Bitcoin transactions taking longer after segwit switchover
I haven't had a chance to look into this in depth yet, but I wanted to alert customers as soon as possible. We've seen bitcoin transactions taking a lot longer to confirm since the bitcoin network switched over to segwit. The lag time has been high for both incoming bitcoin from customers and our outgoing transactions of bitcoin. We have more unconfirmed bitcoin transactions than we've ever seen, and some transactions are still unconfirmed after 20 hours!
For this reason, at the moment I strongly recommend use of an alternative coin for anyone going to fiat(USD/Euro/etc) if their fiat exchanger supports another coin (Ethereum and Litecoin are the most likely alternatives). For more details about why you should consider an alternative coin, see my previous post that covers this subject in depth:
https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently
From what I've been able to read about segwit, this sounds like it's a temporary issue, and overall fees should actually drop somewhat in the coming days. But in the meantime, strategic use of a different intermediate currency could save you time and money!
Here's a link that shows how fees and transaction confirmation times have increased recently:
https://bitcoinfees.21.co/
The table on the link above can be confusing, so to make it a little simpler to understand, it's reporting 20 hour confirmation times for only moderate sized transactions for which over $4 USD equivalent worth of bitcoin were paid as transaction fees. The most unfortunate part is those reported times have only been getting worse throughout the day.
Here's one likely alternative below:
segwit is locked and activated but actually its not as simple as "click send" wallets/exchanges will have to add support for it, currently its complex to send a segwit transaction and its easy to make BTCs lost in the process
For everything else, there's Bitcoin Cash.
Ya they need time to update their wallet and so on. But I wonder why they didn't do it earlier. And that 0.99$ is so irritating to my eyes. Let me make it 1 $
This also begs the question why do small blockers keep saying segwit is an immediate increase when it's clearly not the case. It's a conditional increase; it depends on several conditions in fact, one of which is that users have to upgrade as you said.
users? I thought our wallet company will handle it...
Kindly Upvote me and follow me i will do same for you please
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Do you realize, what you are doing is considered SPAMMING? You are not going to get followers this way, but you will definitely piss people off and get flagged. And if you do manage to get one, it will be another person like you who is adding nothing to the platform and his upvoted will also have no value.
I know it's hard to make a place for yourself as a newcomer, but unless you put some actual effort, you are wasting your time. Instead of writing this, if you had even written a simple "thank you for the information. It helped me so much." You might have gotten a few upvotes, simply for trying. But spamming people is plain WRONG! So stop doing this!
Well, there is a place for this person.
It's called facebook 😙
Upvoted and agree! Love this community!
Nothing in CryptoSpace is easy :(
Just found out my Exodus wallet supporting Ethereum doesnt support their ERC-20 tokens, and although other say Jaxx does, it also doesn't, well only a few but not the new ones. An hour later I discovered these wallets do store the ERC-20 coins when those are send to the Ethereum address but do not make them visible nor accessible, but with some tricks it is possible to move them to some other wallet supporting the ERC-20 tokens. And although I'm not an engineer, I have a strong technical background and mind; How will CryptoSpace get to the main stream with this highly complex ways of dealing with it? Anyway, that is another topic of discussion though.
Crypto going mainstream doesnt have to involve everyone buying tokens for speculation. It's likely at first that only one or a few cryptos will achieve mainstream adoption and at that point I guess its also likely that the wallets etc will be very easy to use as they are improved over time
Yep, improvements have to be made, and they are generally made by new entrants. My take is that crypto space is to dominated by technical people and way to few marketing people. That said, almost no crypto coin is ready for mainstream, may none at all. Transaction speeds are way to low to be used for payments. And it is too easy to loose coins, just a single type error, and gone is the money. Steem made that last part much easier by introducing the account names, which coins have that? Anyway, we need still a lot of time before crypto (can) go mainstream IMHO.
Just be happy your in the priest class and dont worry about the masses , they have plenty of ways to use bitcoin real easily with al the apps like coinbase etc, an so dont worry those ec20 tokens are never gonan be mainstream those are just for a small few so be happyt youre in the clib! its likea secret society bro! the tokens will keep growing in value though, but it doesnt need mainstream adoption, and bitcoin is pretty much mainstream people just have to all just download the freakin bitcoin wallet app and thats it! but anyway dont confuse your own frustration witrh storing ec20 tokens as some sort of reason why crypto wont get mainstream adoption lol come on man
pepl r dumb bro, pepl dont need crypto only the preistly crypto class will ned to bother with dealing with their ec20 tokens and not being smart and just storing them on my ether wallet like everyone TOLD them to use lol u HAD To do the lazy route righty? just kidding man but honestly i know u probly were just trying to take the easy route by using exodus u wanted to keep everything nice and neat in one place righty? hah XD u get wrecked when u do hings ur own way in crypto land best top do things the same way everyone else is doing them when it comes top doing them for the first time because it sucks to loose ur coins like this yeah man when u cant get something to work its like FUCK u rarely encounter glitches like that but once my siacoin wallet app was not working it was because new version needed computer to have 8 GB of ram and unytill i upgraded i was just not able top access my siacoins but i hve them now and its just crazy how much moneyyou can lock yourself out of!
so spread your crypto out into multiple wallets!
