Have been waiting almost 3 days for a BTC transaction to confirm. Is BTC just a "store of value" now? What happened to convenience and sticking it to the man???
I think I'll be putting a whole lot more money into Bitcoin Cash from here on out. This is money that my family and I need, and which I have worked hard for. Now it is floating around somewhere in cyberspace and I have no way to access it. If the current BTC devs are fine with paying high transaction fees, that is totally fine. I, for one, don't wish to (I may as well use the banks) and favor Satoshi Nakamoto's original vision for the project. Count me in, Roger Ver.
It looks like I'm not alone in my thoughts. Successor to Nakamoto, Gavin Andresen, thinks the same:
Is anyone else experiencing problems?
The other issue I see is Bitcoin Core attempting to use off-chain networks such as the lightning network to speed up transaction times. Doesn't this make the Bitcoin network a hell of a lot less secure? This goes against the original idea for the whole project, as well, in my view. Why not just expand the block size limit?
Critics say that this will lead to centralization later down the road, as only big league players will be able to mine such large blocks. I tend to agree with Roger Ver, though. Big blocks equals faster transaction times and low fees. This equates to greater adoption. Greater adoption equates to more nodes, effectively decentralizing the platform through mass adoption.
What are your thoughts?
~KafkA
Graham Smith is a Voluntaryist activist, creator, and peaceful parent residing in Niigata City, Japan. Graham runs the "Voluntary Japan" online initiative with a presence here on Steem, as well as Facebook and Twitter. (Hit me up so I can stop talking about myself in the third person!)
Good point mate.
I stopped using BTC for transactions a while ago and keep it all offline as a store of wealth.
LTC is so much quicker in cheaper to use so I use that for everyday transactions now.
Smart man. I think Litecoin is going to be huge pretty soon. Silently sitting there waiting it’s turn. Every LTC transaction I’ve made has been a breeze.
The same mate, so quick and easy.
A picture is worth a thousand words
Yuck.
BSCore is controlled by the banksters and Bitcoin Socialists now. One of the main investors in Blockstream, which pays most of the developers in BSCore, is AXA whose CEO has been the chairman of the Bilderberg Group since 2012.
All this bullshit around bitcoin actually made me unfavor it. That's why I'm holding digibyte currently, fast, secure, more easily updated and better overall tech. Just low adoption, but that can change.
Yes, lots of talk about slow transactions. In the Slack channel for the Exodus wallet, yesterday, konnor_k put out an announcement:
@here Please be warned The Bitcoin network is currently experiencing the highest level of congestion seen since May 2016. It would not be unusual for BTC transactions to take 12+ hours to confirm even with high fees. If you aren’t willing to risk losing access to your funds for many hours, please avoid sending BTC at this tim
Its backed up bro, altcoins are the thing now. @kafkanarchy84 if i do any transaction quick its litecoin usally or your choice of alt which ever.
Litecoin is one of my preferred coins for sure. Yeah, I know it’s backed up. A back up of this kind seems a really, really poor reflection of the network to me.
Sorry to read that.
Make sure to act rationally as much as possible. We sometimes get caught in our emotions with bad result.
Bitcoin is under attack for one. Fees can be okay depending on them. Think about the inflation on fiat currencies, these are insane "fees", while Bitcoin might have fees at this moment, the market is looking ultra bullish and have been for years now.
Segwit would have saved you a lot on fees if it was possible to use it.
Also, I'm not sure Graham Bell or Marconi should necessarily be the person we wonder about when creating new phone and radio just like what Satoshi though when he first created Bitcoin.
I'm neutral on off-chain transaction at this point. We need to seek to find the best solutions for the future and learn from the past and improve on it.
Again I'm neutral on this. I really really doubt Bitcoin Cash will take over Bitcoin but I haven't sold them.
It may not take over. When devs are bragging about paying high fees and so emotional when arguing against BCH, though, it makes me wonder.
I also know what I know, which is that I cannot currently control my funds due to a lousy network. I have not faced this issue with BCH.
You are right about the emotion, and Bell. But as an anarchist, what Nakamoto designed the coin for is important to me. Even Gavin Andresen agrees. I’m not interested in supporting projects which are largely supported by members of the Builderberg Group as BTC Core is.
I wouldn't be surprised BTC was created by the ruling elite.
I get it that Bitcoin can be frustrating sometimes and not knowing what is happening with our transaction is freaky. I read there's a way to add some fees to an ongoing transaction to speed it up if it hasn't been accepted yet but I can't help you much on that other than I know it's possible in some instance.
Anytime i withdraw money i use Litecoin that is really good way.Your post also good @kafkanarchy84
That's a good idea.
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I'm getting somewhat nervous. I tried to make a transaction to myself yesterday using a low fee. My wallet had estimated a 3 hour transaction time, which I figured wasn't a problem since I was only sending it to myself. I didn't realize at the time that everything was so congested. Now, over 28 hours later, I'm stuck trying to be patient but worried about my BTC!!
Update: Perhaps I spoke a little too soon. My transaction finally went through sometime this evening. I'm feeling relieved to have my transaction out of limbo, but it does make me question the ease of making simple BTC transfers and purchases in the future.
Exactly. Mine went through as well after 3 days. This is the new, cutting edge tech in finance???
No expert but seems like the near future of bitcoin is just a store of wealth like gold. Bitcoin cash and the like will be for daily use like the dollar or pound. Steem power is like owning stock in a business.
That's how my simple mind is thinking of it now.
LTC seems really attractive, i wonder if we move to a crypto world, what will be used as "Cash", it needs to be something that scales (into the billions of users) and virtually transaction free, and not have extreme fluctuations, (thinking face)