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.
Quote
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.
Quote
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?
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.
From what I've read, Bitcoin now charges high transaction fee and long transaction wait time so it can't presently be used:
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, I use blockchain.com wallets.If the transaction time for bitcoin is indeed quite long, especially when compared to XRP or Minter ,,, the delivery time is only 5 seconds.
but even so, in my opinion bitcoin is still worth using for daily transactions.
Since I started making money using bitcoin I never encountered trouble using bitcoin in any transactions that I made for four years. I use my bitcoin to buy mobile phone loads and its take a seconds to get successful, and if I need to buy my basic needs I converted my bitcoin in to cash.
You dont need to worry, bitcoin is very convenient to use in any transactions you need to do.
You dont need to worry, bitcoin is very convenient to use in any transactions you need to do.
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?
It helps to think as it a gold, you can potentially use it for transactions, at least in Utah
, but it does not make much sense to do so unless it is a large amount. It also helps to think of it as diamonds in times of war. You have your keys, you can carry them around, you do not depend on a bank or a state to back it... just consider that you were a doctor in Siria 5 years ago. You have some bitcoin - even on a exchange. You leave your country with your family and whatever you can carry in your car. The mafias strip you of whatever money you have on you and you manage to get to e.g. Germany. If you want to survive now you need either diamonds, which could have been stolen from you at this point, or you keys.
Bitcoin and Ethereum are useless for small and everyday transactions.
Please read my previous post, it's not all as black as some try to show when it comes to fees - of course it doesn't make sense to send $5 and pay the same for a fee, but at a time when the price is going up it's quite normal that fees get bigger. But as I wrote earlier, users are also partly responsible for this increase because they pay completely unnecessarily large fees.
I often look at mempool, and sometimes it is not clear to me that someone pays up to 10x more than the fee that is enough to confirm the transaction in the next block.
The efficiency factor should be factored in to make this discussion more comprehensive. This is what i mean, it takes a fraction of the time needed to send cash through a bank to send btc, that time saved could actually be quantified monetary.
When you sum everything, you will discovered that it is far better than the traditional banking transactions.
I think the Lightening network will be a very profound innovation since the value proposition is mainly to help reduce the charges for transaction and also reduce delay.
But, do we have these applications already in use? What are the software made up of? are they blockchain?
[moderator's note: consecutive posts merged]
When you sum everything, you will discovered that it is far better than the traditional banking transactions.
When it comes to transacting money internationally, there is a big game played by international financial institutions. The rules are different for individuals as compared to corporations. The odds really are stacked against the individual as your income will be taxed and levied at every checkpoint.
For the first time in history, Bitcoin gives you an option to avoid that, if used correctly. Fees is something you have to manage at present. How LN changes that remains to be seen.
If you are talking about the fees that exchanges charge or when you want to FOMO into something and convert BTC and find that the fees for instant transfer are insane, then unfortunately, that is just how blockchain stays worth the mining effort and secure.
Authorities everywhere will disagree to everything written above and want their hand in the pie. It is an evolving situation.
For the first time in history, Bitcoin gives you an option to avoid that, if used correctly. Fees is something you have to manage at present. How LN changes that remains to be seen.
If you are talking about the fees that exchanges charge or when you want to FOMO into something and convert BTC and find that the fees for instant transfer are insane, then unfortunately, that is just how blockchain stays worth the mining effort and secure.
Authorities everywhere will disagree to everything written above and want their hand in the pie. It is an evolving situation.
I think the Lightening network will be a very profound innovation since the value proposition is mainly to help reduce the charges for transaction and also reduce delay.
But, do we have these applications already in use? What are the software made up of? are they blockchain?
[moderator's note: consecutive posts merged]
When it comes to transacting money internationally, there is a big game played by international financial institutions. The rules are different for individuals as compared to corporations. The odds really are stacked against the individual as your income will be taxed and levied at every checkpoint.
For the first time in history, Bitcoin gives you an option to avoid that, if used correctly. Fees is something you have to manage at present. How LN changes that remains to be seen.
If you are talking about the fees that exchanges charge or when you want to FOMO into something and convert BTC and find that the fees for instant transfer are insane, then unfortunately, that is just how blockchain stays worth the mining effort and secure.
Authorities everywhere will disagree to everything written above and want their hand in the pie. It is an evolving situation.
For the first time in history, Bitcoin gives you an option to avoid that, if used correctly. Fees is something you have to manage at present. How LN changes that remains to be seen.
