When long comfirmations becoming a major and a long term problem, what to do??!!

[satella17 65]

On 3/9/2020 at 11:20 AM, teminalibug said:

If you have been in crypto world for long enough you sure have experienced those times when the fees of bitcoin went very up and also

transactions taking more than 2 days to get confirmed. It was never a big problem because we were sure than miners would finally get to our transaction and confirm it it was just on a long list.

 

But what id that happens then miners get no reason ti mine transaction getting stuck and fees become too high, what worse eventually miners get a reason to quit, maybe it become very unprofitable, especially after the halving or is just banned.

 

Do we ever think about that? by the way is that possible or not?

it always depends on how many people are mining it is going to take to get the payment and the cost of the feed depends on the same
 

[robertyuter 17]

I just saw a transaction that took me 2 months to commit to eth due to using metamask. I put a gas cost of 40 until I had forgotten it so that is my longest wait 2 months

[nikitiy228 65]

On 09.03.2020 at 20:20, teminalibug said:

If you have been in crypto world for long enough you sure have experienced those times when the fees of bitcoin went very up and also

transactions taking more than 2 days to get confirmed. It was never a big problem because we were sure than miners would finally get to our transaction and confirm it it was just on a long list.

 

But what id that happens then miners get no reason ti mine transaction getting stuck and fees become too high, what worse eventually miners get a reason to quit, maybe it become very unprofitable, especially after the halving or is just banned.

 

Do we ever think about that? by the way is that possible or not?

I would try to predict it to sell the crypto at normal price, and buy new coins that are easy to mine at that moment. For example, when bitcoin will become deprecated, i will buy Ethereum, or Litecoin as my main cryptocurrencies

[mbohhe 51]

Ethereum is facing the same thing right now. New implementations will be made to help bring down network fees.

Bitcoin is a store of value and not meant for the day-to-day transfers. It needs help from other assets like Litecoin to do this.

[ZEGUHA 21]

I don't think that could be happen will be in future . Miners can mine Everytime , they can get rewards when they mine Crypto . So every transaction can be done with it very simply

[hugo parra 20]

es factidioso la demora de las transaciones se ve actualmente en bitcoitpero el btc tiene que resolver por si solo porque el mercado hay mucha competencia y la rapidez es lo que busca los usuarios  actualmente es incoveniente que una transacion dure mas de 4 horas y la comisiones sean muy altas es los mismo como los exchamge que como yobit.net compiten por la velocidad y las comisiones

[ZEGUHA 21]

I also have the same thinking, what if the miners around the world stop mining and from it the confirmation of transfers will stop and the field will not return any benefit, are there any solutions?

[axelzaarate 78]

If the miners leave their jobs, others will come, the public is always renewed, we are many people in the world so that the mining stops working, you should not see problems, in which case it happens, it would be known if this is in trouble It's not that it happens from one day to the next

[jfcrypto7 131]

I just experienced something like that I sent Bitcoin to an exchange but did not receive any confirmation of the Blockchain, this is the first time this has happened to me after using cryptocurrencies a lot, I spoke to the wallet I sent the money from and the told me that it was something that eventually will get solved in case that no miner picks up the block the money will go back. I have never encountered such a problem and it worries me that miners aren't going to confirm the transaction but I have assurances of the wallet, so I will wait a little longer, hopefully it will get confirmed.

[Teminali69 1081]

On 10/7/2020 at 11:59 PM, axelzaarate said:

If the miners leave their jobs, others will come, the public is always renewed, we are many people in the world so that the mining stops working, you should not see problems, in which case it happens, it would be known if this is in trouble It's not that it happens from one day to the next

Even if the other miners do not come, there is still a lot of coins in circulation for all of us, and the price will even have an advantage to increase.

[nguyenlambn 16]

I think this is possible when my transaction is not confirmed for a long time I use paid sites to speed up transactions

I manage this with paid access to the site that speeds up transactions, access costs only 5 dollars, but in 10-20 minutes the transaction will be confirmed, even if you wait more than 12 hours for it to be confirmed. 

