Why Bitcoin still has the most ridiculous amount of fee being charge for every transaction? Why is it still slow? Why didn't they agree on a bigger block size to make room for the new adopters, investors in Bitcoin? Is it possible that Blockstream are the ones controlling Bitcoin?
Before I go on, I need to tell you that I don't support neither Bitcoin or Bitcoin Cash. I support the BLOCKCHAIN and how it will give power to the people and not in the hands of the Banks or institutions.
There wasn't so much problems before in Bitcoin regarding fees but as more people find out and invest in it, the more transactions are generated. Segwit has already been implemented but it does nothing to solve the high transaction fees. It costs $15 to send $10! Like seriously, what the hell?
The planned Segwit 2X never happened? Segwit 2X by the way is an additional 1MB on top of the already 1MB block size. Wow 1MB increase! Why cancel an additional blocksize? Will it really break the system? Bitcoin Cash does it with ease and results in much much lower fees. Below is the current fees as of December 14, 2017.
From November this year, the average transaction was $5, it then went all the way up to $19 on the 12th of November, slowly dropped back to $5 on the 26th of November then a hike up to $21 where it's currently sitting right now.
Watch this Youtube video as to maybe why, what, could be in the Bitcoin community. It's a short video, just takes 2 minutes of your time for some enlightenment.
For some more information read about the future plans of Blockstream using the lightning network in Medium.
https://medium.com/@luxushub/the-truth-about-blockstream-and-the-lightning-network-896d69b48f0f
My thoughts
It doesn't matter if Bitcoin is owned by banks or both it and Bitcoin Cash disappears. There are other blockchains that will replace them. I wouldn't personally want to be paying $5 - $20 per transaction, heck, I don't even want to pay $1. Don't listen to me or others but merely ask the questions.
Resteem, so more people know of this. Research, get the answers and maybe you might wake up from the Matrix.
There are more and more coins to be used other than bitcoin. More and more merchants are not starting to accept other coins as well. So yeah I guess bitcoin is just there for I don't know use for bigger transaction like tens of thousands to justify the fees.
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Pfft stuff that... rather use litecoin even for big transactions. Who in their right mind would want to keep using it for any transaction.
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Or better yet, a DOGECOIN... come on let us pump dogecoin.
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Thank you for the article! Like many, I started reading about Bitcoin as a result of the latest hike in price above $10K. High fees indeed when I did my first transaction. I hear Litecoin is the way to go so keeping an eye on that.
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Yeah there are certainly other blockchains as other options. New Bitcoin adopters will soon realize this and will move. The long time Bitcoin holders will dismiss this, it has not reached 200k after all.
Although I also have Litecoin, I might take it all out and put it all into EOS once the project has gone underway. I believe this is the future and @dan will deliver! Of course Steem is also a great blockchain.
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the transaction fees/ the commsion fees are so crazy, I used to transfer btc to other platforms to buy alt for a while and it was eating all my money!
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Damn crazy right... Just a store of value. It's just not viable to make micro transactions with Bitcoin really.
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yeah true.. now I learnt lesson .. use etherum , so so cheap!
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I certainly share you hatred of fees, in the financial world there is always some rat with a hand in your pocket, I am going to sell some shares and the fee for that has gone up like a rocket as well.
This thing about the banks has been in the back of my mind for a while, thanks.
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This is why Steem is great. No fees unless transacting with other blockchains. We should have a blockchain that takes away control from the banks. This is what I thought Bitcoin was, I am not so sure anymore.
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Maybe check out https://twitter.com/Bitfinexed
Scam of the decade. Classic double entry book keeping backed up only by the greater fool theory.
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