How much of a future does bitcoin have with $16 transaction fees?

discernente (76) · 7 years ago

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.

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4 votes

smcaterpillar (52) · 7 years ago

Sure, nevertheless BTC could surge another time and 2018 could become a decisive year for Bitcoin with the advent of Lightning!

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swpnl7 (39) · 7 years ago

Bitcoin is that candle which burning itself to show a path to altcoins.

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pushup (51) · 7 years ago

1.60% @pushup from @discernente

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boomerang (56) · 7 years ago

This post has received a 2.64 % upvote from @boomerang thanks to: @discernente

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nikethemutt (53) · 7 years ago

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.

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suf1an (57) · 7 years ago

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.

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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

riseofth (62) · 7 years ago (edited)

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.

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6 votes

chelinxar1 (32) · 7 years ago

The transaction fees make bitcoin a wild horse hard to tame

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alextracy (30) · 7 years ago

I'm just going to put this here.. https://www.coindesk.com/lightning-bitcoin-scaling-tech-really-know/

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tups (34) · 7 years ago

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.

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chelinxar1 (32) · 7 years ago

I couldn't agree more with you

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joshglen (60) · 7 years ago

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)

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americandad (25) · 7 years ago

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)

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joshglen (60) · 7 years ago

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.

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sonny.dharmawan (58) · 7 years ago

there is no future with such ridiculous fee amount

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tommixoft (25) · 7 years ago

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.

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chenhs (55) · 7 years ago (edited)

The Chinese Miner is moving out to other countries now. Hope Bitcoin transaction fee reduces soon.

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o1123581321 (41) · 7 years ago (edited)

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...)

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steemitfriend (64) · 7 years ago

Nice story

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yato (43) · 7 years ago

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.

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6 votes

vortex3322 (25) · 7 years ago

*shitcoin trash

5 votes

yato (43) · 7 years ago

u like ur btc slow huh

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gamerguy51 (31) · 7 years ago

btc xfers just fine with bitpay wallet or mycelium...nearly instant. true story.

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kettleyer (49) · 7 years ago

Hey yato! the god of calamity!

Love that anime!

kettleyer (49) · 7 years ago

Hey yato! THE GOD OF ''CALAMITY''

Love that anime!

yato (43) · 7 years ago

Heyy, I'm the god of fortune now! >:(

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investingtips (3) · 7 years ago

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?

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yato (43) · 7 years ago (edited)

I think it's the result of:

People new to crypto buying the most well known coin
People wanting a huge profit since a lot of people are buying btc
Bitcoin maximalists that fail to see that there are crypto better than btc
The fact that in most cases you can only buy altcoins first buying btc
EDIT: 5. Bitcoin's name

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investingtips (3) · 7 years ago (edited)

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.

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3 votes

https://99bitcoins.com/bitcoinobituaries/

appone (46) · 7 years ago

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:

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davebrewer (59) · 7 years ago

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.

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thinkinghuman (47) · 7 years ago

I think Bitcoin will survive, but the growth will be limited vs. other projects. Or maybe it goes the way of Myspace. Who knows.

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yato (43) · 7 years ago

The way I understand bitcoins death is kinda Like myspace's tbh.

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tommixoft (25) · 7 years ago

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burgershewrote (38) · 7 years ago

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.

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yato (43) · 7 years ago

I'm definitely interested in what the lighting network will do for btc, but imo it will just bring centralization.

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bjd (25) · 7 years ago

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 ?

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yato (43) · 7 years ago (edited)

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

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yato (43) · 7 years ago

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.

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weaselhouse (46) · 7 years ago (edited)

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.

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yato (43) · 7 years ago

Ok I will definetly look into it. Even though it doesn't effect me as much since I don't own much btc

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cryptohawk (25) · 7 years ago

It will be interesting to see if people use BTC like a savings account. It Does not look very likely at the moment.

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yato (43) · 7 years ago

I don't think it's worth it tbh, when you loose a lot of money just taking out a part of your savings.

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miezzz (25) · 7 years ago

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

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yato (43) · 7 years ago

why btc as cryptogold? It looks like something like sbd would be better when it actually gets stable.

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leprechaun (56) · 7 years ago

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.

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yato (43) · 7 years ago

Dash definetly has a chance, but it has some sketchy stuff with it's release so I'm not the biggest fan

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tommixoft (25) · 7 years ago

BCH is SLOWER then bitcoin, pls do math.

