Topic: Comparison of buying a cup of coffee with crypto (Read 393 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.
Bitcoin is not good for dayli things, and for ordinary people, so there is other coins, that are faster and more convenient, thats why developes working to make them
You are kind of right. Bitcoin was never designed with micro transactions in mind, although they have become a major thing with people starting to get into Bitcoin. Once Bitcoin is more popular and maybe mainstream that's when you'll see the denominators being used a lot more than they are right now. At the moment though, you are right in saying that daily purchases can be made by different coins, as long as they are accepted.
It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.
That was before the implementation of segwit and it's now faster and this will improve once the lightning network will be activated. We can see a faster transaction time soon. Just be patient the developers are doing there best to keep bitcoin kicking. The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.
It's really not fair to compare such systems in a time where all of them aren't performing at their best and some of them got a network congestion or something disastrous going on . Furthermore , i think that purchasing such items with cryptocurrencies is a good way of wasting your coins and wasting the potential value they can reach when they are safe in your bank account .. And making such micro payments in general is a very bad decision .. I remember in 2010 where a Mojito in some bar in France was sold for a 1/4 bitcoin , and the bar sold like 100 of them per day ,the guy owns a hotel now and is into so many other projects , so keeping your money coins in your wallet and paying for items like this in fiat should be common sense .
Bitcoin is not good for dayli things, and for ordinary people, so there is other coins, that are faster and more convenient, thats why developes working to make them
This is for experimental purposes and do not prefer using one over the other.
But it does show bitcoin to cost the most and take the longest amount of time to complete a transaction.
These statistics were tallied durin the month of February this year when the blockchain was overly congested and transaction fees were at its all time high.
Do not know what the numbers of the other two they compared them too are at now after lightening network has been implemented. Causing transaction costs to be 2000x less for bitcoin.
We cannot deny that bitcoin really have a high transaction fee compared to the other coin. The reason for this is that the bitcoin community have already increased too much and this caused the mempool to have a large volume of traffic in transactions. This have resulted to higher fees and a long confirmations of transaction. But this is just a sign that bitcoin today uses a code must need to upgrade due to the number of its members. And so we are waiting for the implementation of the lightning network so it can be implemented.
You're missing the other comparison which is a standard cash/credit card purchase! These are the quickest and easiest so we need bitcoin to be equally fast and efficient. Let's see if the lightning network can improve on those figures to get bitcoin purchases into coffee shops.
This is obsolete correlation, executing Bitcoin won't cost you $4 on the off chance that you will do it at the present time. I comprehend that even exchange expenses radically dropped this previous couple of month Bitcoin has still ease back exchange time contrasted with other elective cryptographic forms of money however this is as yet not a decent examination, lets say that those coins have a similar request, volume and reception as Bitcoin have, do you feel that the exchange charges of those altcoin will be the same? I don't think in this way, they are quicker and less expensive in light of the fact that there are as yet few request from them, and just few are utilizing them to execute contrasted with Bitcoin's volume, just brokers utilize them to acquire cash.
But if the passcode is used to pay for everyday goods, it will be more difficult for some users to use the technology. This will make it difficult for them. In my opinion, Crypto should only be limited to investment in capital mobilization and cross-border payment, and domestic use of domestic sales and services should be more convenient.
$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 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. 
this is the wrongest photo that anybody could have created because it is misleading, possibly on purpose to advertise Dash!
first of all it is obvious (as others said) the fees are a lie. fees for bitcoin went up for a little while and came down.
second it is intentionally ignoring the fact that if you are worried about confirmation then you have to worry about it properly. this means 1 confirmation for bitcoin is 100 times safer compared to 1 confirmation in Dash and 4 times safer compared to 1 confirmation in LTC. in other words you have to wait 1-3 conf. for BTC, 4-12 conf. for LTC and 100 for Dash. otherwise the risk that you are worrying about is still there, someone can scam you using Dash with 1 conf.
and finally if the fees are the only thing that you think about all day long then go use one of the "free" coins like NANO since it has no fees to begin with!
you see this is why i say it is advertising Dash, it has nothing to do with bitcoin fees or buying coffee even.
first of all it is obvious (as others said) the fees are a lie. fees for bitcoin went up for a little while and came down.
second it is intentionally ignoring the fact that if you are worried about confirmation then you have to worry about it properly. this means 1 confirmation for bitcoin is 100 times safer compared to 1 confirmation in Dash and 4 times safer compared to 1 confirmation in LTC. in other words you have to wait 1-3 conf. for BTC, 4-12 conf. for LTC and 100 for Dash. otherwise the risk that you are worrying about is still there, someone can scam you using Dash with 1 conf.
and finally if the fees are the only thing that you think about all day long then go use one of the "free" coins like NANO since it has no fees to begin with!
you see this is why i say it is advertising Dash, it has nothing to do with bitcoin fees or buying coffee even.
It is true that bitcoin has a very expensive cost and a long time, and if the transaction can be accelerated it would make a lot of people happy and increase the number of transactions.
