is better, I doubt it will be the next #1 coin since there are much better alternatives.
*shitcoin trash
u like ur btc slow huh
btc xfers just fine with bitpay wallet or mycelium...nearly instant. true story.
Hey yato! the god of calamity!
Love that anime!
Hey yato! THE GOD OF ''CALAMITY''
Love that anime!
Heyy, I'm the god of fortune now! >:(
I agree with you, yato, that bitcoin probably doesn't have a future. One simple question makes me think this: why would we hold onto a worse technology than go with other cryptos who were born with better technology already?
I think it's the result of:
EDIT: 5. Bitcoin's name
Yup I agree with all your points, especially having to buy bitcoin before alts. Once people can buy alts straight from fiat without paying huge fees that may very well end bitcoin's #1 market cap reign. I followed ya back btw.
Bitcoin will survive. The technologoical problems will be solved. Too many people have declared it dead. With every attempt to kill it it gets stronger.
See Bitcoin obituaries to realize that this FUD about its demise goes way back:
https://99bitcoins.com/bitcoinobituaries/
BTC will definitely die. It is just a question of when. Will it be in the next 12 months due to transaction fees? Or will it be next 12 years once SHA2 encryption is cracked.
There will be far superior alternatives in 10 years for sure, arguably there are many superior alternative blockchains already up and running today.
I think Bitcoin will survive, but the growth will be limited vs. other projects. Or maybe it goes the way of Myspace. Who knows.
The way I understand bitcoins death is kinda Like myspace's tbh.
No, there is no future because BITCOIN is ruled and controlled by few miners in china and they do not allow any good change to happen to BTC, because the slower it is -the more they get BTC from mining
Bitcoin 2.0 looks like it's gonna change a lot of what people are hating on it for. Can't wait to see what happens there.
I'm definitely interested in what the lighting network will do for btc, but imo it will just bring centralization.
Hi Yato, Iv been following your responses so far and I hate to say it but i tend to keep agreeing with all that you are saying.. if you had to pick three what do you propose as better alternatives ?
Well, I'm definetly not an expert so don't take my word for it.
Well, my top three picks are steem, IOTA, and EOS. I also really like monero.
I also have investments in bch and ltc since they may grow.
this is not financial advice
I don't mean it in a way "boohooo us government doesnt recognize it boo hooo all cryptods are a scam LOL", I just think that bitcoin is outclassed by technologically better coins.
I agree, Bitcoin will survive.
But it's not going to hold its price. It's going to cool down, it's going to lose some big investors, and it's going to see some drastic changes to the ways it's being used.
A Bitcoin crash has been predicted by Quinlan & Associates for 2018. This is a 150 page analysis from a major firm and is backed by a lot of real data and professional analysis. This is not an old guy in his basement who doesn't like Bitcoin and decided to post his opinion. This is an analysis by a firm who took the time to crunch the numbers.
Ok I will definetly look into it. Even though it doesn't effect me as much since I don't own much btc
It will be interesting to see if people use BTC like a savings account. It Does not look very likely at the moment.
I don't think it's worth it tbh, when you loose a lot of money just taking out a part of your savings.
I guess BTC should be seen as the cryptogold. You dont walk with a goldbar over the streets to buy your new pair of shoes. So why sending gold. Its just an crypto with high value
why btc as cryptogold? It looks like something like sbd would be better when it actually gets stable.
True and network effect is important. It seems to me Dash should be next king of the hill in spite of advantages of say bitshares, zencash and steem.
Dash definetly has a chance, but it has some sketchy stuff with it's release so I'm not the biggest fan
BCH is SLOWER then bitcoin, pls do math.
How is it slower than btc when it has a bigger blocksize?
The use case for Bitcoin at the moment is store of value rather than medium of exchange. Security comes at a price. I would suggest only moving larger quantities of BTC at moment in order to reduce the impact of the fees. Some of the network congestion is due to Coinbase spamming the network which will hopefully be resolved soon.
I think it's really annoying paying more than a regular bank transfer. Have been moving more into alts now, hope the better coins can get some attention too. With that said, not saying RDD is the one but here's my technical analysis on it.
https://steemit.com/bitcoin/@benkalashnikov/redd-rdd-analysis-123-potential-profit
Thank you for this post.