If you are talking about the fees that exchanges charge or when you want to FOMO into something and convert BTC and find that the fees for instant transfer are insane, then unfortunately, that is just how blockchain stays worth the mining effort and secure.
Authorities everywhere will disagree to everything written above and want their hand in the pie. It is an evolving situation.
The problem of delay and high fees has become a really annoying problem for many people, recently I sent a Bitcoin transaction that took three days and did not get any confirmation until after I used ViaBtc's acceleration service even though I paid the 3$ transfer fee, while I transferred the same transaction to USDT Sent via Tron network, the process only took 5 minutes and the fee was only 0.1 $.
The high fees make many think of owning bitcoin for investment and trading only.
The high fees make many think of owning bitcoin for investment and trading only.
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?
That is because the bitcoin dev team refused to increase onchain transaction capacity.
If you actually need to transfer coins at decent prices, use Doge or LTC both work great.
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?
I think its only temporary because of the Network congestion and if the Lightning Network will be widely implemented those slow transaction will be the only thing in the past, But for now that it is not yet widely implemented we can expect more slow transactions and higher transaction fees that directly affecting most of Bitcoin users so for small scale users the fees are high enough and impractical but for the whales its not a problem.
I'm not saying that bitcoin is no longer viable for transactions, but at the moment if you are looking for fast and efficient transfers, perhaps converting to something else is the way to go. It still has an excellent fee calculation IMO that is economical in the long run, but due to the large volume of transactions, it's quite shite right now.
I think it's actually becoming less viable for transactions than it has ever been. The issue with large volume of transactions has already been going on for months, which I can't remember happening before.. and remember that the more people join the network and the more BTC is being used & adopted, the worse fees and confirmation times become! I just wish this somehow gets solved before someone comes and launches mainstream FUD about the BTC network being basically useless whenever it starts getting used more often. 
Such a situation will have to be faced for the rise in the price of bitcoin the amount of transaction fee is much higher to get the price increase. There are many small traders who want to invest a small amount of bitcoin but due to the high amount of fees, it is often not effective with their price which is why bitcoin is going bad and users are stopping their transfers by comparing them to fees for less money. How effective it will be in the future will depend on bitcoin.
Since 2017 I am no longer treat bitcoin as an alternative currency. I am more treat bitcoin as digital asset for some reason;
1. Any transactions using cryptocurrency is banned in my country.
2. Bitcoin is tradable and it's legalize by the government.
3. It's not fast a currency.
4. It is profitable to hold for long time.
1. Any transactions using cryptocurrency is banned in my country.
2. Bitcoin is tradable and it's legalize by the government.
3. It's not fast a currency.
4. It is profitable to hold for long time.
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 are looking for a flash transaction then yeah it is not bitcoin that you are looking for , but there are options for the fee to lower and the transaction time be lesses , by using " LIGHTNING NETWORK" but as i believe this is best for small transaction only and not for the much bigger one like more two digits Bitcoin transaction. a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
OK, everyone probably knows about this site but it is the coolest thing I have found in a long time. It visually shows the mem pool statistics, size, the fees people are paying, etc. over time. Click here and see the beautiful color graphics for the last three months:
https://jochen-hoenicke.de/queue/#BTC,3m
Yes, look at the third graph down, mem pool size, and notice how high it is (225 MB). This large amount of transactions has to be squeezed into the limited size blocks - therefore the amount you need to pay to get your transaction in the blocks goes up.
You can adjust the time window. You can also see the fees being paid on other crypto (ETH, BCH, etc.) to see how they compare to BTC.
So cool. Donating to the site author now...
EDIT: I will, of course, donate something other than BTC, probably BCH, since a donation of BTC would cost me too much to send right now
https://jochen-hoenicke.de/queue/#BTC,3m
Yes, look at the third graph down, mem pool size, and notice how high it is (225 MB). This large amount of transactions has to be squeezed into the limited size blocks - therefore the amount you need to pay to get your transaction in the blocks goes up.
You can adjust the time window. You can also see the fees being paid on other crypto (ETH, BCH, etc.) to see how they compare to BTC.
So cool. Donating to the site author now...
EDIT: I will, of course, donate something other than BTC, probably BCH, since a donation of BTC would cost me too much to send right now
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?
Right now using btc for money transfer isn't the best option, txn fees are high indeed, and even if you pay $10-15 it might take a while for the transaction to be confirmed.a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?
