Topic: Bitcoin can't be used for transactions? - page 2. (Read 523 times)
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.
Definitely Bitcoin is still not the best coin to make small payments or transfer funds to someone. In my opinion, the best application at this stage for Bitcoin is to use it as a purely investment asset. Let's leave aside the fact that very few people accept Bitcoin as a means of payment.
Bitcoin is being used primarily as an investment asset nowadays. If some asset gives me 1000x returns in 8 years, then I will think twice before using it as a payment. And that said, Bitcoin can be used as a payment almost anywhere. In cases where direct payments are not possible, you need to search for indirect options. You can easily purchase gift cards using Bitcoin, and use it for shopping in supermarkets and retail stores where direct payments with Bitcoin are not accepted.
That's how many investors and holders are seeing this system, instead of using it as means for payment transactions
they are more concern with long term investment.
Using it as token for future investment, knowing that by history bitcoin provide a lots of proftis, those early holders
really enjoy the big benefits that this investment currency brings them..
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?
Well, you should expect that the fees and transaction fees are going to increase as the market becoming more active. It will only back to normal once the market calms down for a little bit. a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
These transactional fees are the most common problem faced by everyone but there are some ways to reduce the fees like using a lighting network or convert it into altcoins like XRP which have lower fees.
Definitely Bitcoin is still not the best coin to make small payments or transfer funds to someone. In my opinion, the best application at this stage for Bitcoin is to use it as a purely investment asset. Let's leave aside the fact that very few people accept Bitcoin as a means of payment.
Bitcoin is being used primarily as an investment asset nowadays. If some asset gives me 1000x returns in 8 years, then I will think twice before using it as a payment. And that said, Bitcoin can be used as a payment almost anywhere. In cases where direct payments are not possible, you need to search for indirect options. You can easily purchase gift cards using Bitcoin, and use it for shopping in supermarkets and retail stores where direct payments with Bitcoin are not accepted.
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?
Definitely Bitcoin is still not the best coin to make small payments or transfer funds to someone. In my opinion, the best application at this stage for Bitcoin is to use it as a purely investment asset. Let's leave aside the fact that very few people accept Bitcoin as a means of payment.
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?
If you're referring a conversion from bitcoin to cash, there's some exchanges that regulates P2P. It helps you to convert your cryptocurrency to any fiat, also, there would be an escrow for the transaction you'll do for the safety of your funds. It's still the same for P2P if you purchase bitcoin on the exchange platform and Binance is an example for this. a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
Regarding the problem of transaction fees, which are quite expensive, it is indeed one of the obstacles most often experienced by Bitcoin users.
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. 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.
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. 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.
. 1. If you use wallets like Binance, XAPO, etc, you can transfer without fees between Binance -> Binance, Xapo -> Xapo.
Is it possible to transfer without fees from Binance to Xapo and vice versa ?. This is the first time i am hearing this option. In the past i used Xapo but then the fees stopped me from using them and there are many options to hold the coins if you are not using micro amounts. I just installed the Xapo wallet and i could not find any option to send the coins without fees to Binance, if you could help me out it would be great.@OP whats the delay in conversion, there is a delay in confirmation but if you have the patience there is nothing much to worry.
a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
1 BTC is around $50k now.or b) purchases using Bitcoin?
Consider tranfering $50k to someone in a foreign country. The amount of time and fees you will pay is still way less than the fees you are paying for Bitcoin. And time? You can send it over in even less than 10 minutes. Consider this bringt side.
This is actually right and I can vouch for it since I had a transaction from Binance last year which was the biggest earn I ever had in the crypto industry. In the crypto industry, you don't need to have some complex documents where you need to prove you are the owner of those huge amounts of altcoins. All you need is just one KYC and everything is good to go and even you don't complete the KYC in some of the exchanges you can still move your BTC or any other altcoins without worry and Yeah! moving cryptocurrency is way more convenient than moving those fiats.
I consider chargers most times based on the quantity of the token that I am transferring. Paying $20-$50 to move$5000 and above is not much to me. To me ETH is the worst in transfer now.
Actually bitcoin transaction fees are cheap because it's only around 2000 satoshis, but because bitcoin prices have gone up very high, the transaction fees based on fiat are very expensive, but actually if based on bitcoin it's still around 2000 satoshis
That's not true and I don't know from where you did get that number (2k sats)!Transactions fees did not increase only because of the surge of bitcoin price but also because of the increase in the number of transactions sitting in the mempool and waiting to get confirmed.
The more unconfirmed transactions there are the higher fee rate you have to pay for a faster confirmation.
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?
