Topic: Bitcoin is useless or is it? - page 16. (Read 12826 times)

With today prices if the fee of your transaction as you post is $1 that means about 55000 satoshis, the size of your transaction is more than the median usual (225 bytes); except if you would like your tx being confirmed in the next block. More over the the tx fees is about $1 because the today price of btc is about $1800. If we go some months ago say 11/2016 the 1btc=$600 with the today network load the same tx fees would cost 33 cents. So, I would like to ask you; Would you like a cheap btc or an expensive one so as if you hold it to be more rich in the future?

To say the transaction fees is not a matter for concern will be an understatement because the cost these days is definitely on the high side but I still don't believe its what makes bitcoin useless as we still have other advantages that will still work for to the favour of bitcoin like the anonymity and the convenience is something that means a lot.

How can it be useless if it is the most cheapest money transfer nowadays. And also it is good investment assets for future, despite the short-term ups and downs the price goes up constantly.

You are right the market does determines the value. However, ask yourself, how often do markets get it wrong? Remember the Dotcom bubble? or many other time when a security crashed dragging the entire market down. What I'm trying to say is the true value of bitcoin has been misrepresented as cheap money remittance tool. Bitcoin is not a utility anymore. So, what intrinsic value is there?

I agree better to have a full control of my fund than someone have the capability to freeze it.  I would avoid those services that offers cheap to free services then can freeze or stole the money from my account. Aside from that, the current rise in fee equivalent is due to bitcoin increased in price.  Anyway,  I believe this problem will be fix, we just need to wait until scaling issue is solved.

we cannot disagree to that, having a transaction fees with a little amount than the money we would need to withdraw is fair, it will be unfair if the money that we are withdrawing will be more smaller than the transaction fees. we need to accept this fact , although im agree with your sentiment but still i cant disagree with rules, bitcoin value grews a lot so thats the effect maybe.

The rise in price made it look like it is very expensive.
There is one solution here. Lower the satoshis that are needed to make the transaction.
There is no problem with considering they will still profit the same if they convert it to US dollar.
And they are screaming about the electric bills right? There is also no problem with that just seeing how high a bitcoin is.
The miners now are really getting a lot of profits here. 

If this pending transaction problem is not resolved in the future, the growing number of users with millions of traffic in bitcoin transactions will keep them in saturation, and automatically negative things you say will come true. Bitcoin will become unfit and not used anymore.

If one does not go deep into those deep high technologies in the field of cryptography, then in reality it can be said that Bitcoin's minimum benefit is the earnings for the user, of course others are looking for  Special preferences and passion for Bitcoin, but for me, first of all, this product with the help of which I get real money.

It is basically the same here

You should just pick up the right bank to minimize your expenses in regard to remittances. I guess it is not so easy to choose a miner that would agree to confirm your transactions with low or no fees at all (unless you are that miner, of course). Further, most banks (even the greediest of them) set up an upper limit on the fees you are to pay, and after you reach that limit the amount of fees remains the same no matter how much you are going to  transfer

It's not worthless because at any time a solution can appear and the improvement be done on Blockchain, so everything can back the good functionality again. It's really sad to have transactions delaying and high fees, but it's a part of the process, we must find the fails and fix it. Also, there are many investors at this moment buying BTCs, if it was so bad like you say, people would be selling all their BTCs and investing in another currencies.

If bitcoin is useless, then explain why literally billions of dollars are flowing into it.  The market determines the value. The market has spoken. You are wrong.

State what you want, in my opinion Bitcoin is not useless because whatever transaction fee I put the transaction will get confirmed without any issues eventually.
If I wanted to send a transaction, it would cost a little bit of money, not $1. How are people getting the $1 fee? It kind of makes me question if any of the user's on this forum actually send their Bitcoins or they are just repeating what the other person posts.

I had to pay someone from Eastern Europe last week. I wrote a check in the US to their US bank account. It cost me zero in fees. I bought something from EBay UK last week. I used a credit card. I paid no fees and, in fact, I got 3% cash back. The bank paid me to perform the transaction.

Now, you may say "but the vendor had to pay fees" when I used a credit card. Yes, that is true. But I don't see that fee, it is the same price whether I buy with credit card or some other payment system. I want to use the cheapest payment method so I use my credit card which pays me to make the transaction.

When I send people money in dollars that is transferred into their local currency, I use Transferwise. It costs me $3 to send any amount under $300 and I sent in my local currency and they get the money in their local currency (24 hour rate lock of mid market rate).

Now, I can send bitcoin to them with a lower bitcoin transfer fee but they can only use the bitcoin without fees if they use the bitcoin directly. If they don't use the bitcoin directly and want to convert it to local currency, they pay additional fees. Also, I don't get paid in bitcoin by my employer so to buy bitcoin in the first place, I incur purchasing fees. Looking at all the various fees, Transferwise is much cheaper and easier to use to send amounts like that internationally. Also, there is a legal trail to the transfer so if I get ripped off, I have proof of the transfer. If bitcoin was cheaper, I would use it. But it isn't cheaper for anything, including international payments.

i am agree with you because i think bitcoin is really worth now as we can see that there will be more people that wants to join into bitcoin world and many of them join here because of the price. from time to time, we can see bitcoin have strong in value and bitcoin can offers many good thing that will help people too.

Very useful for what? I think you didnt read main statement and give us explanation with your statement.

In my opinion Bitcoin is becoming useless as a payment system, because of transaction fee also increase. But i believe bitcoin still useful for digital asset purpose

Bitcoin is very useful for us.We must use bitcoin..

And about what are you going to debate?

What are your points? You claim that "Bitcoin is officially dead", but that's bullshit bordering on outright trolling and shilling. So what is point really, trolling and shilling? Bitcoin main utility as of now is and will certainly remain for the time being that of speculation. If you keep your bitcoins either in your home wallet or in an exchange account, you basically don't care about transaction fees. Further, Bitcoin prices rising multifold (say, to 10k dollars) may give it a strong boost toward making transactions cheap, for example, via payment channels or other off-chain solutions like web wallets and similar account-settling services

Yes but still not really useless since the bitcoin price is high good enough for people whos having a bounty or signature campaign here that have a bitcoin payout and when you converted the bitcoin is cash that will cost a big amount also.

The miners are in here for the business and oh boy,  business looks pretty damn good for them right now. They just say that they have all these 24/7 maintenance and on call people that cost them a lot but they are also earning tons of money 24/7. Whichever way they put it, they are doing bitcoin more harm than good with all these escalating fees.