Topic: Comparison of buying a cup of coffee with crypto (Read 392 times)
Why would I pay for a cup of coffee with bitcoin when in a decade or two that same bitcoin would buy a computer... in that same amount of time that same amount of fiat that buys that coffee today would only buy half of it. No sir, use the fiat for the coffee and HODL onto the bitcoin. :-)
Paying for some small and low value crypto for now, is not the happiest option. The problem may be in high fees or long confirmation times, but we cannot deny that bitcoin does have high transaction fees compared to other coins. The reason for this is that the bitcoin community has increased too much and this is causing a huge traffic of transactions.
It's not an effective thing to use Bitcoin to buy a cup of coffee that has a cheap price, because Bitcoin is known to have expensive transaction fees
compared to other cryptos. Therefore several times I have said that Bitcoin is not to replace the role of fiat, but is more suitable as an alternative
payment. Because the transaction fees that Bitcoin has are quite high, only items that have high prices are suitable to be purchased using Bitcoin.
Flawed comparison 
taken when bitcoin transaction fee was higher. If you are looking at transaction fees go with a zero fee option coin.
taken when bitcoin transaction fee was higher. If you are looking at transaction fees go with a zero fee option coin. 
Paying for some small and low value crypto for now, is not the happiest option. The problem may be in high fees or long confirmation times, but we cannot deny that bitcoin does have high transaction fees compared to other coins. The reason for this is that the bitcoin community has increased too much and this is causing a huge traffic of transactions.
I have discussed with my friends on this forum and offline about the possibility of btc replacing fiat, to say the truth again, because of its high transaction fee, you will be running at a loss if you utilize btc for small transactions. We can say that cryptos in general will replace fiat, but not btc alone. From the cup of coffee price, you can deduce and see that while some cryptos like btc are not ideal for small transactions, some other cryptos are ideal for it.
My question is: would the other currencies fees keep so low if they were highly demanded like bitcoin?
If everyone started using altcoins wouldn't the fees increase as well, since the network would become overloaded?
If everyone started using altcoins wouldn't the fees increase as well, since the network would become overloaded?
Even in 2018 the fee was unacceptable for small transactions like buying a cup of coffee, and now it's even more so. I'm sad that over the years we didn't come up with any new viable ways to make microtransactions realistic. The fee problem is likely to only get worse, and while it would be good if Bitcoin gets more accepted as a way of payment for pricey things (like Tesla allowing to buy cars with Bitcoin), but it would also be great if cryptos became a viable payment solution for day-to-day purchases as well. Otherwise cryptos will function as money only in a very limited way.
No wonder why Bitcoin isn't being used as a currency because Fiat is more convenient when it comes to paying.
I hope that there would be a way for it to have lesser fee and faster transaction so people would actually consider it as a currency rather than investment tool.
I hope that there would be a way for it to have lesser fee and faster transaction so people would actually consider it as a currency rather than investment tool.
If these be the fact on actually using bitcoin for the currency fir which it is, I'm sure no one would want to use bitcoin in buying and selling. It doesn't work that way, its way too expensive and the only person that gains is the merchant. He's actually getting his money's worth while the buyer is just running loses all in the name of using bitcoin. The fee is one thing that they really have to look into when it comes to using bitcoin in actually buying consumables like coffee. That illustration lives me with D. Its where any business man would want to use.
What matter most here is the fee but majority doesnt really mind off as long you've been dealing with bigger purchases.Its truly not sensible on buying out coffee if you can
simply make use of your traditional fiat.
simply make use of your traditional fiat.
Common, even the cultist must admit this topic is funny
3 years have passed by and despite all the promises we're still back at the same level, for purchase below certain amounts BTC is a no.
This is BS. $4 fees for 10 min transactions? This was in the past.
This one didn't age well, isn't it?
But despite the first laugh, this is a bit sad, I always thought that after that fee attack in 2018 with segwit adoption, with a breathing moment from the end of the bull run things will change, seems like I too was way to optimistic for this.
I'm starting to wonder why this is happening, and I have a feeling the coffee cup purchase via BTC will never happen, and not because of the fees, but because people will not want to pay with BTC for coffee, or tea, or a lot of other things. If the bear season that lasts so long with flat prices didn't help this side of crypto usage probably from now on it will be forgotten and the majority will focus on the investment part.
Looking back, a lot of mixed feelings about this, but, what's the point now...
The solution is to have a cryptocurrency project capable of wrapping Bitcoin or Ethereum and we can pay comfortably without worrying about the high transaction costs. I am expecting Solana or Lamden to do this in the future. We should not worry too much about this issue, in the future payment service providers and users will be able to tailor-made products to suit everyone's needs.
*Bitcoin with its LN is the future of world transactions IMO...
$4 for transaction fee? 
I just check from bitcoinfees and the recommended fee its just about 3.375 satoshi (about $0.3). Maybe you calculate it when bitcoin network are crowd.
I think the image-maker put a description when Bitcoin transaction fees are high, whereas we know Bitcoin transaction fees are always changing. I just check from bitcoinfees and the recommended fee its just about 3.375 satoshi (about $0.3). Maybe you calculate it when bitcoin network are crowd.
meh, i'd never use crypto just to buy coffee..bigger things to do!
Maybe to buy a Car, Bitcoin has a big fee compared to other coins.to buy coffee, doge is more suitable because the fee is cheap and transaction speed is guaranteed.
You can buy a tesla now for those same coins.
This is already almost a 3 year old thread and its not really that something good to bump this up but for the sake of comparison into those days up to now on what changed when it comes to fees?
Then we can tell the difference but buying up into those big companies like Tesla then you can eventually use up your own coins and other top alts in the market or something that they do accept.
What matter most here is the fee but majority doesnt really mind off as long you've been dealing with bigger purchases.Its truly not sensible on buying out coffee if you can
simply make use of your traditional fiat.
meh, i'd never use crypto just to buy coffee..bigger things to do!
Maybe to buy a Car, Bitcoin has a big fee compared to other coins.to buy coffee, doge is more suitable because the fee is cheap and transaction speed is guaranteed.
You can buy a tesla now for those same coins.
meh, i'd never use crypto just to buy coffee..bigger things to do!
Maybe to buy a Car, Bitcoin has a big fee compared to other coins.to buy coffee, doge is more suitable because the fee is cheap and transaction speed is guaranteed.
Without the implementation of the lightening network i dont think buying coffee or any low dollar amount item would be feasible with bitcoin. However, with the lightening network i think it's much more feasible now and many more shops will begin to accept btc. With that being said, bitcoin also has a limited block size so over time these smaller transactions will still become more expensive.
haha, that was fun explaination and fear comparison as well man. saving this photo to show my friends who are also in crypto. lol
that was fun explaination and fear comparison as well man. saving this photo to show my friends who are also in crypto. lol
Bitcoin takes much longer time than other two for transaction because it is the most used and most famous one. Others two are not as much popular as bitcoin. There users are pretty much less than bitcoin. So it is obvious that it will take more time for transaction. I am pretty much sure that it will be recovered very soon.
I do not agree with you. It's not wise to compare the coins in this way. Bitcoin does not take this amount of time. There has been improvements and it is a lot better now.
indeed the bitcoin is not comparable to a cup of coffee, because the price of a cup of coffee is cheaper than coin prices so far. so the coin can not be compared with the purchase of goods.
I do not agree with you. It's not wise to compare the coins in this way. Bitcoin does not take this amount of time. There has been improvements and it is a lot better now.
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