I guess it is not bitcoin only but almost altcoin if they has been increasing a lot let say like bitcoin then the fee for transaction is high as well. Take a look at ETH, most people talk if ETH is a good coin because it has a low fee per transaction, but now when ETH price is already high the fee per transaction is already high as well, most people just use another altcoin.
And most people choose Binance coin as another alternative because its has low fee per transaction using BEP2 network but now it is already high as well. Bitcoin is more is more comfortable to be used as mean of investment place, it can be juxtaposed with gold. Yeah, many people believe that bitcoin is digital gold which is why its price just up and up.
Topic: Bitcoin can't be used for transactions? (Read 523 times)
Bitcoin as it were as contributing and ended up exchanging resources and not any work as exchange cash since my nation not allow space for bitcoin ended up legitimate, I am appreciate in spite of the fact that bitcoin unlawful as installment exchange still provide numerous highlight how bitcoin exceptionally worth and beneficial as venture resources, amid government not prohibited bitcoin and trade showcase I am upbeat and keep holding up for contributing with greater support in bitcoin for my future resources.
From what I've read, Bitcoin now charges high transaction fee and long transaction wait time so it can't presently be used:
a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
of course you can, you pay for anything.
only mandatory terms is that the shop owner has been accept the bitcoin transaction.
One thing we must know is that, it can't be all rossy with a thing or at a time.
Do you really think that, bitcoin won't come with some disadvantages? I'm so sorry to let you know that it actually does and there isn't anything bad about that. Exchange rates go up and down even with normal fight as you travel between nations for fiat so, why won't bitcoin assume some form of fluctuation in a universal base as it isn't tied to any nation?
If it comes in price change in the market or fees, we just have to deal with it. There are times it becomes more convenient than the other and at such points, we should use it to compensate for others.
Do you really think that, bitcoin won't come with some disadvantages? I'm so sorry to let you know that it actually does and there isn't anything bad about that. Exchange rates go up and down even with normal fight as you travel between nations for fiat so, why won't bitcoin assume some form of fluctuation in a universal base as it isn't tied to any nation?
If it comes in price change in the market or fees, we just have to deal with it. There are times it becomes more convenient than the other and at such points, we should use it to compensate for others.
I agree with you about using Bitcoin as a payment method. When fees starting matching the amount you are spending then that is just too much to take. I think the bank only charges $0.35 to use the card to pay and to withdraw cash it will cost $0.50. Compared to bitcoin that is peanuts. Etherium used to be the next best thing, though that has just changed recently during the boom and with all the mining. This has made many people turn to other currencies like litecoin or ripple. USDC & USD tether cannot be used since it uses the Etherium network so it won't help much. Transferring tokens become a problem too.
Well, it's not exactly like that. You can easily exchange BTC on fiat at almost any exchange market and you can easily purchase using BTC on Amazon for instance. But the problem is mostly in traders’ attitude towards huge volatility of BTC. Sometimes in several minutes BTC price changes on several thousands and then 45$ costs a bit different amount of BTC. If you possess a lot of coins and don't bother about this then you can easily purchase but in other case you didn't want to lose your coins and choose to pay with fiat money that is more stable.
Everything is priced in fiat currency and when the exchange rates change, the amount of coins that you pay may also change. And in most cases, the traders immediately convert their coins to fiat. So the volatility is an issue for the buyers. The sellers/merchants are not much impacted. Also, lot of the merchants use third party processors such as Bitpay and Coinbase to immediately convert their BTC revenues to fiat currency.
for now if you withdraw 1 bitcoin directly, you will run into difficulties where the local bank will suspect you if the incoming money is not as usual, so withdraw your bitcoin bit by bit to your local bank
for bitcoin transaction problems in purchases, what are the purchases beforehand
if you want to transact outside of crypto, I personally have never purchased an item with bitcoin,
for bitcoin transaction problems in purchases, what are the purchases beforehand
if you want to transact outside of crypto, I personally have never purchased an item with bitcoin,
Well, it's not exactly like that. You can easily exchange BTC on fiat at almost any exchange market and you can easily purchase using BTC on Amazon for instance. But the problem is mostly in traders’ attitude towards huge volatility of BTC. Sometimes in several minutes BTC price changes on several thousands and then 45$ costs a bit different amount of BTC. If you possess a lot of coins and don't bother about this then you can easily purchase but in other case you didn't want to lose your coins and choose to pay with fiat money that is more stable.
From what I've read, Bitcoin now charges high transaction fee and long transaction wait time so it can't presently be used:
a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
Yes the charges right now when you are transferring bitcoin to other bitcoin address is quite high but it is because of the price of the bitcoin which is $50,000 so it affects the price of the fees when you are doing transaction, when it comes to the transaction time I've encountered so many times that the transaction was really take so long and the reason behind this is because of the many people are having a transaction over the platform and it causes traffic so that's why the transaction takes some time. a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
Depending on your transaction amount and the the situation of the transaction bitcoin can be useful for your transaction. Currently, the price rises and falls too much on each day and many people are making emotional decisions, they start panic selling and greed buying this requires faster transaction and surly this will make the network more crowded. That's the reason of the high transaction fees. However, still if you are going to transfer a huge amount of money, bitcoin is useful because you can pay 10 bucks for a 10m dollar transaction.
For whales or large investors, the transaction fee is just like dust for them, as compared to transferring their money via cross border payments. But for small traders, of course, you need to check the mempool activity first to see how congested the network will be. Because you will have idea how much you need to put for sat/byte if you are targeting a specific period of time for the transaction. But still, you can convert your bitcoin to cash or use it for payment.