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yato (43) · 7 years ago

How is it slower than btc when it has a bigger blocksize?

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jjcali (57) · 7 years ago

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.

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https://steemit.com/bitcoin/@benkalashnikov/redd-rdd-analysis-123-potential-profit

benkalashnikov (60) · 7 years ago

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.

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missabi (46) · 7 years ago

Thank you for this post.

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grizgal (55) · 7 years ago

The high fees are an issue of trying to move smaller amounts but if trying to move large amounts of money they are still very competitive. I agree that for bitcoin to have utility as a currency, fees need to come down but if it is only used as a settlement layer for things like the lightning network etc, fees are acceptable! Plus if a large portion of transaction are taken off the block chain, fees should come down anyway.

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misrori (63) · 7 years ago

When the lighting network will be implemented, a bitcoin will be a million bucks

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charles92 (47) · 7 years ago

Despite the high fee, i believe btc has made name for itself, they have a solid brand

Most people would rather go with the efficiency of a good crypto with prospects even with its high fee

#speaking from experience

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importanteye (34) · 7 years ago

Brand? lol

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charles92 (47) · 7 years ago

Yea brand, dont you know what that is?

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hedge-x (57) · 7 years ago

This is tech and things change very quickly. Look how Myspace had a brand with huge following then let it go due to well many developmental reasons.

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charles92 (47) · 7 years ago

Yeah... I believe you, and i am still very much shocked at how Myspace went down, however, i dont see bitcoin in that light, their high transaction fee shouldn't translate to them losing followers to the retent of collapsing

I think if the pressure mounted on them becomes much, they will definitely reduce the fee, but they still doubtfully remain one of the best as far as crypto is concerned at this very moment

Thanks for your input🙌

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hedge-x (57) · 7 years ago

Thanks for your post. There's a very long story how Bitcoin development became centralized that most Bitcoin Investors are not aware of. I highly doubt the block size will ever be raised on Bitcoin Core and its very unlikely Bitcoin's Lightening Network will solve scaling problems anytime soon.

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leprechaun (56) · 7 years ago (edited)

Perhaps "brand" is not the term some would use but the meaning is ~~correct.~~ reasonable. Time will tell. Those who move millions on a weekly basis still have no problem with Bitcoin fees. It's all a matter of use cases. Buy houses and cars with bitcoin. For VPS or coffee, forget it.

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cryptomarv (25) · 7 years ago

I don't see a future for bitcoin as a currency. The high fees are artificially created to make the implementation of the lightning network necessary. This network will be much more centralized and eventually create hubs because users have to maintain open channels for transfers and therefore want to maintain as few channels as possible. Not a good solution and definitely not a solution I would ever want to use.

At least we have alternatives like BCH and there are a ton of other coins with superior utility for day-to-day transactions.

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raphal (39) · 7 years ago

no future

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nuthman (69) · 7 years ago

I hate to be repetitive as this has been said enough, but bitcoin has a future as a store of value. Buy it and forget about it, like gold. I would say Bitcoin Cash would be a good coin for day to day transactions, but I feel like the community around this coin is a little bit mischievous and is a somewhat hostile player in the cryptocurrency community.

I've found that Bitcoin Cash supporters often spread FUD and try to destabilize bitcoin by warning of it's imminent downfall every time there is a selloff. This sort of taints the whole spirit of Cryto. Both coins can easily co-exist.

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kettleyer (49) · 7 years ago

Bitcoin more like Donald trump coin!

Ever since the increasingly massive rise of bitcoin people who are beta testers from 2003-2012 are the one's benifitting the most and only the rich can also participate.

people from 2003-2012
consist of traders and miners.

Because of the rise of bitcoin it has created a mountain too steep to be hiked by a average american only ''EXPERIENCED'' and ''POWERFUL''(RICH) people can do it!

Bitcoin has become inhumane.

johnz14 (65) · 7 years ago

That's why the market percentage of Bitcoin trading is lowering rapidly.

I predict Ethereum a really good future, because of its' good infrastructure and use even outside of cryptocurrencies.

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4 votes

jrcornel (84) · 7 years ago

I saw that it is down to about 32% now, one of the lowest levels I have seen.

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5 votes

grizgal (55) · 7 years ago

Ethereum is also struggling with capacity issues right now as it cannot cope with high transaction numbers. If you want high numbers of transactions, look to EOS, bitshares and Steem!

