PSA: Do not Send Bitcoin Right Now!

2년 전

I wont speak about reasons but facts are. Currently fees are superb crazy (ie pay 10 USD to send 5 USD) and most likely you will get stuck and money will not come for next days.


This is slow and expensive as hell - everything that bitcoin shouldnt be.

With 40k people get irritated, currently the network is pretty much freezed unless you want to send huge amounts where 10USD here or there wont matter.

What to do

Yesterday i wrote a post that got very popular since it has the easiest method to make money on cryptocurrency - https://steemit.com/bitcoin/@kingscrown/the-easiest-way-to-make-money-on-crypto-here-it-is-part-3
but one point there says - send BTC to exchange.

Today thats pretty much impossible especially for arbitrage where you have to act fast.

The best method right now is to use STEEM (no fees and superb fast), BTS (small fee and fast) or LTC (almost on all exchanges, fast and secure). LTC is most liquid. ETH can also be used but i would stick to this 3.

So if you want to transfer money ie between exchanges just buy LTC/BTS/STEEM send to the other exchange and sell again for BTC. Surely exchange fees will be less than 15USD for that.

Where to trade

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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you can send bitcoin, but expect to receive them next week xD

I don't think anyone uses BTC anymore for transfers. Everyone I know is using either LTC or ETH or some other liquid alt. Bitcoin is slow morphing into Western Union, of course with added benefit of censorship resistance.

Arbitrage for me works like this:
I do the math in my mind... looks fine
I do with a small amount... small profit

I do with large amout, loose huge % not really sure what happened...
cry

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:))))))))))

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Same shit here. I'm left wondering wth happened?

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I have never had such a powerful digital app system, Bitcoin
one of the best investments in the world for now and hopefully forever.

The weaknesses of Bitcoin are being exposed. This does not bode well for BTC if they don't get their act together.

BTC is making western union seem reasonable right now.

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yes... BTC is influencing western union to appear to be sensible right at this point.

BTC is for the rich.
Sad but true.

Bitcoin is a mess right now. I bought my friend some food and he paid me back in bitcoin. The food cost $7 but he ended up paying $17 because of the Bitcoin fees. It was hilarious to see his reaction. lol

rsz_1rsz_motivation.jpg

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What ever way you look at it... basics are bitcoin will allways have a backlog because of the max transactions per second is under 7 and there being a block size cap of 1mb and the amount of data required for each transaction ( and there is currently an increase in the people sending BTC atm due to people wanting free btcGold and the price of BTC dipping and bch and a few others rising ) .
You can't really blame bch

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There's miner collusion. Bitcoin isn't a mess, it's the network behind it playing games to scheme for Bitcoin Cash. IMO.

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What I read was that since Bitcoin Cash spiked up, a lot of Bitcoin miners went over to mine Bitcoin Cash instead. This caused a backlog of transactions since there weren't enough miners to mine the blocks and verify transactions.

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Yup, but there's more to the game underneath that level of news I've been hearing from lots of informal sources. It was potentially a staged clogging of Bitcoin's network to cause panic and negativity to further promote Bitcoin Cash as the newer, faster, cheaper, and fast running alternative that "could be the new Bitcoin!"

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I honestly don't doubt it. I'm sure there are lots of shady things happening in the background to manipulate the markets. I have been seeing the term "pump and dump" associated with Bitcoin Cash. Haven't really been keeping my eye on either BTC or BCH too much and the news around them. Just picking up little bits here and there.

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You guys, these transaction times and fees have been an issues since the beginning of 2017. It wasn't some elaborate ploy by BCH or "miner collusion". They have a right to choose which chains to mine. When they switch from one to the other, that's not collusion, that's free market. If BTC is better, they will release a solution to be faster and cheaper than BCH. In the meantime though, let's not forget all the events that have transpired in 2017 with Bitcoin. (Blockstream, etc)

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Yes, "transaction times" and "fees" have been issues with BTC for quite some time. But, not like this. There's more to the story than free markets at work here. BCH is not BTC, but try digging a little deeper into what some of the experts have to say about recent events.

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This specifically makes me not want to invest in Bitcoin Cash. Sounds sketchy to me.

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It's all personal opinion. Definitely make your own determination based on your research.

