Bitcoin has become un-useable. Switch to altcoins or short sell

BVeyron

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Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

BTC fees are skyrocketing to the moon in what some are calling a crisis. Bitcoin has become completely un-useable as an actual functional currency and many are switching to alternatives such as Solana for speed or Monero for privacy.

What caused this and what can you do about it?
https://www.youtube.com/watch?v=11EL7MpqALs

I think that all those things happened due to NFT-Ordinals attack, so that the overall network load became really high. I think that such NFT-attacks are possible to happen again. So, yes, the best way to avoid such attacks is to diversify cryptoassets, and IMHO Monero and Solana are really valuable coins...

Bitcoin_people

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The OP has reached a conclusion here that he is claiming Bitcoin is unusable. But we know that Bitcoin transaction free sometimes increases and then decreases again, so there is nothing to be disappointed about. The comment made by the OP here is completely wrong Bitcoin's transaction fee is not expensive but it is within a range. He also mentioned that people are switching from Bitcoin to other cryptos but this is completely wrong. No one has done such a stupid thing but they are switching from all other cryptos to Bitcoin. Wise people will never give up Bitcoin on receiving such a message but invest more in Bitcoin with faith. Bitcoin is an invaluable asset of the future that is truly the best currency for everyone.

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Quote from: GideonGono on May 15, 2023, 05:08:35 PM

Nah it isn't the first time that BTC fee skyrocket, but somehow if you badly needs to convert crypto into Fiat then yes try to use alt-coin for faster and cheaper transaction.
But I would disagree with you OP just because the Trans fee is high doesn't mean that it's useless.

The bitcoin is all the time good one for me to invest and for the long run.Now the bitcoin price was crossed the 30k mark and it will be the good time to inverse the money in the altcoin.Because some coins work against the flow of bitcoin pump,such coins give us the profit during the long term.We can convert such reverse movement coin at the bear market of cryptocurrency.It’s essential to hold 30 percentage of your investment in reverse movement coins.

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Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

BTC fees are skyrocketing to the moon in what some are calling a crisis. Bitcoin has become completely un-useable as an actual functional currency and many are switching to alternatives such as Solana for speed or Monero for privacy.

What caused this and what can you do about it?
https://www.youtube.com/watch?v=11EL7MpqALs

The best anyone can do after reading this post is not to further click the link provided by the OP as it's aimed to confuse the feeble minds, cause it's obvious he's just trying to promote some alts. And such misinformation as this could be misleading to newbies that have just emerged into the crypto space. We all know that BTC is the most trusted cryptocurrency and the leading of all digital currency, there's no alternative to BTC when it comes to safe crypto investment.

AmoreJaz

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Quote from: GideonGono on May 15, 2023, 05:08:35 PM

Nah it isn't the first time that BTC fee skyrocket, but somehow if you badly needs to convert crypto into Fiat then yes try to use alt-coin for faster and cheaper transaction.
But I would disagree with you OP just because the Trans fee is high doesn't mean that it's useless.

and seems this is not relevant anymore today as the fees have gone down a lot already. try checking the mempool and you will see that the sat/vB is quite low now even if you set it at high priority. i can understand last week but in the past couple of days, it is now more user friendly when it comes to fees.
what we can learn from this scenario is if you have no urgent needs, better pause your tx while the fees are skyrocketing, then just execute it once the network congestion subsides.

GideonGono

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Nah it isn't the first time that BTC fee skyrocket, but somehow if you badly needs to convert crypto into Fiat then yes try to use alt-coin for faster and cheaper transaction.
But I would disagree with you OP just because the Trans fee is high doesn't mean that it's useless.

The Cryptovator

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I find it ridiculous to consider shifting from Bitcoin to altcoins solely due to transaction fees. I am hesitant to even think about such a move because I don't want to experience financial losses again. In the past, investing in low-quality coins has resulted in a significant loss for me. I have learned from my mistakes and have no intention of investing in such coins again. Just because Bitcoin has high transaction fees doesn't mean it is unusable. I find it perplexing that you would suggest Bitcoin is unusable while claiming altcoins are usable.

Fivestar4everMVP

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Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

BTC fees are skyrocketing to the moon in what some are calling a crisis. Bitcoin has become completely un-useable as an actual functional currency and many are switching to alternatives such as Solana for speed or Monero for privacy.

What caused this and what can you do about it?
https://www.youtube.com/watch?v=11EL7MpqALs

The transaction fees on the bitcoin network have gone down significantly and pretty much stabilized, and what you should know is that, bitcoin is the original crypto currency, and it doesnt matter how high the fees goes or gets, it can not render the bitcoin network unusable because, those who can afford the fees will always pay it to keep using it, there are big corporations who can never buy any alternative crypto, I don't have to start mentioning names, but the fact remains that, bitcoin is very much usable even with high transaction fees, there is no reason to create fear, uncertainty and doubt.

