Post
Topic
Board Bitcoin Discussion
Re: Bitcoin DOOMED to have high transaction fees
by
hatshepsut93
on 01/08/2017, 15:40:58 UTC
The issue with the fees is that even if for you the transaction fee is not that big, you must understand that bitcoin need to work not only for those that live in the first world and that can afford 1 or 2 dollar fees, in a third world country that may mean a full day of work, so the issue needs to be solved somehow, and segwit may be a short term solution for that.

No one can afford 1-2 dollar fee for every transaction while using it in place of cash/credit cards.

though this is a non issue anymore, others are right that this issue could reoccur.  the one behind tbe spam transaction can go and spam the network again. hopefully segwit would be enough to counter those attacks so the fees will not rise again. though the miners benefit from those attacks, i do not think they are behind it.

This will be the issue for a long time, if people will start actually adopting Bitcoin, it will be the same or even bigger than the recent spam attack, in terms of load on the network. And segwit itself hasn't solved the scaling problem (and its goal never was to do so), it's a preparation for future developments.

Basically, blockchain technology is still on its early stages of development.