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It's not opinion when you follow the money. That's all the miners can afford to care about. I think BTC addicts are in denial. The old king is fighting for his throne with swords and arrows while the new blood just invented gunpowder. For the record, I own neither. My $ is on LTC and ETH. Both better than BCH and BTC months ago.

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For the sake of influencing someone above as @jaderebel alluded, we should say it's opinion and not investment advice. That's where I was coming from.

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Investing in bitcoin is a whole lot of mathematics you must do

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Which exchange did the transfer go through?

Thats the way bch is atacking btc!

The btc network is unstable right now, i suggest to use eth to send coins to exchange
Thanks for the info

I remember when some country (Zimbabwe I think) had like $11k prices for BTC. Everyone was screaming "arbitrage!" but it became impossible to actually perform arbitrage in the end.

Unfortunately, BTC fees are too high right now. We need to wait this out as of now. This should be fixed when Core developers implement a scaling solution (most likely the Lightning Network).

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Will that change the original bitcoin network or will it have to be another fork?

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I think it's probable the Lightning Network will come to the network and will require 0 hard forks. I'm not sure when it'll come though, but I'd guess in the next 6 months.

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Great news! Thank you so much for the update!

Im waiting for the fees to go down before I claim my BTG. Need to dump that coin and hedge my investment with a better coin.

Damn fees! I can't make micropayments anymore!

Everyone here seems to comment about the present ill-motivated agenda that are corporate world's ordinary playing rules. Thus, it is my opinion that this situation will create more space for Steem to become a great alternative for Bitcoin. I challenge you all to dissect this opinion.

BTC gonna be like gold. None wants use it on daily transaction.. its for investment only.

  ·  2년 전

10$ transaction fee seems fair to me.
PS: My jokes are getting better.

good point, but right now bitcoin is stabilising.

thanks for the heads up man @kingscrown ,i've been using ltc,doge and ether to save on transactions fees

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think this will spike LTC? I sure hope so

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i sure hope it does also my friend

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Expectations are high lol

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Did you face the same problem brother ? Thanks for info.

Bitcoin was meant to send large amounts. Also the jerks over at BCH are just inflating spam transactions to bog down the network in hopes theirs will win. Idk about you but im not one for backing jerks that pull this kind of crap.

This post has received a 0.35 % upvote from @drotto thanks to: @banjo.

But it's great to get your video and hear you had talked about how we can easily transfer money to buy cryptocurrency and I appreciate that you had talked about a real problem that is happening in exchange

Excellent information kingscrown. It's much appreciated.

Resteemed. 100% upvote.

Does that mean the receiver won't get the amount of money if I send it from exchanges?
I used BTC to buy Genesis-Mining contract but I it then went "expired" and I didn't get my money back... was it because of the transaction fee as well?

BTC is influencing western union to appear to be sensible right at this point.

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sad but true ....

After hi fees are fixed Bitcoin will be perfect

*Unless you are sending them to me! My wallet sure needs a top up haha

I've been waiting 2 days for my Bitcoin Cash transaction to confirm. Still pending. I think Bitcoin is taking longer bec a few miners have stopped mining bitcoin and switched to other cryptos.

BTC = Overrated crap.

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Bitcoin seems to be a good place for storing value. Other alt-coins are proving to be better/cheaper for global currency transfer
To date Bitcoin seems to be weathering the storm of greedy forkers who are making a vein attempt to steal the brand.
What is great it that we have a choice.
If it was up to government/banksters we would have no choices. Bitcoin is the starting point which makes it all possible

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Well, when the big money starts flowing in by the first of the year and BTC is $20,000 by end of 2018 you might reconsider your position. It is the dominant blockchain and the largest and most liquid for big money to buy into. I think they will eventually find a way to fix the scaling issue, or they will constantly be facing a hard fork for a new "better" alt coin.

good remark plaise see here
@lunetteee/win-in-payeer

I keep my cryptos in Steem or Dogecoin. No, if any, transaction fees and it is quite fast. Dogecoin's price also is quite steady, so good for long term holdings.

just think if someone buys $100 on coinbase they pay fee to them, and then a bigger fee to transfer it off the site left with $84 or something like ... feels bad man

Nice post...
bcak me vote and Commenta...

Thanks for the heads up! As usual you're awesome and reliable. Kudos!

thanks for this helpful idea. I have to look into steem first - hah. just signed up to steemit, so i m a newbie..