GiftedMAN

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It's so funny getting to see this attack on Bitcoin from a total newbie in the forum when you should either go to altcoin whatever to advertise the other cryptocurrency you want people to switch to since Bitcoin has become tota un-usable because of the high fees in transactions.How much have you lost since the high transaction fees began to have come to conclusions that Bitcoin is unusable and switching to alts mentioned by you now become the best? I hope you come back here after making the FUD around to edit this post when everything becomes normal with Bitcoin or better still take your advertisement to altcoin section where you can be paid for a job well done.

Victorik

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I think the OPis doing a subtle marketing for the two coins he mentioned. Other than that, I don't see the need of coming here to cause panick. The transaction fee for eth has always been on the high side, yet, so many projects are still using it. So, why the fuss about BTC?

Franctoshi

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What we experiencing now is not new to the space and no need to start packing or start creating FUD around, I believe that just in a matter of time things would get sorted out as regards to the skyrocketing cost of transaction on Bitcoin. despite all odds, Bitcoin still stand out as the best crypto out there which no other coin can compete with, If one day in the future that this transaction cost is reduced to an extent that one can buy coffee with Bitcoin and with small gas fees , I don't know what would be the stand of other Cryptos out there to even compete with BTC.

Magic-Money

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The cryptocurrency has many function's as them have difference network, as the case applied, for any given transaction from exchange to another exchange using Bitcoin is very high, which TRX, and Matic can solved the problem with a less charge fees, while buy Bitcoin as soon as possible, because I still believe in Bitcoin now and future.

thecodebear

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And now all of 2 days after the OP freaked out about Bitcoin being "un-useable" the spam attack seems to be over and fees are back to $2 lol

When a spam attack happens people need to not freak out so much and so quickly and just wait a few days. Spam attacks never last long because they are costly. Mempool is gradually clearing out and we're already back to pre-May fees now.

Gallar

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Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

BTC fees are skyrocketing to the moon in what some are calling a crisis. Bitcoin has become completely un-useable as an actual functional currency and many are switching to alternatives such as Solana for speed or Monero for privacy.

~

You are too quick to conclude that bitcoin is no longer usable. Then you can conclude like that, you get it from what basis can bitcoin not be used anymore, from the increased transaction price? You are wrong if you conclude that bitcoin cannot be used anymore, just because the transaction fees are expensive. You are too exaggerated in responding to this incident, you are too pessimistic and do not see this incident from all sides. Moreover, you mentioned that many people are switching to alternative coins. I don't think that makes sense, because investors who have invested in bitcoin will usually always be loyal to bitcoin. Because the reason is clear, that bitcoin is indeed the best than other altcoins. So it is less likely that bitcoin investors will switch to alternative coins. Even with the state of bitcoin as it is today.

sokani

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Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

BTC fees are skyrocketing to the moon in what some are calling a crisis. Bitcoin has become completely un-useable as an actual functional currency and many are switching to alternatives such as Solana for speed or Monero for privacy.

What caused this and what can you do about it?
https://www.youtube.com/watch?v=11EL7MpqALs

Ordinals and BRC-20 tokens could be likened to plastic pollutants floating on the sea dropped by mentally deranged individuals that have no respect for nature. It is clearly people like you that are creating fud about bitcoin and promoting worthless projects like ordinals with no use-cases and utilities. It just a matter of time the Bitcoin network will be normalize and y'all will go back to where ever you came from.

traderethereum

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Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

BTC fees are skyrocketing to the moon in what some are calling a crisis. Bitcoin has become completely un-useable as an actual functional currency and many are switching to alternatives such as Solana for speed or Monero for privacy.

What caused this and what can you do about it?
https://www.youtube.com/watch?v=11EL7MpqALs

So what? Has it made you lose faith in bitcoin?
I still believe in bitcoin and will not let it go because I have tried hard to collect it until now.
So if you have given up on holding bitcoin, you can sell it now and move to Solana, which you say is the alternative.
And I also don't care about what caused this to happen because it doesn't matter to me.
The most important thing is that I still want to accumulate more bitcoins.

Rengga Jati

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Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

BTC fees are skyrocketing to the moon in what some are calling a crisis. Bitcoin has become completely un-useable as an actual functional currency and many are switching to alternatives such as Solana for speed or Monero for privacy.