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nicol2000 (6) · 7 years ago

can you follow me

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solvent (36) · 7 years ago

I can

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buster544 (52) · 7 years ago

Etherium is actually doing quite well,
https://coinmarketcap.com/currencies/ethereum/
Ethereum (ETH)
$1,415.42 USD (12.97%)
Bitcoin fees are crazy high, EOS is the other one to watch.

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hedge-x (57) · 7 years ago

Utility is the name of the game in the future of Crypto. Bitcoin is a little like voodoo money where the price is purely based on speculation. Steem and Ethereum have a lot of application utility beyond currency speculation.

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cryptohawk (25) · 7 years ago

Ether is too big to fail at this point, hundreds of tokens are built on its platform. It will be the Alt-coin that dethrones Bitcoin.

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sparkofphoenix (61) · 7 years ago

I really want bitcoin to succeed, but it has to change :/

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appone (46) · 7 years ago

It will

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leprechaun (56) · 7 years ago

It did but the 1MB was kept going on a fork called Bitcoin-Core. The real Bitcoin is Bitcoin Cash.

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kp138 (68) · 7 years ago

Bitcoin fees are high. If only there was a platform with no fees....hmmm Steemit anyone :)

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izzy (46) · 7 years ago

RaiBlocks

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fona (55) · 7 years ago

@jrcornel thanks for sharing. I have a little request I was reading on the antminer S9. I didn't really understand much, can you please do a blog post on it? Thank you.

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izzy (46) · 7 years ago

Bitcoin is not a currency. It is a store of value. And hopefully lightning will come soon enough. Right now, it is the least risky crypto.

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vdux (60) · 7 years ago (edited)

Bitcoin will be around for a long time if people want it to be. It doesn't have to be a transaction coin to have value. BTC is easy to buy, easy to store, and easy to sell. And the tech is bulletproof. For that reason, it may well outlast us all. Or, fade away. Who knows!

As far as use for transactions, there are a few others trying to do this. I'm certain STEEM will be one of a few cryptos that serve as transaction coins. Maybe even the dominant one. I expect Amazon and other large companies to also offer cryptocurrency. Facebook too. If there's a way for these guys to make money, they'll do it, and then we benefit from choices.

If the Facebook thing concerns you, here's a nice article that you may appreciate: http://www.nasdaq.com/article/can-facebook-fb-make-cryptocurrency-more-mainstream-cm904405. They're not saying they're going to create a crypto, but...it's Facebook, guys. They want to rule the world.

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automaton (56) · 7 years ago

Lightning network time

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3 votes

cryptohawk (25) · 7 years ago

This may be the only thing that keeps it alive.

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https://bitcoinmagazine.com/articles/keep-eye-out-these-bitcoins-tech-trends-2018/

saltycat (55) · 7 years ago

Bitcoin as it is presently constituted is untenable. From its way too high fees, lack of scalability and its huge energy consumption. Having said this, maybe we shouldn't throw the bay out with the bathwater. Lightning network is coming to bitcoin and this could make a huge difference. According to a very in depth article in bitcoin magazine there is also:
increased privacy through Tumblebit and Zerolink, more sidechains, more adoption and to cap it off a Schnorr Signatures Proposal. Any techies out there understand these new developments coming down the line? Do they have the potential to rejuvenate/rescue bitcoin?

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johnesan (58) · 7 years ago

One thing is for sure, before the end of 2018, bitcoin would have lost its number one spot. It is now defeating the purpose of its creation in the first place; One of which is, low transaction fee

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cmoljoe (53) · 7 years ago (edited)

BTC will go down eventualy. Fees are just to high. Only thing that is holding it up is reputation as main cryptocurrency. When people realise it's the most non efficiant crypto now, it will go down slowly...until some crypto's marketcap goes over BTC's cap..than it will tank down rapidly.

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automaton (56) · 7 years ago

See you @ $28000..

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cmoljoe (53) · 7 years ago (edited)

Maybe, but it will go down eventually...

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alinix (51) · 7 years ago (edited)

Stay informed my friends -

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vortex3322 (25) · 7 years ago

Lighting network will solve this problem.

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gduran (69) · 7 years ago

Yes, transaction fees are just too much, I think Litecoin is a better option right now, at least for moving money around.

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splendorhub (61) · 7 years ago

@jrcornel Once the dust settle everyone will be more than happy with bitcoin cash. Thank you for sharing, have a wonderful day :)

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faikprofail (35) · 7 years ago

In the long term btc will be, what Gold was for us till now. Maybe it was not meant like this but this is what it became. For me its ok and as you have dash, ltc and some other coins with less transaction fees and processing time its an even better setting for cryptocurrency really change the world.

