Can we please do something to speed up transaction time and the high transaction fees?
This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.
IMO, the following things need to happen.
#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.
We just went 50 minutes between blocks as I was writing this!
I agree! Bitcoin's main purpose is to have better transactions than what we have today. A free transaction that let's our personap information behind the codes and addresses. But what's happening now is the increase of fees and the time it takes to transacr. Bitcoin price is very volatile so a long transacting time whether in trading or just transfering Bitcoin might be as fast as an instant click. I believe they are already working on this as the Bitcoin is now being recognized and is continuing it's development.