Seriously?
This is nkt the first time that the fee of Bitcoin transaction is getting higher. But I don't think this becomes that kind of un-usable as you said. Many altcoins have always pushed themselves to the punch that they are better than Bitcoin. maybe in terms of transaction costs, they are cheaper, but still not able to replace or take the place of Bitcoin. Bitcoin is not only used as a transaction tool. Indeed, I admit that if the cost of fees soared, and it would be better if it would at least come down. Just waiting to see how it will be. Bitcoib will remain in demand, whether as a currency or an investment tool. This is due to trust, there are still many parties who believe more in Bitcoin.

dunfida

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Quote from: CryptSafe on May 08, 2023, 10:43:26 PM

OP I can see from your name it is possible your are really from them. Are you trying to cause a FUD or what?. You are quickly at it singing praise of switching to other alt just because of the ordinals attack on bitcoin chain and here you are calling bitcoin un-useable when there are millions of transactions going on currently on bitcoin chain. It is fine and as a result of the attack on bitcoin chain, transaction prices skyrocketed which is not a new thing on blockchain that miners would prefer the higher transaction fee compared to the lesser. Anyways, thanks for your youtube video, as I had to get more of bitcoin because I saw a quick recovery and price boom in a short time.

Really that arent too obvious eh? Grin

We arent seeing this thing happen on first time on which we do have those clogged network back in the past on which it did really result into those high fees but somewhat this isnt the first time that it did happen.
How come its not been that usable? I agree on what you have said, if its non useable then people wouldnt really be making any transactions at all. lol
Important thing on here that miners are really that still there and trying out to confirmed those blocks and i would say that this spam on network would surely be cleared up for few more days.
We are still high as of this moment of pending transactions but im not really seeing this as a huge or main issue.

You could always having the choice on switching into some altcoins if you are really that in a hurry specially when you do like to gamble or whatsoever but if your main coin is
Bitcoins then the thing you do need to do is to wait.

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Quote from: Obari on May 09, 2023, 01:48:02 PM

Exactly mate and I see no reason for spreading of FUD.
one thing is very certain from all this happenings and attack on the blockchain that there are still millions of transcations awaiting confirmations on the blockchaij which is a clear evident that bitcoin is doing fine.

The problem is bitcoin but on the blockchain and there isn't any need to panic and I guess op should be one of the teams behind the shitcoins he early mentioned in the OP and no matter the amount of promotion done, they still remain switching and wouldn't get close to bitcoin and core believers of bitcoin should be expecting a massive rise in the price of bitcoin after all of this mess is fixed so they will be busy buying more for hodl against what op proposed of panic selling send I don't actually see anyone panic selling because of transaction delay and high fee.

For those which are hoping to create uncertainty and make the price of bitcoin to go down this is the perfect moment to spread FUD, the fees are indeed expensive and there are probably many newbies out there which are worried about this, so they are hoping that by spreading that FUD they can increase the number of those which are selling their coins and create downward pressure on the price of bitcoin, now this will not work on experimented users, but I think there are enough newbies out there which may believe the FUD, sell their bitcoin and buy altcoins as a result of the misinformation that is being spread at this time.

Obari

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Quote from: CryptSafe on May 08, 2023, 11:13:20 PM

Quote from: pooya87 on May 08, 2023, 10:50:27 PM

Quote from: GateioExchange on May 08, 2023, 09:09:03 PM

many are switching to alternatives such as Solana for speed or Monero for privacy.

ROFL
You can't just replace bitcoin with another altcoin specially not with centralized shitcoins like Solana that have a massive premine.
Different countries have accepted bitcoin as a currency and some as legal tender, not altcoins.
Different merchants are accepting bitcoin as a payment and it is extremely rare for them to accept shitcoins.

P.S. This attack is not yet as big as 2017 spam attack.

From the looks, it is obvious that this is a planned attack on bitcoin chain, the timing, the nature of the attack and the manner at which it was launched but they forget they are only making bitcoin more popular and gaining more traction. Well, I see a surge in bitcoin price after this whole
saga.
The bitcoin awareness is strong. The adoption is fast spreading like wide fire. No shit coin can take or replace bitcoin not even the shitcoin as mentioned by OP.

Lastly, I think I should remind them not to forget that bitcoin is the first digital currency to be developed and as such, is the genesis of crypto currency and blockchain technology.

Exactly mate and I see no reason for spreading of FUD.
one thing is very certain from all this happenings and attack on the blockchain that there are still millions of transcations awaiting confirmations on the blockchaij which is a clear evident that bitcoin is doing fine.

The problem is bitcoin but on the blockchain and there isn't any need to panic and I guess op should be one of the teams behind the shitcoins he early mentioned in the OP and no matter the amount of promotion done, they still remain switching and wouldn't get close to bitcoin and core believers of bitcoin should be expecting a massive rise in the price of bitcoin after all of this mess is fixed so they will be busy buying more for hodl against what op proposed of panic selling send I don't actually see anyone panic selling because of transaction delay and high fee.

Topic: Bitcoin has become un-useable. Switch to altcoins or short sell (Read 444 times)