Depending on your transaction amount and the the situation of the transaction bitcoin can be useful for your transaction. Currently, the price rises and falls too much on each day and many people are making emotional decisions, they start panic selling and greed buying this requires faster transaction and surly this will make the network more crowded. That's the reason of the high transaction fees. However, still if you are going to transfer a huge amount of money, bitcoin is useful because you can pay 10 bucks for a 10m dollar transaction.
With the value that Bitcoin have that still improves through time, can you even imagine the possibilities dealing on transaction with a high rising coin that means high transaction will also make happen. Just look on what happened to Ethereum wherein as the price rises, the transaction fees in terms of gas to complete the process have been expensive along with the rise of the value. The same concept is being applied if you will think of it Bitcoin to be used in transaction methods. Other existing cryptocurrencies are much better options when it comes to practicality since compared to Bitcoin they possess smaller value that can be affordable for people.
I can understand if many say that Bitcoin cannot be used for transactions nowadays. Because the burden of fees that must be borne is
quite large, especially for making transactions in small amounts it is not recommended to use Bitcoin. Therefore some altcoins that have
transaction fees that are much cheaper than Bitcoin are good choices for now. I chose to use TRX or DOGE which have very cheap transaction
fees and also a fast process. Therefore, I always convert the Bitcoin that I have first if I want to send funds from one exchange to another.
quite large, especially for making transactions in small amounts it is not recommended to use Bitcoin. Therefore some altcoins that have
transaction fees that are much cheaper than Bitcoin are good choices for now. I chose to use TRX or DOGE which have very cheap transaction
fees and also a fast process. Therefore, I always convert the Bitcoin that I have first if I want to send funds from one exchange to another.
The current circumstance with the exchange charges is stressing to crypto fans that do exchanges including little assets. The trades specifically are not improving the situation, merchants are paying around 0.001 BTC, which is around $50 for a solitary exchange. Obviously, sending a limited quantity would not bode well by any means.
If you are dealing with small amounts then it is better to not withdraw the coins from exchanges as the transaction charges are really high in almost all of the exchanges and some have not even reduced the charges and i am surprised that they are still getting customers. You need to boycott exchanges who are charging high transaction fees. 
The current circumstance with the exchange charges is stressing to crypto fans that do exchanges including little assets. The trades specifically are not improving the situation, merchants are paying around 0.001 BTC, which is around $50 for a solitary exchange. Obviously, sending a limited quantity would not bode well by any means.
From what I've read, Bitcoin now charges high transaction fee and long transaction wait time so it can't presently be used:
a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
butcoin cannot be used onnther because of the bitcoin are investors and many more years ago when will I be used for complex and it was a lot of customer service that is the knowledge about trading of gold and equipment legitimately the best key and many more to come in this cryptocurrency is high and it a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
Why not? Bitcoin can be used for making transaction for sending funds to others as payment or other purposes. I believe that you send your crypto funds to others to make it cash. By following this way, you can send it as making transaction and you can send it anywhere in the world. So no hassle there as I think.
We would be biased to answer why Bitcoin should be used on transactions since we are in this industry. But we cannot change the fact that despite of the growth in this technology, there are still businesses, areas and institutions wherein cryptos are not acknowledged as a mode of payment. The trust in those places are still low and we cannot force them to adopt this technology if they are not interested. Let us keep it slow. Based on what is happening recently, huge names or networks are now considering this technology which will more likely trigger a domino effect. So just wait. Regarding the problem of transaction fees, which are quite expensive, it is indeed one of the obstacles most often experienced by Bitcoin users.
Indeed! this problem are mostly the concern of all Bitcoin users, fees are likely increase as the value of Bitcoin continue
to rise high, though currently some correction is happening but the fact that the current value is really high and if you
are just a small users then the fees really affects your transactions.
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Actually there is a solution using the Lighting Network, but people still rarely use it. Maybe because it's still a beta version, so people are still
a little hesitant about using it.
a little hesitant about using it.
Still not being used by most people around, they are still in doubts but if things went right and most do understand things then expect users to ride along.
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There is one more way to solve the problem of expensive Bitcoin transaction fees. By converting Bitcoin to altcoins which do have a much cheaper transaction fee. This method is easier to do and is mostly used by crypto users to move their funds.
Most crypto players are using this common ways, in order to transact with much lower fees converting your bitcoin to another alts
will help you to process avoiding the higher fees.
Why not? Bitcoin can be used for making transaction for sending funds to others as payment or other purposes. I believe that you send your crypto funds to others to make it cash. By following this way, you can send it as making transaction and you can send it anywhere in the world. So no hassle there as I think.
Bitcoin could be used in any transaction if ever the company, or the person he/she were going to transact with are okay with it. It should be mutual decision in both parties especially today which there is no third party that will interconnect with the two main concern of transactions like in real businesses, the remittance center or the exchanger where available on their area or where does both parties could easily access with.
It seems the technology most cryptocurrencies are based on is not efficient or cheap at all. Because blockchain systems can't scale, they scale on the side of fees and the fees will be even higher as transactions compete to be chosen by miners. This fact is common in all blockchains and you may see some being today fast and cheap, however, once they will be used they will quickly meet rising fees into sizes nobody could imagine. In the beginning, it was thought that Bitcoin could be used for everyday transactions on a large scale, perhaps worldwide. It was quickly found by researchers that Bitcoin would not be able to scale, thus in 2016, Mike Hearn left the project and others tried to push bigger blocks, which in my opinion wouldn't be any solution, but would have created centralization issues. The decisions taken were not to change a lot but the bigger problem was that there wasn't a consensus to change Bitcoin and try bigger blocks as scaling solution. Anyway, as said above today it can be used to buy a Tesla and nobody would care a lot to give $30 more. What will happen in the future? If Bitcoin keeps the same level of adoption it will mean that fees will keep rising. Who will use Bitcoin when fees will reach $1000 and who can say they won't?
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