When the transaction fees drop down on bitcoin / if you're a business owner, checkout this plugin for your wordpress website!

If you're using ethereum this is available to you as well, more currencies to come.

https://www.portertechnology.com/product/woocommerce-cryptocurrency-payment-gateway-plugin/

Thanks for the heads-up!

Thank for the information. I an actually done with bitcoin. It is now for the strong.

Large fee's might be a good thing, after all, Bitcoin isn't a currency, it's a Foundation!

Rather than sending BTC in huge amount, I will use ethereaum with exchange of it;

I heard that now BTC transactions started lowering now.....any way good and timely info passed by you as usual @kingscrown

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Why would you stick to the others as opposed to ETH?

sad but truth is, btc is for rich people. its better to use other cryptocurrency to avoid the transaction fees.

I actually kind of assumed the fees for exchanging on the exchange would be the same? Right now I do Steem > Blocktrades >Cryptopia to buy altcoins. I thought of transfering to litecoin or dogecoin even, but there wasn't enough volume to support buying the coins with those unless the prices were hiked severely. I guess I'll see if the fee is less to transfer back to bitcoin on the exchange. Thanks.

Good Post!! I like your post!!

maybe bitcoin domination will end soon need find good solutions for this high fee problem

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I'm really enamored with LTC. It does the job, is fast, and cheap to send. I need to get more of it.

This is actually pretty crazy! I blame it on BCH lol!

@ With the ridiculous amount of mining fee for Bitcoin these days, I think it might just be a matter of time when the masses slowly move to something like LTC. What do you think would happen if this continues like this?

That is crazy, it is a big problem for btc hahah.

BTC needs to get it's shit together. I have bought some Bitcoin Cash as a hedge.

Thank you for the post, I just noticed this today. I am new to crypto, I feel like I entered at a bad time. All suggestions advised to put the BTC in a wallet secured, sadly now it's stuck there. I am unwilling to lose such a huge portion of my coins. I am hoping for a solution soon, but I am glad I diversified to other coins.

Every one looking to cash in and profit on bitcoin exchanges and transfer

Thanks for this :)

  ·  2년 전

i saw that too @kingscrown

I am using Doge coin to transfer between exchanges.It's fast and quick. :)

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How fast is it?

Your are right my friend told me same, i hope people will leverage from this advise. @theheralds

I sent $25 in bitcoin and it costed me almost $4. Ridiculous.

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About 16% of amount sent, to much

i have been using LTC,Dogecoin and ether to save on transactions fees.

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How cheap are their fees?

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no fees

Bitcoin is everything it shouldn't be. It's an obsolete beast waiting to be slaughtered.

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Every one cashing in there or with expectations to profit from it

Bitcoin fee is increasing, but compared to the cost of btc it's still the same as it was 5 years ago, what changed is now u can't trade btc like everyday currency, btc was produced as digital gold and that what it is going to be soon ☺

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In theory, it is already digital gold and more. However; unless the blockchain can scale to handle higher amount of transactions, Bitcoins will struggle.

Come on brother, switch to BitBean; the fastest, the coolest, the one with the brightest future ahead. Big blocks, greatest returns by prof of Sprout (stake)
Amazing road map, about to change its name to BeanCash and best of all great community behind it. GET IT WHILE IT'S CHEAP, it won't last long.
LET'S STOP THE BITCOIN DRAMA

I was going to trade BTC for LSK until I saw the fee from Jaxx to Bittrex....not worth it right now.

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The fees may be high but the return might be good in the end but please be careful and don't lose your money please

Hope LN will be ready soon or the community agree to raise block size.

Found this out the hard way.

ALWAYS check the fees, addresses and everything else before you send coins. Theres malware that replaces your keys with an attackers when you cut-and-paste, apps can be hacked to replace addresses or just drain accounts and fake wallets are all over.

BE CAREFUL where you send your coins and what fees you pay to do so, even with exchanges, I have seen some outrageous fees for depositing and withdrawing alone.

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Is this the weakness of bitcoin or the blockchain technology

Interesting read!

mind blowing bro......i just upvored you for your amazing post. i am totally impressed for your beautiful hard work.......i think one day you will be the top of the steemit blogger......go ahead bro.....

Gotta start looking at fees...thanks for the heads up.

Follow me and I will follow you back

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  ·  2년 전
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BE AWARE...
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