still took an hour to leave the mempool
Discussion
That happens when block times take longer than average or when you set your fee too low for the current fee environment. If it’s urgent to have it confirmed in the next block, then you have to set the fee relatively high compared to the other pending transactions in the mempool. Some people set very low fees and their transactions wait for hours or even days at a time. It’s just how it works.
But can’t deny that faster is better.
If anyone can make it faster then that’s good.
Also lower fees are better.
A couple of things could be more dynamic.
There are always tradeoffs. Make too many tradeoffs and you end up with something that is no longer bitcoin.
I understand the mechanics of the protocol
I'm just stating that the average person won't know that and won't use a network in which it has to wait for hours or set up high fees
If Bitcoin is ever to be used instead of fiat, it needs to be better than it
Define “better.”
more practical - if I'm able to send 100 euros instantly to another person through fiat third parties, Bitcoin must do that. Lightning fixes this to some extent
feeless, or close to it - if I'm able to send 100 euros to someone with 0 fees associated, Bitcoin must do that. in this case it's acceptable if the fees are sub-cents, as they usually are in Lightning
right now, the Bitcoin network is slower and more expensive than traditional fiat institutions
Can you send 100 euros instantly via fiat third parties so that there is final settlement and the transaction can’t be reversed?
no, I cannot
of course there are a lot of points in which Bitcoin is superior, I'm in no way defending the fiat system
just mentioning the things that ordinary users will notice. unfortunately, the ordinary user doesn't care about non-reversibility
Did the people in Canada who got their bank accounts frozen for being linked to the trucker rally care that they couldn’t send transactions and access their funds? Non-reversibility means censorship resistant. It doesn’t matter to the ordinary user until it does.
Can you send 100 euros instantly via fiat third parties to someone on the other side of the world and achieve final settlement of the transaction that can’t be blocked or reversed?
Can you send 100 euros instantly via fiat third parties when one person only has Venmo and other only has CashApp?
not from the US, never used those apps
in Europe we all have MBWay (at least that's the only app I ever used and everyone has it)
we can send euros instantly to each other, with 0 fees
“Sending” instantly is different from “settled” instantly. The funds might have been sent but can be reversed up to 180 days later. Bitcoin transaction is final in 6 blocks or less. Even when fees are high now, you are still paying less than $2 for final settlement.
fees are proportional to the number of bytes your transaction has
The whole point of Bitcoin is not to be compared with fiat system or to be faster and cheaper.
Is to FUCK THE BANKS AND GOVS.
This is what few understand.
You want to live a slave life, stay the fuck in the fiat world.
You want freedom, use Bitcoin.
Otherwise, STFU with bullshit like "can I send 100 euros..."
if Bitcoin is ever to replace the fiat system, it must be compared against it
a regular, dumb user will not change its habits if it means lowering the quality of the service
for people that understand that a decentralized system is superior, that comparison is easily done. for someone who doesn't even understand how fiat works, it is not
I'm not advocating for fiat. I'm defending the point of view of a regular person