Bitcoin from my perspective can be use for series of things, in terms of transaction, nothing Bitcoin can not purchase, what ever thing fiat can can do, cryptocurrency can do it more better,converting any crytocurrency to cash is easier now due to adoption of banking system but the aspect of fees is quite annoying that bitcoin fees is now becoming ambiguous with transaction fees, which I don't the Genesis of it's regulations with charges. a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
With the Bitcoin's price today surely there are lots of transaction happening globally but some actually don't suffer from that. There are actually bitcoin wallets application that has many functions; and you can even process different types of transactions.
Well there are some apps that provided me the convenience for those. I can convert mine easily to cash.
Purchasing using Bitcoin isn't that much of a problem because I can't pretty much just do the conversion then pay through the converted amount.
If you reside in PH, you can use Coins.ph app.
I use the same app and it is really good actually because transactions are faster than the others. Converting from fiat to BTC and vice versa is smooth in the app.
There are so many features that coins.ph has and it makes the user very comfortable of converting from btc to fiat and vice versa, PHP transactions in that wallet is instant and free but on BTC it needs confirmations first before it appears to your wallet and you should pay for the fees, of course, It's good that coins.ph let you choose the transaction speed which can make your transaction fee cheaper. Well there are some apps that provided me the convenience for those. I can convert mine easily to cash.
Purchasing using Bitcoin isn't that much of a problem because I can't pretty much just do the conversion then pay through the converted amount.
If you reside in PH, you can use Coins.ph app.
I use the same app and it is really good actually because transactions are faster than the others. Converting from fiat to BTC and vice versa is smooth in the app.
It's a custodial wallet but it offers a very comfortable feature for Filipino users.
Yeah, it can't be used for small transactions but there are always ways to solve this problem.
1. If you use wallets like Binance, XAPO, etc, you can transfer without fees between Binance -> Binance, Xapo -> Xapo.
2. You can use the Lighting network if it's supported by the service providers you are going to use (you need segwit address for that).
3. You can convert bitcoin into XRP and get transactions confirmed in seconds with the smallest fee.
1. If you use wallets like Binance, XAPO, etc, you can transfer without fees between Binance -> Binance, Xapo -> Xapo.
2. You can use the Lighting network if it's supported by the service providers you are going to use (you need segwit address for that).
3. You can convert bitcoin into XRP and get transactions confirmed in seconds with the smallest fee.
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?
No system can be flawless and bitcoin is no exception! So the fees and waiting time are real challenges at this moment. And the fees is expected to go up in case the price goes up further. So we have something called lightening network. Which is a side chain transaction Facilitator and where you can send bitcoins using low fees and the transactions are usually instant.
I think, people should start using LN more and more now because of these challenges! Otherwise, you will have to constantly look at the mempool volume and time your transaction for the optimum period.
With the Bitcoin's price today surely there are lots of transaction happening globally but some actually don't suffer from that. There are actually bitcoin wallets application that has many functions; and you can even process different types of transactions.
Well there are some apps that provided me the convenience for those. I can convert mine easily to cash.
Purchasing using Bitcoin isn't that much of a problem because I can't pretty much just do the conversion then pay through the converted amount.
If you reside in PH, you can use Coins.ph app.
I use the same app and it is really good actually because transactions are faster than the others. Converting from fiat to btc and vice versa is smooth in the app.
Well there are some apps that provided me the convenience for those. I can convert mine easily to cash.
Purchasing using Bitcoin isn't that much of a problem because I can't pretty much just do the conversion then pay through the converted amount.
If you reside in PH, you can use Coins.ph app.
I use the same app and it is really good actually because transactions are faster than the others. Converting from fiat to btc and vice versa is smooth in the app.
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?
Well there are some apps that provided me the convenience for those. I can convert mine easily to cash.a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
Purchasing using Bitcoin isn't that much of a problem because I can't pretty much just do the conversion then pay through the converted amount.
If you reside in PH, you can use Coins.ph app.
I have been through a transaction as a buyer on newly launched domain auctions portal i.e. 48hr.com.
The transaction escrow process was smooth. Since it was a very low priced transaction I had to pay 60% transaction fees to the processor while transferring amount to escrow.
I think this ratio will be much lesser for large transaction. What do you think?
The transaction escrow process was smooth. Since it was a very low priced transaction I had to pay 60% transaction fees to the processor while transferring amount to escrow.
I think this ratio will be much lesser for large transaction. What do you think?
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?
Bitcoin and Ethereum are useless for small and everyday transactions.
But you could always use or exchange them to USDC/USDT/Tron and pay whatever you want with crypto through a debit card or payment service.
I agree... For transactions from a country to another or if the amount is too large then Bitcoin is the best way.
But within the city or when you try to do some physical shopping, I think TRX or XRP would be much faster, easier, and with fewer fees.
It will be really hard to implement BTC for these type of transactions.
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?
The transaction fee is high if you want to do very small transactions but for the big transactions, bitcoin is still the best medium. Also fee is not a big hindrance in adoption of bitcoin. For most people who want to deal in big transactions, the fee does not matter at all.
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