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110% not the impression I am under, all I am saying is that if you are in the business of selling individual cakes and you have to turn in to a wholesaler overnight, its not going to end well.
@AnthonySmith
BTC may end up as a clearing layer for movement of very large values. The $30 fee is negligible for transactions of $10k or more. For transactions above $1k, even $30 is still very competitive. But it does sort of defeat the purpose of BTC and these limitations are completely unnecessary. In fact the whole crypto world is unnecessary.
Agreed. I mean the high fee for small transactions its just ridiculous. I dont see much advantage any longer. Looks like BTC is starting to go down. I have a bad feeling about the recent changes in its value.
No plan to accept it? I am not seeing BCH as payment option.
Please open a ticket and we can for sure test.
It should be showing there, I was certain I enabled it.
Francisco
@Francisco I just checked and it’s cheaper for me to send you money through guaranteed mail (w/ signature and tracking).
I remember a year ago when people were still using BTC due to lower fees compared to PayPal.... but alas, even PayPal has lower fees at this point. (and it’s way more reliable than BTC in the state that it’s in right now)
BitPay like a shit. The miner fees smaller than $30 are applicable, the transactions have slow confirmation. I use alternative coin processors.
Of course they are, we have a Customer whose transaction is not confirmed from 7 weeks now, so I suppose it will confirm when the bitcoin crashes and transaction volume goes down to 0.
Yes, the bitcoin network isn't in a good condition, it's a pity. Please look at the bitcoin fees for transactions page. I see 11-20 Sat/byte miners fee matches 40-1080 min confirmation delay, 1-10 Sat/byte -> 55-1080 min - it's not 7 weeks, it's about 18 hrs.
So, to address the altcoin discussion:
Ethereum's scalability is hilariously poor. See also this. Most every serious proposal so far for 'improving' Ethereum scalability has involved not doing anything on the Ethereum blockchain at all, but rather off-chain; and the exact same thing can be done for Bitcoin. So no, Ethereum is absolutely not any better here.
Ripple has been a comedy option from the very start. Last I checked, it isn't fully decentralized in the first place, and therefore not an actual replacement for Bitcoin.
Pretty much every other altcoin is just hype and no substance. When it all comes down to it, the answer is very simple: nobody has figured out a universal trustlessly-decentralized payment mechanism yet that scales better than Bitcoin does. Everything that claims to scale better is compromising on one of the properties of Bitcoin; which isn't surprising, since making tradeoffs is easy, but solving inherent-seeming tradeoffs is much much harder.
As a more general rant about decentralized systems, since everybody and their dog seems to be launching them now:
Designing trustless decentralized systems is really, really, really hard. As in, it's not something you do on 2 years of runway provided by a venture capitalist. It can easily take a decade for the next true innovation to occur, and it's usually going to come from academia. There are only a handful of trustless decentralized systems today that actually work securely; BitTorrent, Tor, Freenet, and Bitcoin are some of the things that come to mind. The list probably isn't much longer than that.
Virtually every 'innovation' you see in decentralized systems today, in particular from the shiny startups, is at least one of the following:
Yes, Bitcoin has a problem, but it's primarily political - the refusal to allow bigger blocks. The inherent tradeoff between transaction capacity and storage requirements... well, if it is solvable at all, it's probably going to take a decade more for it to happen. In the meantime, anything VC-funded is almost certainly full of shit.
(Incidentally, decentralized systems are nigh impossible to monetize, so you should always be skeptical of VC-funded decentralized systems.)
EDIT: By the way, there's a reason you rarely see anybody involved in altcoins with >5 years of experience in decentralized systems. Most in the altcoin development industry are making trivial beginner mistakes in their designs; more experienced developers recognize their cluelessness, and stay the hell away from them. It's the blind leading the blind.
Hell NAW. XRP is literally owned by a bank and all funds can be withdrawn back to themselves at a moments notice. Not safe at all and kind of disregards the entire point of a cryptocurrency, you may aswell just use USD if you plan on trading with Ripple.
@joepie91 - You need to remember that just because there was 12,000 pending transactions, the fees still aren't as high as Bitcoin at that level. That's what the main issue is, sure, sometimes any coin network can be congested and it can take a little while longer to confirm but at least you aren't spending $30 a transaction like Bitcoin.
The highest I have spend in ETH fees was recently at 30c and it still got like 70 block confirmations in 5 minutes compared to Bitcoin where you can spend $10 in fees and wait 6 hours still.
But wasn't that the basis of XRP? I thought XRP was originally proposed as a way for banks to do settlements & transfers between them in split seconds, to replace SWIFT and the likes?
Francisco
You can exchange your BTC or other cryptocurrency assets to Ripple when you actually need to use it as a "wallet" to pay people quickly and smoothly. Sure, it's not "safe" from a decentralized cryptocurrency standpoint but some of the usage is actually leaning toward a cheaper, faster way, secure way to transfer money and Ripple works wonderfully there. Visa/Mastercard or your bank account can just take all your money back but they won't. If Ripple does anything shady the entire value will come crashing down, and their stake in it will be worthless.
tl;dr keep your entire life savings in BTC if you want but put a hundred or two in Ripple and use it to pay people quickly for a low fee.
Yes, their main goal is to be a solution for international bank transfers.
IOTA is the answer.
Just logged into my semi-forgotten coinbase account.
Woot! I have $72 I didn't know I have.
Oh...it's $25 per transaction to use it...
That's like 2 VPS dude-
but only if you wait until the first!
Wait, so it would pay off now to have more miners? But how come it doesn't? I don't get it, is something flawed here in the bitcoin scaling, or designed on purpose that way?
The particular Customer in question manually set the fee as if the bubble wasn’t happening. I won’t be sharing the transaction but it’s there still unconfirmed today.
You can spend it with us in a single transaction though : >
I don't know why Bitpay does not accept other currency like BCH, Altcoin.
With $20 internal fee?
?
The main question is: Why service provaiders use Bitpay instead of using other coin providers?
Bitpay use an internal additional transaction fee, it's not a miners fee!
Ok, how is that relevant?
They will add this additional fee to other coins transaction, a price of the altcoins transactions will be increased.
?
Bitpay doesn’t offer any such functionality, I don’t know what you’re in about now to be honest.
I prefer coinpayments.net (accepts lot of other coins) over bitpay .
If only they could immediately convert to fiat...