On the other hand, if you want to transfer a big amount of money - using btc will still be more reasonable and cost you less money. than money transfer with credit cards. Plus, if time isn't of importance to you - you can always pay a minimal transaction fee, even around $1, just be prepared that it might take weeks
Upon seeing your topic, i was first curious on how until i read the content of your thread @OP and you've got a point. Because, due to the fact that, the transfer of bitcoin is from one address to the other takes time, has a direct relationship with fee and the mempool, instantenous confirmation becomes a problem and merchant isn't really satisfied with cash when it isn't at hand or confirmed in wallet. So, its a real issue for now and future usage in transactions.
On the case of getting transactions done where ever around the globe, nothing does it better than bitcoin.
On the case of getting transactions done where ever around the globe, nothing does it better than bitcoin.
At this point, timing your transfers from one address to another seems to be more plausible compared to just sending it blindly without looking at the mempool or any charts similar to that indicating network stats. I know it's a hassle but a huge volume of transactions is coming in the network almost every hour. We've had way worse situations in the past, and just like those instances, this huge volume/wave of transactions will be cleared. For now, it's best to convert to any stablecoins (if it is supported by the service you'll be transferring funds to) and convert to bitcoin once the stablecoins are already in the platform.
I'm not saying that bitcoin is no longer viable for transactions, but at the moment if you are looking for fast and efficient transfers, perhaps converting to something else is the way to go. It still has an excellent fee calculation IMO that is economical in the long run, but due to the large volume of transactions, it's quite shite right now.
I'm not saying that bitcoin is no longer viable for transactions, but at the moment if you are looking for fast and efficient transfers, perhaps converting to something else is the way to go. It still has an excellent fee calculation IMO that is economical in the long run, but due to the large volume of transactions, it's quite shite right now.
Well then can Bitcoin remain at 50k in the future even with a large number of bitcoin users or will it go down in price with time?
Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
Simple economics subject will definitely able to answer this one out.If we do talk about price then it would always matter in demand and as you mentioned with large number of bitcoin users in upcoming years Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
then that do simply means that demand is on rise too which means it do increase its price also. Price isnt the solid indication for assuming that fees would be high because it all matters with the network
condition if its congested or not or simply talks that if there are lots of transactions that do happen at the same time which would really result into high fees but if not then
you can able to transfer millions of usd with just paying off less than 1 buck. Isnt that great?
a) It can still be used to convert into cash but fees are high and you need to set how much you'll be paying. If you're not in a hurry, you can always change it to a lower priority until it gets confirmed. This is another reason why most are just holding it and not willing to pay for that much fees.
b) That's still the same as converting in cash because you have to send it to the receiver for you to purchase goods.
b) That's still the same as converting in cash because you have to send it to the receiver for you to purchase goods.
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.
If you say longer transaction time then I may agree with you but when you talk of fees you can not compare bitcoin fees to faint money most especially when sending large amount of money to a foreign country bitcoin still the best the cheapest and sometimes the fastest mode of payment.
i think i know where you read it because i also read it earlier . it was from this topic didnt you https://bitcointalksearch.org/topic/bitcoin-is-not-serving-its-purpose-anymore-transfer-waiting-48hr-even-paid-high-5319711 . your letter "a" in your choice dont work like a traditional transaction or sending , paying of btc because converting are mainly instant but it do have a charge depending on the wallet and exchange that you are using .
its the letter "b" that needs waiting but paying a high fee is optional because you can process a transaction with less than the recomended fee but as long as you agree to wait for a little longer .
btc is completely useable but its up to you if you avoid it temporarily because of the fees and network congestions .
its the letter "b" that needs waiting but paying a high fee is optional because you can process a transaction with less than the recomended fee but as long as you agree to wait for a little longer .
btc is completely useable but its up to you if you avoid it temporarily because of the fees and network congestions .
speaking from experience, ever since 2020 more than 90% of the txs I made on Monday with 1sat/byte fees have only been confirmed after five days!
I have a bit different experience. I've made some transaction with 2-4 sat/byte fee and it took weeks for them to be confirmed. Each 4-6 days transaction was resend to mempool and longest time I've waited for BTC to reach receiver was 20 days.
Now I have a little different experience. Transaction with 5sat/byte was made on February 11, has 0 confirmation and is not being resend. I'm not in a rush, but this "always a new experience" when doing transactions starts to be a bit annoying.
