Post
Topic
Board Bitcoin Discussion
Re: Issues I Had With Bitcoin transaction As Newbie
by
ChiBitCTy
on 15/03/2022, 14:59:38 UTC

What issues have you encountered with Bitcoin  transaction and How do you think it could be improved?

One of my odd experience I had as a newbie around 2014 with Bitcoin Network transaction when I started using Bitcoin (Blockchain technology) are as follow;

[1].Sending Bitcoin to a wrong address that has never been recoverd till date.

[2].High transaction fees.

[3] .Having to wait for almost more than two days for a transaction to be confirmed.

              How could this issues be improved ?
My ideas......

‌[A]. Bitcoin transaction (Blockchain technology) in my view should be improved in such a way ,
That modifications can be to either where a wrongly sent transaction could be reversed when sent to a wrong address,

‌ The system could be improved in such a way that a unique name be attached to a partular address and anonymously the system would detect immediately that the name and address do not tally and hence tag it a wrong  address, A system where this  mistakenly sent transaction can be reversed if requirements for such reversal are met should also be created.
For example
 imagine having billion dollars transaction mistakenly sent to a wrong address where there is no system in place to reverse it.

.High Transaction Fees.

‌More system should be created to help cut down the transaction fees incurred when during a transaction so that someone can pay almost zero in the transaction fees.

‌What's your Good Ideas to solving Bitcoin transaction Issues let's discuss.


So as others have said, you're missing out on a few important things to note.  First, unless you're sending coins from an exchange (which you should never store coins on an exchange, if you don't already have one I'd highly recommend getting a hardware wallet like Cold Card or Trezor) you can change the TX fee which would effect the cost and speed of the transaction.  You would never send a billion dollars at one time, there are special ways to sell a lot of bitcoin, like over the counter for example.  "more system should be created" the Dev team is working on this, Lightning Network for example.