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mtl1979 (50) · 7 years ago

People are already hoarding Ethereum like crazy... In one exchange its value has peaked at almost tenfold price. If this continues for long, Ethereum will be more valuable than Bitcoin.

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funbobby51 (59) · 7 years ago

Interesting, when Tesla invented AC he licensed his patent to Westinghouse for $1 a kilowatt, just imagine that, he realized that was way to much and waived his fee so that AC could become successful.

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zahidkhanniai (46) · 7 years ago

Nice good post

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cmbugua (47) · 7 years ago

Awesome post! @jrcornel What's your view on the proposed lighting network built on top of bitcoin? it will reduce the fees, the confirmation times , which is why the forks (litecoin, BCH) came about in the first place, will the LN make the forks redundant?

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krischik (61) · 7 years ago (edited)

Last month Ethereum shown much better slow but stable growth:

While Bitcoin shown a more a slow but stable decline:

So yes, Bitcoin has a problem.

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angela.ghkh (56) · 7 years ago

Actually I don't think so..

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agbe (25) · 7 years ago

Chill guys - Lightning network is here

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charitybot (63) · 7 years ago

One of the most powerful arguments against Bitcoin is the centralization of power, Steem is highly centralized in who owns it and this will be a detriment to future adoption. Zero fees don't matter if there is little to no money flowing through a system when the majority do not have enough to make meaningful exchanges with, and everyone is holding onto it for speculative purposes.

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awesomealex (25) · 7 years ago

Wait for the implementation of the lightning network then we will see.

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asifgoraya123 (14) · 7 years ago

Bitcoin is no doubt a #KING but i think its time for Alts like Bitcoin Cash XVG etc with more less transaction fee and faster than #bitcoin. So every one will be moved to #Altcoins but #BTC will still remain the #KING

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marioberlese (48) · 7 years ago

Hey @jrcornel excellent post, GO GO steem..

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mokulkhan (0) · 7 years ago

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Reveal Comment

sangronisgregori (54) · 7 years ago

someday some day I will be like jrcornel

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samuel-swinton (61) · 7 years ago

I think you are right about the transaction fees. We need an entirely new architecture to support day-to-day transactions at reasonable fees. I have been looking at RaiBlocks as a possible solution.

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leprechaun (56) · 7 years ago

I just see that the Bitcoin-Cash fork is as much Bitcoin as Bitcoin-Core fork. Bitcoin Cash didn't immediately get the market acceptance of Bitcoin Core when they forked into two, but now I can use Bitcoin-Cash pretty much anywhere I can use Bitcoin-Core. I don't care what happens to Bitcoin Core, they wasted the first mover advantage, and now the market will use several altcoins as a result. Now with each of these altcoins offering more than a megabyte of transactions per ten-minutes we have a kind of horizontal scaling onto multiple chains. We probably can go for another ten years without these all filling up. Suppose we have more than 8MB on each of these. I think Dash made its blocks 2MB just to show it is not afraid of increasing the block size. Litecoin had 4MB per ten minutes by virtue of its shorter block-time target, That's 32 MB of space for transactions per ten-minutes.

The Bitcoin-Core chain is obsolete. People will slowly come around and get into the less occupied chains.

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bitdollar (60) · 7 years ago

Bitcoin seems like it will be a crypto for just holding and big payments. That is how I see it.

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molfzart92 (34) · 7 years ago

All that bitcoin has is a first mover advantage, and an advantage in the fact that you need BTC to buy just about any alt, unless you use ETH. There for it will always have some sort of volume unless this changes

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otage (70) · 7 years ago

Fees, speed, and real world use will be the major differentiators once the dust of the crypto stampede settles. I'll take my chances with Steem.

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sungbojus (49) · 7 years ago

Bitcoin no doubt has the challenges you mention but I do not think these are enough to kill it. That being said, I'm happy that you drew the attention of Steem to the possibility of taking its place in the first ten cryptocurrencies in the world.