You maybe right
The support for this will come. Be patient. The beauty of the BTC community is that we are the adults in the room. We can't get sloppy and release things that have issues.
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Kindly Upvote me and follow me i will do same for you please
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look my post about waves
https://steemit.com/cryptocurrency/@superpako/waves-plataform-and-lease-cryptocurrency
Bitcoin fees and transaction processing time is always headache to every bitcoin user, even after segwit this problem is not solved. Now more people are switching to bitcoin cash to overcome these problems.
There has been only one block above 1mb so far, and it was 32kb above. You have to give a few days for wallets and miners to safely upgrade.
I would be extremely cautious holding bcas I expect it to be doing up and downs in the 30% range daily.
I suggest you use a wallet that allow to bump the transaction fee via CPFP or RBF in case the network conditoin worsen and you really need the transaction to confirm in the next block.
I know Electrum and Mycelium allow for this (Not mycelium on IOS)
good post thanks
I am a new steemians, maybe i should study first with you, regards know me
https://steemit.com/@yogawithadriene
please follow me
I followed and upvoted.Would you like to follow and upvote me.
Check out how cheap it is to send Bitcoin Cash!
Check how cheap it is to sent steem sbd bts bit assets etc
Seems right now BCC is only an investment tool. I'll wait until it has some practical applications, or purchase power. I can spend BTC at hundreds of places & find 5 ATM's within a few miles of my house. I'm not discounting BCC, just not worth the instant market cap.
would you mind naming the places for usage? as an overseas searcher
8mb blocks = minimal fees
You are right my friend.thanks for post your comments.
It sounds like the overall result from the segwit update is not what we were planning to see. However Bitcoin Cash continues to show a decline in price as the price of Bitcoin continues to grow.
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Eso no es nada mire lo que me paso a mihttps://steemit.com/blocktrades/@fannyamor/problema-con-transferencia-en-blocktrades#comments aqui le deje un articulo con un problema que me paso con @blocktrades me gustaria que me ayudara con eso
And guess what we are still early in the mining business 🤑🤑 60 days to break even, well theoretically. but still I'm going full on! after that break even, it's free money anyway.
Isn´t Litecoin faster and cheaper to use (micro trading) than Bitcoin?
I feel its extremely underrated
I love you all and love your publications. You are heroes in my opinion. I want to be like you I would appreciate it if you followed me and you liked my publications😍😍😍😍
yes there is a Problem with transaction timing and fees, But anyway Bitcoin is still the best cryptocurrency to buy, and this problem will be solved soon.
It will be ok aftwr updating dont get to pain
Segwit optimise l’espace des blocs afin d’y inclure un plus grand nombre de transactions et corrige surtout le problème de la malléabilité des transactions, ouvrant ainsi la voie à de nouveaux chantiers :
– MAST (Merkelized Abstract Syntax Trees), une amélioration qui exploite à la fois les transactions Pay to script hash (P2SH) et les arbres de Merkle. MAST pourrait permettre d’effectuer sur Bitcoin des « smart contracts » plus complexes tout en réduisant la quantité de données nécessaires à leur exécution et en améliorant la confidentialité
Don't forget about Dodge, it's a sleeping Giant!
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Just use Litecoin instead.
It has the most developed ecosystem, you can even buy LTC straight from Coinbase and any other major exchange.
Honestly, Litecoin offers pretty decent functionality and is much cheaper to obtain for smaller purchases where it's accepted. This helps avoids highly disproportional fees. It's also become much more than just the "Silver to BTC's Gold" and is psychologically a solid alternative among general market sentiment during BTC price corrections.
Or just use Dash instead which is even faster than Litecoin and it has proper governance whereas ltc does not.
I can't wait for cheaper fees
I noticed slow confirmation times today personally ($4 fee - simple 1 input; 2 output).
After 20 minutes or so of waiting i checked the mempool and found a huge back log. TX did confirm after ~40 minutes.
BTC 30 Day Mempool
You are the hero I want to be like you and I would be grateful if you supported me
Thanks for the info. Useful.
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THats not good news
Thanks for the info. I also melted sbd through blocktrades. But you never see my post. When all my friends post, you present in their posts I feel you do not want to be my best friend because you never see me.
Kindly Upvote me and follow me i will do same for you please
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how I can be like you, you have a very great article, I really want to learn like you, if I can @blocktrades
I thank for stating all of this @blockttrades however i resently have an issue i transac a SBD to ETH transaction and i havent seen it yet after 3 days. What should i do and is there a way i can contact u guys for fixing that transaction error.