You are viewing a single comment's thread from:
RE: Transaction fees and confirmation times
Great post, really important considerations.
Personally I believe that using bitcoin as money will continue to became harder day by day, considering that as bitcoin grows we are observing in last days
- increasing volatility: there are a lot of new low-skilled trader, the so-called weak hands, that are basically trend-follower and contribute to amplificate price variation
- higher fees (they're calculated in BTC and fee market is competitive so fee/BTC ratio doesn't decrease as BTC rises.
Last week steam announced that it will no long accept Bitcoin as payment system and other similar announcements from other companyes will probably follow.
Consider also that another bitcoin difficulty retarget at 18-19 december will worse BTC network situation.( https://fork.lol/pow/retarget)
So fees aren't a problem: fees are THE problem that can kill bitcoin
What's your take on Lightning? The three major competing implementations have just proved compatibility, and small tests are live on the main network already. Timing seems rather perfect actually, for this to come online just as transaction fees and wait times are getting absurd.
Lighting network massive and user-friendly applications are forecasted for the early months of 2019, maybe Christmas 2018 in the best scenario.
Interesting, but out of time. At the moment, lightning is working only on a testnet and it is still in developement phase... Significative adoption is still really, really distant
Forecasted by whom? Just curious.