[Viscount 1357]

Well, there are a lot of people who abandoned mining of cryptocurrency ,specially Bitcoin. It is because Bitcoin became harder to mine each time that a Bitcoin halving occurs. Maybe some stopped because the profit that they gain on mining is not that enough for their daily expenses.

[Abuzar hashmi 544]

Yes of course it takes some times but it is not a long term problem. I alsl face some problems during transaction and it normally takes time up to 20 to 30 mins maximum . But sometimes the transaction failed due to.many problems, which i don't have any idea about that.

[Teminali69 1081]

1 hour ago, Iffath iffu said:

Still once again this will only happen for a maximum of 2 weeks, which is the time of difficulty adjustment happening. Difficulty will become lower and profitability will sent miners back to Bitcoin.No surprise a few Bitcoin forks like Bitcoin coins have been made, to cope with a number of the troubles that the unique Bitcoin can't deal with efficiently like faster transaction speeds.

Buy saying that you are saying that bitcoin is not the best coin anymore and in the near future people might stop using it or would they update the bitcoin core?

[Teminali69 1081]

2 hours ago, ndadukun12 said:

I don't like making transfers in bitcoin because it takes time to get confirmed. It is better to make your transfers in crypto currencies like ripple and stellar and then trade it to bitcoin after you have received it.

So instead on going through so much trouble like that, people would move into using those easy to use coin like XLM and finally bitcoin would lose in the end, demand would be lost and popularity would fade.

[mzk7736 1592]

the increase transaction time is due to the increased usage of a specific coin if you are fed up with the transaction duration of a coin then you must try to use another coin which have less trade volume

[Teminali69 1081]

What to do is to start using coins with shorter confirmation period, and automatically that would happen, and when that happens, bitcoin and other coins that with longer confirmations would suffer lack of demand, which in a long term is very bad for those coins.

[Mella 3680]

On 3/9/2020 at 7:20 PM, teminalibug said:

what worse eventually miners get a reason to quit, maybe it become very unprofitable, especially after the halving or is just banned.

No, first if it is to be banned we would not have banks interested. Then when long confirmation times happen you are have to use higher fees. Bitcoin is works with fees and the more the interest the higher the fees goes as more transactions happen in the network.

[bogdanoff 3173]

You can either wait or send the same transaction from your wallet with higher fees. You have to check the mempool and find where it is better to send with what fees. If you wait you will find very low fees as transactions often are cleared by miners.

[Sykkuno 2887]

The fees will go higher and on average they are on a rise for Bitcoin and Ethereum. Ethereum especially reached really high recently and even now it is 40 to 60 times bigger than in the past. Bitcoin has more reasonable fees and miners are not greedy to play games and increase artificially with fake transactions.

[cryptovlek 2597]

The long confirmation times are a problem but we are dealing with it as we learn how everything works and what fees we should be using. If we want a transaction faster we use higher fees, but this is how it works and we don't complain about the one hour wait time. We know it will take this much.

[tienda 8776]

I think all depend on about what transaction you do, if you are sending your coins for paying a such good or service not need immediate payment, no problem with long confirmation time. But if a such thing need the payment instantly you should pay a high fees to do that rapid.

[sherin123 4]

In my view There's no doubt that bitcoin exploration will almost allways be money-making. A common challenge is definitely this exploration results in being more complicated each and every year indicating you require improved devices to make make money from them.

[annayks 2314]

Transactions that take 2 days were send with very low fees. Usually this doesn't happen but sometimes the network for Bitcoin gets over used and higher fees are a way for the system to scale. Miners select the higher fees first to make the most profit and then follow with the rest transactions.

[Fixfin 2569]

I think that it is an interesting thought, perhaps there will be some transactions that will never be mined but until lately it seems that miners are clearing all the transcactions even if it takes month. However the trend is that fees are rising and will keep rising perhaps for ever.