In 2017, the price of a bitcoin rose from around $1,000 to $20,000, then lost two-thirds of its value in the first half of 2018. These violent fluctuations make Bitcoin unsuitable for day-to-day payments. This is partly why very few merchants and retailers accept it as a method of payment.
- There are several ways to convert bitcoin to cash and ultimately move it to a bank account: Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account.
- More and more retailers are setting up payment systems that enable Bitcoin transactions. Among the biggest are Microsoft, AT&T and Home Depot. Additionally, apps in the Apple and Android stores make it possible for crypto-connoisseurs to pay for airline tickets by converting Bitcoin to fiat money in real time.
- There are several ways to convert bitcoin to cash and ultimately move it to a bank account: Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account.
- More and more retailers are setting up payment systems that enable Bitcoin transactions. Among the biggest are Microsoft, AT&T and Home Depot. Additionally, apps in the Apple and Android stores make it possible for crypto-connoisseurs to pay for airline tickets by converting Bitcoin to fiat money in real time.
Bitcoin only as investing and become trading assets and not any function as transaction currency because my country not give space for bitcoin become legal, I am enjoy although bitcoin illegal as payment transaction still give many feature how bitcoin very worth and profitable as investment assets, during government not banned bitcoin and exchange market I am happy and keep waiting for investing with bigger fund in bitcoin for my future assets.
If you do a lot of business via international bank transfers, you will notice how bitcoin is cheaper even in today's congested state of the market. Bitcoin has no international borders, bank transfers do. Bitcoin fees aren't related to the amount you send, bank transfers are. Learn how the total fees change depending on how many UTXOs you are dealing with, like Lucius mentioned, consolidate when the fees are low, and you will notice a change. It's not perfect and it is not fast, but it works.
I receive money from international clients 2 times a month. My local bank doesn't have a direct connection (via bank accounts) to the bank the senders use. All transactions go through a 2nd intermediary bank. That intermediary bank takes €12-15 as routing fee + my bank takes 1% of each incoming transaction. Count those two together, I am losing €25-60 in fees per transaction. Now multiply that by 2 (for 2 transactions each month). Each transaction takes takes 2-3 days to reach my account.
If you think bitcoin isn't doing good, have fun dealing with banks.
I receive money from international clients 2 times a month. My local bank doesn't have a direct connection (via bank accounts) to the bank the senders use. All transactions go through a 2nd intermediary bank. That intermediary bank takes €12-15 as routing fee + my bank takes 1% of each incoming transaction. Count those two together, I am losing €25-60 in fees per transaction. Now multiply that by 2 (for 2 transactions each month). Each transaction takes takes 2-3 days to reach my account.
If you think bitcoin isn't doing good, have fun dealing with banks.
...//...,,,
...so that can't be useful if Bitcoin remains at 50k in the future.
...so that can't be useful if Bitcoin remains at 50k in the future.
... in the good faith of the developers there are alternatives that tend not to improve bitcoin as many think, but to improve the user experience and merchants.
It is totally absurd to think that the price (up / down) of bitcoin is not useful because it affects sending $ 200 at a fee that does not satisfy you, in reality you must understand that you may be sending a satoshi and paying a fee of $ 30 if it is the one that It corresponds to pay, and that if it is the point, to pay the corresponding rate at the time you send.
There is a friend who always tells me, don't be in a hurry, send to 1sat / B, now if you are in the emergency room and you want to use bitcoin "send".
We have to learn and "learn" about bitcoin, believe me it happens to all of us sometime.
Nice day.
From what I've read, Bitcoin now charges high transaction fee and long transaction wait time so it can't presently be used:
It is true that at a time when there is a sharp rise in price, there is an increase in fees, which is due to the fact that users are actually competing to get confirmation sooner and pay higher fees - and of course only crypto miners benefit from this. What is actually a problem with fees is that many users do not know how to properly determine the fee given the time in which they want to get confirmation and the current state of mempool.
Unfortunately, many overpay their fees because they use the suggestions given to them by their crypto wallets - and this leads to the conclusion that you need to pay $50 to send BTC. I would add that an additional problem comes from the fact that users do not realize that the size of the transaction also plays a big role in the final price of fees. Anyone who masters these basics will always be able to save on fees one way or another.
Unfortunately, I've been supporting BTC fees and hoping for them to lower down in time as development advances but all I'm now left with is still a fading hope.
It's truly becoming quite expensive (and not only for the average person!) to move around BTC, and this is going to only keep preventing the average person from joining the club. I feel like BTC has strongly failed as a currency but will continue to remain a great asset for storing value.
