Re:Ending Bitcoin Support
by naveen99 on Tuesday January 23, 2018 @05:21PM
(#16218373)
Takes the same 10 minutes on average per block if you include recommended miner fee. binance credits you after 2 confirmations. waiting for 6 confirmations is really overkill for transactions small enough that you are worried about the fee. So in practice, a transactions will either sit for a long time or be confirmed in 10 minutes. Just pay appropriate fee.
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Re:Ending Bitcoin Support
by Natanael_L on Tuesday January 23, 2018 @05:36PM
(#16218522)
The problem is that the fees grow when there's a large backlog of transactions. And if the transactions grow faster than there's new blocks to process them, then the backlog grows infinitely and no amount of fees will ever get them all into the blockchain simultaneously.
We need second layer solutions like Lightning Network, and the Bitcoin Core developers should have listened 5+ years ago when a huge fraction of the community back then warned about exactly these problems, and asked for a plan for larger blocks. Back then we were told it's not a problem, won't happen, can be solved easily, etc... Right now some people says it's obviously working well because people are obviously willing to pay the transaction fees. These people are ignoring the long term effects of killing off important usecases and reducing demand, and that some only pay the fees so they can cash out. They don't understand psychology, and barely grasp the numbers.