Topic: Cryptocurrencies now days are more than money! very high cost and fees high now! - page 2. (Read 684 times)

Do people still want to compare the transaction fees they pay using a traditional centralized system to what they pay when using the decentralized system of blockchain for their transaction. If we consider so many things that blockchain transaction has even eliminated from the normal ways we have been transacting of business, we would realized that it is not even up to 1 % of what we would have lost if we had gone through the other local way.

I think we just need to learn to appreciate the system and stop looking for everything to be free and to me, most of the transactions I have done through blockchain has been fast enough for me.

Obviously, on smaller amount it is getting worse but that is only for bitcoin. If you are going to send a million dollars to someone via bitcoin that is great, but if you want to send 5 bucks to someone you can either use ethereum or any other smaller altcoin.

Cryptocurrency has now moved into an investment instrument, that's the fact that happened.  This has deviated from the original goal of becoming a currency.  People only intend to save cryptocurrency then wait for the high price to sell it, isn't this an investment concept.

If you think that the fees you're seeing right now is high, then wait till the price of Bitcoin goes high to a rate like $20,000 and then you will know what is high fees. Currently the fees we have is not even high if you ask me, cause I can remember that the fees in 2017 was way more high than what it is now to the extent a lot of people started complaining about it. Haters started using that opportunity to talk about price correction lol. So this is a normal thing with cryptocurrency, as the price is going up so will the fees for transaction be going up as well. That's why you will see few people that don't even want the price increase.

Ya it is already happen before and it is more than now, we people must remember when bitcoin price on it's peak, it fees for sure is higher than now. But in other side, our assets value grow too. I think it is consequency in crypto and people who join in it don't have any choice right?

Of course it is easier, faster and less expensive than banks to get your money transferred in Bitcoins. You have gotten that cost of trust eliminated if you use Bitcoins to transfer your money. I do not know why you find the fee so high. Did you do the comparative analysis? You could still try to look for alternatives that might enable you to save money that you paid as transaction fee but I think there would be little difference.

Where you get this analysis? I have recently traded some bitcoins with very low transaction fees and this exchange also provide a secure wallet.
"Trade with Confidence"

That's the risk of bitcoins price increase, the fees are even getting higher. As for me, we have our own views and perspective in cryptocurrency and yes, fees are making things hard but I still see the bright side of cryptocurrency there. Transaction fees aren't new so we should just deal with it.

Aren't you saying you don't think crypto is useful as a currency as opposed to an investment?  They're two different things, you know. 

Network fees and confirmation times are definitely a pain in the ass when it comes to bitcoin (usually).  Altcoins generally don't produce the same frustration, but I digress.  But those negative aspects affect bitcoin's utility as a currency.  People who want to buy bitcoin as an investment probably don't really care if it takes a while to get their transaction(s) confirmed, and if that's the case then large fees don't need to be included for transactions anyway.

I agree with most of your points, OP.  I've always been skeptical about bitcoin being a fiat competitor for exactly the reasons you mentioned.  Joe Blow on the street has no reason to figure out a way to buy bitcoin (not always an easy task) in order to buy something that he could just as easily pay for with cash--and that's if the merchant who's selling what Joe Blow wants to buy accepts bitcoin anyway.  This is why most people haven't adopted bitcoin.

But I've always supported bitcoin as an investment.  And it is also useful when you want to buy something online from a merchant that can't accept credit cards (try buying marijuana seeds or kratom or other gray market items with a credit card), and it obviously has been used on the dark markets.  Anyway, looking at the current market price right now it's obvious that investors are looking past all the drawbacks and are seeing bitcoin as an excellent investment.  I'm definitely happy about that.

yea, it is still a currency however and how you rate it depends on the part of the world where you are.one of the most active reason for creating bitcoin is to help distribute wealth. and to achieve this the value must actually worth it. for cryptocurerncy to emerge the world currency, its value must be attractive enough.