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deltomix (26) · 7 years ago

Bitcoin has several major design flaws as it seems to me;

Its not fungible - not private
Its not scalable, it can't handle the transaction volume of a global currency.
Due to #2 its slow and with its volatility its hard to even know what a transaction will amount to
Its not practical as cash or currency due to 1, 2 and 3
it consumes insane amounts of energy which is another scaling problem

I guess the solution they seem to be headed for is to redefine it as what it was never intended to be - "a store of value" rather than a currency, and piggyback a more agile coin on top of it, aggregating transactions, and Bitcoin becoming a virtual commodity for whatever sense that makes. (seems wiser just to go with a better designed coin)

I don't see how bitcoin cash will be much different if it were to take bitcoin's current position. - larger blocksizes only postpone some of the scaling issues.

At first I thought having so many altcoins was corrosive, but now it seems more like an extra dimension of decentralization, and evolution as different solutions are tried and will succeed or fail to solve various problems and needs. Sure, there's many opportunist garbage coins as well but they will fail. There are also many legitimate ones contributing to the crypto development as well as coins designed for specific types of use environments, like STEEM & SBD.

I feel like its the Cambrian explosion of crypto evolution - and probably a "dot-com-bubble" style bust will eventually happen to clear up much of the junk.

Also I don't think its FUD at all to discuss strengths and weaknesses - its productive discourse.

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englishtchrivy (72) · 7 years ago

do you think they'd ever lower the transaction fee like before
btw, thanks a lot for all the advice
I often read you in the morning and most of your crypto tips work
but I keep forgetting to drop by
the other day @bleujay mentioned one of your post but I still forgot
finally I made it .. belated happy 2018

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weaselhouse (46) · 7 years ago

Transaction fees serve a useful purpose. Getting rid of them really raises the risk of spamming the blockchain in order to manipulate pricing.

Bitcoin's transaction fees are unpalatable and problematic for small transactions, but the prohibitive costs do decrease the risk of price fixing schemes.

Don't get me wrong - I think Bitcoin is a dying currency. But low transaction fees aren't necessarily a blessing.

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dianadee (67) · 7 years ago

Still hope that Bitcoin continues on the up and up, in the long run!

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sonnyknight (37) · 7 years ago

I wouldn't use Bitcoin for the year of 2018. I currently use Altcoins like Litecoin etc, etc. The fees are low and don't seem to be getting any higher. Making bitcoin transaction fees 16-20 dollars is a fee that most aren't going to agree with especially since Bitcoin is losing market shares once at upwards of 60% now closer to the upper 20%tile range.

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tommixoft (25) · 7 years ago

It's nothing compared to HitBTC fees.

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cryptoknight12 (65) · 7 years ago

It will have a future that blows everyone's minds once Bitcoin implements Lightning Network

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vikisecrets (68) · 7 years ago

Current high fee situation is bad, but the developers work around the clock to solve this for Bitcoin: https://steemit.com/bitcoin/@vikisecrets/will-the-lightning-network-solve-bitcoin-s-high-fee-situation

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coachcofield (29) · 7 years ago

This info is very exciting to read , being a newbie bitcoin was the only cyptocurrency I knew about before last Tuesday , Steemit seems to be the future.

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cryptosee (15) · 7 years ago

NEW CRYPTO PICKS WITH +1000% PROFIT POTENTIAL!
https://steemit.com/cryptocurrency/@cryptosee/new-cryptos-with-huge-profit-potential

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blockhunter (25) · 7 years ago

As soon as it launch lightning network it going to bounce strong.

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dawitnet (40) · 7 years ago

Think about 16000 for 16 fee. It is almost nothing. So bitcoin sales and buy will boom.

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jrcornel (84) · 7 years ago

Think about sending $20 with a $16 fee...

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5 votes

dawitnet (40) · 7 years ago (edited)

Nice idea. Check my post and comment me if you have time to read.
Respect

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https://steemit.com/news/@alandcosta/bank-indonesia-bi-melarang-jual-beli-bitcoin-873acf2a1319f

alandcosta (41) · 7 years ago

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mrkstn1 (51) · 7 years ago

The fees are way to high for the little guy like me. If I was trading in thousands or more I probably wouldn't even see it but I stay away if I can these days....

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ryacha21 (61) · 7 years ago

The fee is expensive. So I use Neo, which is zero fee

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https://steemit.com/shitpost/@pawsdog/the-shit-post-diaries-1-17-18-4

pawsdog (55) · 7 years ago

Rewards Pool Farmer Alert

check out the comments section of @ryacha21 above. (https://steemit.com/@ryacha21/comments)

He is leasing 30k SP from @minnowbooster then using that to VOTE Up his own 7 Day old comments on random posts at the last minute. Scroll his comments to around the 6 day mark or just go to https://steemd.com/@ryacha21; he has a lot of self love on his own old comments.

HE IS DOING IT OVER AND OVER AND OVER.. He is farming the pool.. If you could help it would be appreciated..

Learn more about this sack of monkey spunk here:

Also kinda a dick move to use the actual good post of another person to post a comment for no other reason to come back and farm it later.

Post Author, @jrcornel I do apologize.. This dude makes no actual articles of his own so the only way to draw attention to what he is doing is to comment his comments. My sincerest apologies for cluttering up your blog, outing the abusive self voting behavior of @ryacha21

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darkerhorse (53) · 7 years ago

bitcoin in my opinion just has the first mover advantage, blockchains like steem have more use cases than bitcoin, all btc has to offer their miners is the fee hence the very exorbitant rates

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mrolowo (25) · 7 years ago

Big question!

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blog-beginner (53) · 7 years ago

How about lightning network ?

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saitou (41) · 7 years ago

I agree with what you said Yato. Eos looks like a promising coin for handling huge amounts of transactions and of course steem is great option too. I have high hopes for both of them reaching top 10.

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richardinho (25) · 7 years ago

I expect Bitcoin to slowly decline for a while and when it becomes apparent what is going on I think a panic will occur as investors simultaneously decide that it's time to cut their losses and cash out.

The problem with Bitcoin have been made apparent by the sudden increase in interest over the past year. It seems doubtful to me that it will be able to solve its scaling problem and I think the concept of it being a 'store of value' is absurd.

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mawit07 (66) · 7 years ago

There is competition for no fee crytos though. XRP is a prime example. Did not know about the coin until it got up to the top 100. But yeah no fees crypto will likely have a better future than ones with fees. bitcoin is a goner if it can never get its fees down reasonably.

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atmosblack (63) · 7 years ago

ha I wished it was "only" $16! More like $40+ the past days/weeks - BTC is dead and the Lightening Network won´t change a bit

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toufiqsoudagar (46) · 7 years ago

Hi I am following to u and your articles are very interesting good going best of luck to you. I am new to steemit follow me and upvote me.

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cryprogeneral (25) · 7 years ago

It seems Bitcoin has first move advantage and really introduced many people to crypto currency. Bitcoin these days is just a store of value, a 'digital gold' where people can put their savings and watch it grow. As a cryptocurrency it is becoming obsolete, this year is the rise of the alt coins, coins which can better Bitcoin in almost every single way!

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the-ego-is-you (59) · 7 years ago (edited)

Over the long term I'm very bullish on the use of both Steem and Bitcoin (per the Satoshi design especially, the Cash implementation, which imo is the real Bitcoin as he clearly defines it in the white paper and elaborates on it in later posts).

Guaranteed inflation has it's "pros" and cons, the pros being secondary use cases. Steem has a different primary use case than Bitcoin and they could actually do quite well side by side.

If Bitcoin Cash or Bitcoin Segwit/Lightning will stay in the top market cap or eventually even get fully displaced however, that's unknown. As is the future price of Steem.

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leoplaw (67) · 7 years ago

There is no future for a crypto that has such high fees and slow transactions. It is becoming obsolete and will be replaced at some point.

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rusticman1 (46) · 7 years ago

Bitcoin should us the possibilities but another coin with lower transaction fees and easier maneuverability will take over the space.

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flowen (50) · 7 years ago

You think Steem might become as big as Bitcoin? Would be pretty good for us Steemians :D

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cryptolendlord (25) · 7 years ago

that why almost never use bitcoin i hate that fee
just crazy

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dawitnet (40) · 7 years ago

It is true weekness may be exposed but it will come over it.
Respect

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ladywayne1 (54) · 7 years ago

They mentioned the large fees were an issue, so perhaps they will accept a coin with smaller fees, perhaps something like a bch, heck or maybe even little ol steem. ;)

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myintaungnaing (34) · 7 years ago

Good post ! you writing is knowledge for me.

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golfinred (28) · 7 years ago

I know that on wednesday GDax is going to allow BTC-BCH trading, but who knows what that will do to the price of both. I am with you thought, I don't understand why people are still wanting to use a coin that has higher transactions fees. There is also LTC which is basically the same as bitcoin I was told just lower transactions fees. Can anyone explain the difference?

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laurynas420 (16) · 7 years ago

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.

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riyad11 (41) · 7 years ago

its informative...and i understand this..thanks for sharing..

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