Why would you want to buy coffee with crypto? And the fees are horribly wrong. The fees is like 0.85 cents to a dollar. Crypto is not meant for buying coffee. That's why they are not used for buying coffee. The purpose of crypto shouldn't be mixed with that of fiat. Because they both have totally different nature.
This is BS. $4 fees for 10 min transactions? This was in the past. With segwit adoption increasing and lightning network coming, this image is irrelevant. Also, speed is not everything. I'd prefer a slower coin than a coin that is significantly more centralized and cryptographically insecure.
It's taking it completely out of context. It's like comparing Bitcoin with a bank order which takes several days to clear. Bitcoin shouldn't really be compared to any payment methods used by fiat currencies. You can compare Bitcoin to Cash at a fundamental level if you want, but comparing it with payment processors/methods isn't something that should happen.
This is outdated comparison, transacting Bitcoin won't cost you $4 if you will do it right now. I understand that even transaction fees drastically dropped this past few month Bitcoin has still slow transaction time compared to other alternative cryptocurrencies but this is still not a good comparison, lets say that those coins have the same demand, volume and adoption as Bitcoin have, do you think that the transaction fees of those altcoin will be the same? I don't think so, they are faster and cheaper because there are still few demand from them, and only few are using them to transact compared to Bitcoin's volume, only traders use them to gain more money.
It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.
But ethereum was not created to make payments.The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.
It was made for the purpose of a creating smart contracts and some place to hold them.
It just holds value because people are using it and its value increases.
Atleast this is how I see it. A place holder in a sense.
Once casper is initiated who knows what will happen to the price at this point.
Going all out staking might make it plummet or pump it.
Only time will tell as with all crypto.
It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.
Paying for some small and low value things with crypto for the time being, was not the happiest option. The problem may be in high fee or long confirmation time, but again it depends on the moment and on coin which is used. OP is posted something which was valid few months ago, now you can pay even 1 satoshi/byte (225 satoshi) and get confirmation in next block.
So if you want to buy coffee with BTC in your favorite coffee shop, you will not need more then 4.5 $, and by the time you finish that coffee transaction will be confirmed. With time such problems will be solved, so buying coffee, ice cream or paying for bus ticket with crypto will become a common thing.
So if you want to buy coffee with BTC in your favorite coffee shop, you will not need more then 4.5 $, and by the time you finish that coffee transaction will be confirmed. With time such problems will be solved, so buying coffee, ice cream or paying for bus ticket with crypto will become a common thing.
It is true that bitcoins experience delays in transactions or transfer in comparison with other crypts that have a fairly fast acceleration.
Bitcoin has been pretty fast and cheap since a few months already, due to the increase in segwit adoption and batching. Bitcoin was just slow and expensive last December-February. Everything is getting better now, as more and more bitcoin services are using segwit addresses.
It is true that bitcoins experience delays in transactions or transfer in comparison with other crypts that have a fairly fast acceleration.
This is BS. $4 fees for 10 min transactions? This was in the past. With segwit adoption increasing and lightning network coming, this image is irrelevant. Also, speed is not everything. I'd prefer a slower coin than a coin that is significantly more centralized and cryptographically insecure.
Bitcoin and altcoins can't do anything that your normal payment system does. Why would a rational consumer send money to buy crypto that needs network block confirmation to verify it and in the process takes time, before you purchase a $2.00 coffee? With these comparison , Bitcoins will cost higher than other altcoins for the same quantity of coffee .
It's not a fair comparison if you take one payment system when it's performing fine, and then pick the worst time of another payment system and compare the two. Both should be compared when both are operating at their "normal" rates.
Plus, it's up to the sender to include what ever fees they want. Fees aren't absolutely mandatory.
Plus, it's up to the sender to include what ever fees they want. Fees aren't absolutely mandatory.
This is for experimental purposes and do not prefer using one over the other.
But it does show bitcoin to cost the most and take the longest amount of time to complete a transaction.
These statistics were tallied durin the month of February this year when the blockchain was overly congested and transaction fees were at its all time high.
Do not know what the numbers of the other two they compared them too are at now after lightening network has been implemented. Causing transaction costs to be 2000x less for bitcoin.
Bitcoin has limit on block size and it is most used network a side from ethereum which has a lot of transactions due to smart contracts etc. But all in all SegWit and Lightning network doesn't mean a thing if they are activated as long as majority don't care to use them. As you have many altcoins that are faster with less network activity fees are way cheaper, yet you have even crypto such as IOTA, NANAO that offer free less transactions.
This is for experimental purposes and do not prefer using one over the other.
But it does show bitcoin to cost the most and take the longest amount of time to complete a transaction.
These statistics were tallied durin the month of February this year when the blockchain was overly congested and transaction fees were at its all time high.
Do not know what the numbers of the other two they compared them too are at now after lightening network has been implemented. Causing transaction costs to be 2000x less for bitcoin.
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