Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf]
by naveen99 on Saturday December 09, 2017 @08:43AM
(#15885748)
It's not hard to titrate your fee to your desired confirmation speed. Just look at the mempool, sorted by fee and age of transaction: https://bitcoinfees.earn.com/
Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf]
by lawn on Saturday December 09, 2017 @09:07AM
(#15885842)
If everyone else does the same you're out of luck. Your best bet is to pay a lot more and hope you pay more than the others.
This is because you're not only competeing against the transactions in the mempool but also against future transactions which may enter after you make your transcation and before more blocks are found.
The problem is uncertainty if your transaction goes through, because it's practically impossible to predict if the fee you just paid will be enough, and that Bitcoin cannot support more users.
Gold does not have these issues. Gold also has other usage but what is the use of Bitcoin if you cannot move it?
> In addition, believing that Bitcoin is dead for transactional uses because of temporary issues may be a mistake.
Agree. I should say that Bitcoin is practically useless right now when the fees and confirmation times are skyrocketing.