It's been so many years and I hear this (and said it myself as well) every time a new ATH comes: comparing the fees with the ones offered by banks, "only if" discussions about SegWit usage etc. But .. during congestion (and it seems like congestion happens nowadays almost every day), fees and confirmation times are way higher than banks offer. Yeah, you can change fees to your liking but.. speaking from experience, ever since 2020 more than 90% of the txs I made on Monday with 1sat/byte fees have only been confirmed after five days!
I sadly believe BTC will become (or has already become) an asset for the rich, just like gold is.. if mass adoption isn't even here and Bitcoin already cannot scale, then I think this is going to become a huge problem in the following years..
It's truly becoming quite expensive (and not only for the average person!) to move around BTC, and this is going to only keep preventing the average person from joining the club. I feel like BTC has strongly failed as a currency but will continue to remain a great asset for storing value.
It's been so many years and I hear this (and said it myself as well) every time a new ATH comes: comparing the fees with the ones offered by banks, "only if" discussions about SegWit usage etc. But .. during congestion (and it seems like congestion happens nowadays almost every day), fees and confirmation times are way higher than banks offer. Yeah, you can change fees to your liking but.. speaking from experience, ever since 2020 more than 90% of the txs I made on Monday with 1sat/byte fees have only been confirmed after five days!
I sadly believe BTC will become (or has already become) an asset for the rich, just like gold is.. if mass adoption isn't even here and Bitcoin already cannot scale, then I think this is going to become a huge problem in the following years..
can't is the wrong word to use here. bitcoin can and is being used as payment all around the world and transactions have the same speed as always. you just have to pay higher fees these days because the price is shooting up and people are panic buying bitcoin which creates a lot of network congestion.
but it is also hard to pay this much fee for bitcoin transactions and something must be done about it.
but it is also hard to pay this much fee for bitcoin transactions and something must be done about it.
Well then can Bitcoin remain at 50k in the future even with a large number of bitcoin users or will it go down in price with time?
Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
That is a possibility but at present analyst are predicting btc to go above $100k and if that happens I assume the transaction fee will go even higher and so will be the confirmation period will also take longer time, at the end btc is not too different from the fiat system base on this aspect,
At the moment sending small amount of fiat seem more cheaper than using btc or eth, they both fail in this aspect, eth especially.
Current situation with the transaction charges is worrying to crypto enthusiasts that do transactions involving small funds. The exchanges in particular are not helping matters, traders are paying around 0.001 btc, which is around $50 for a single transfer. Clearly, sending a small amount would not make economic sense at all.
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.
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?
Although that I liked BTC to be adopted as payment method for offline and online stores, the fee itself is what makes the difference when transferring. Unless you are using the same wallet, that would be fine as long it does not charge you fees. The only problem is that when we are using decentralized wallets for buying products and services, fees always occur.
so that can't be useful if Bitcoin remains at 50k in the future.
The idea for the future should be to transfer such small amounts for really small fees and also almost instantly on Lightning Network and only the big money get transferred with the current methods (for example the money related to the LN channels' creation).
Unfortunately for those who want to transfer money fast and cheap too, LN is not yet widely used (it's considered to be Beta for now).
From what I've read, Bitcoin now charges high transaction fee and long transaction wait time so it can't presently be used:
If you pay high fee, the wait time will not be long, low fee makes waiting time long. a) for a conversion from Bitcoin to cash?
It is not much at all, it takes little cost, but if you do not want to pay anything at all for this, you can use p2p. b) purchases using Bitcoin? Huh
You can also use p2p but the purchase fee is not much but also in percentage. Well then can Bitcoin remain at 50k in the future even with a large number of bitcoin users or will it go down in price with time?
Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
Do not get that wrongly, transaction fee is not about the amount you are sending, it depends on the weight of the transaction. If $5 can get a transaction of $50 of bech32 address confirmed in less than 15 minutes, also it will get bech32 address having $1 million worth of bitcoin transaction confirmed at the same less than 15 minutes, provided, both address have the same inputs and outputs. Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
Well then can Bitcoin remain at 50k in the future even with a large number of bitcoin users or will it go down in price with time?
Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
Because now they say a small transfer of say $200 can cost around $30 in transaction fee...so that can't be useful if Bitcoin remains at 50k in the future.
legendary
Activity: 2464
Merit: 3878
Hire Bitcointalk Camp. Manager @ r7promotions.com
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.
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?
Jump to: