PSA: Do not Send Bitcoin Right Now!
I wont speak about reasons but facts are. Currently fees are superb crazy (ie pay 10 USD to send 5 USD) and most likely you will get stuck and money will not come for next days.
This is slow and expensive as hell - everything that bitcoin shouldnt be.
With 40k people get irritated, currently the network is pretty much freezed unless you want to send huge amounts where 10USD here or there wont matter.
What to do
Yesterday i wrote a post that got very popular since it has the easiest method to make money on cryptocurrency - https://steemit.com/bitcoin/@kingscrown/the-easiest-way-to-make-money-on-crypto-here-it-is-part-3
but one point there says - send BTC to exchange.
Today thats pretty much impossible especially for arbitrage where you have to act fast.
The best method right now is to use STEEM (no fees and superb fast), BTS (small fee and fast) or LTC (almost on all exchanges, fast and secure). LTC is most liquid. ETH can also be used but i would stick to this 3.
So if you want to transfer money ie between exchanges just buy LTC/BTS/STEEM send to the other exchange and sell again for BTC. Surely exchange fees will be less than 15USD for that.
Where to trade
- Spot - Bittrex, Binance, Cryptopia
- Leverage - BitMEX, SimpleFX, BitFinex
- Decentralized - EtherDelta, OpenLedger
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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you can send bitcoin, but expect to receive them next week xD
I don't think anyone uses BTC anymore for transfers. Everyone I know is using either LTC or ETH or some other liquid alt. Bitcoin is slow morphing into Western Union, of course with added benefit of censorship resistance.
Arbitrage for me works like this:
I do the math in my mind... looks fine
I do with a small amount... small profit
I do with large amout, loose huge % not really sure what happened...
cry
:))))))))))
Same shit here. I'm left wondering wth happened?
I have never had such a powerful digital app system, Bitcoin
one of the best investments in the world for now and hopefully forever.
This is ridiculous:
The weaknesses of Bitcoin are being exposed. This does not bode well for BTC if they don't get their act together.
BTC is making western union seem reasonable right now.
yes... BTC is influencing western union to appear to be sensible right at this point.
BTC is for the rich.
Sad but true.
Bitcoin is a mess right now. I bought my friend some food and he paid me back in bitcoin. The food cost $7 but he ended up paying $17 because of the Bitcoin fees. It was hilarious to see his reaction. lol
What ever way you look at it... basics are bitcoin will allways have a backlog because of the max transactions per second is under 7 and there being a block size cap of 1mb and the amount of data required for each transaction ( and there is currently an increase in the people sending BTC atm due to people wanting free btcGold and the price of BTC dipping and bch and a few others rising ) .
You can't really blame bch
There's miner collusion. Bitcoin isn't a mess, it's the network behind it playing games to scheme for Bitcoin Cash. IMO.
What I read was that since Bitcoin Cash spiked up, a lot of Bitcoin miners went over to mine Bitcoin Cash instead. This caused a backlog of transactions since there weren't enough miners to mine the blocks and verify transactions.
Yup, but there's more to the game underneath that level of news I've been hearing from lots of informal sources. It was potentially a staged clogging of Bitcoin's network to cause panic and negativity to further promote Bitcoin Cash as the newer, faster, cheaper, and fast running alternative that "could be the new Bitcoin!"
I honestly don't doubt it. I'm sure there are lots of shady things happening in the background to manipulate the markets. I have been seeing the term "pump and dump" associated with Bitcoin Cash. Haven't really been keeping my eye on either BTC or BCH too much and the news around them. Just picking up little bits here and there.
You guys, these transaction times and fees have been an issues since the beginning of 2017. It wasn't some elaborate ploy by BCH or "miner collusion". They have a right to choose which chains to mine. When they switch from one to the other, that's not collusion, that's free market. If BTC is better, they will release a solution to be faster and cheaper than BCH. In the meantime though, let's not forget all the events that have transpired in 2017 with Bitcoin. (Blockstream, etc)
Yes, "transaction times" and "fees" have been issues with BTC for quite some time. But, not like this. There's more to the story than free markets at work here. BCH is not BTC, but try digging a little deeper into what some of the experts have to say about recent events.
This specifically makes me not want to invest in Bitcoin Cash. Sounds sketchy to me.
It's all personal opinion. Definitely make your own determination based on your research.
It's not opinion when you follow the money. That's all the miners can afford to care about. I think BTC addicts are in denial. The old king is fighting for his throne with swords and arrows while the new blood just invented gunpowder. For the record, I own neither. My $ is on LTC and ETH. Both better than BCH and BTC months ago.
For the sake of influencing someone above as @jaderebel alluded, we should say it's opinion and not investment advice. That's where I was coming from.
Investing in bitcoin is a whole lot of mathematics you must do
Which exchange did the transfer go through?
Thats the way bch is atacking btc!
The btc network is unstable right now, i suggest to use eth to send coins to exchange
Thanks for the info