Topic: Fees are high - a problem? Not for everyone! - page 2. (Read 358 times)

I miss the days when I didn't need to worry about BTC TX fees. Ordinals changed everything last year in a bad way which sent BTC back to the dark ages where we had to worry about congestion and other annoying issues.

BTC fails hard as a payment method due to these issues which is why it isn't capable of replacing FIAT, but is an amazing asset to trade as an investor.

Miners are the highest beneficiary of these ordinal inscriptions and many of them will always support the project because the profit is huge. It will take selflessness and love for Bitcoin for these miners to block these inscriptions.

I also believe that nothing lasts forever, very soon these ordinal inscriptions will be handled. But for now, there is no solution in sight because this threat is becoming more popular and many people are making more money from it.  Nobody knows how long this will last because many people have been forced to hold more than their Investment plans. This is not good news for Bitcoin because one of its selling points was low transaction fees.

Bitcoin wasn’t even invented by Satoshi to replace fiat currency but rather to be an alternative to it. And if you ask me I will say it has actually play that role perfectly for someone like me, i use it mostly for only cross boarder transactions which if I am to go through banks will actually cost me a lot and will be a thing of stress.

I don’t agree with the bolded part above as I believe it is probably a typo from you. I don’t see bitcoin been used as a currency for transactions due to the recent high transaction fees most especially for small scale transactions rather an asset for investment because of its ability to hedge against inflation making it a store of value.


I am among those who are still optimistic about this transaction fee of a thing, I believe the said bug which the ordinal developers are exploiting will soon be addressed by bugs. But for now, i am treating it as an asset now and only make transaction with it only if fiat currency will be an hassle for me

In addition to volatility,  high fee is one of the things hindering Bitcoin penetration into the mainstream. People are increasingly becoming discourage to integrate Bitcoin payment into their businesses. Even when there seems to be a way around it, many people are not aware and those who are may not feel comfortable using them. For instance, not much people know how to use the Lightning Network, hence the reason it is not too popular.

There are option for people that want to hold little amount of bitcoin. Lightning network and side chains. But their security is not as strong as that of bitcoin blockchain.

In my country, wẹ use local currency mostly and not using bitcoin or cryptocurrencies for spending. I have no option than to first convert my coins to fiat if I want to purchase something. I can say that many of us that were frustrated has been because higher amount of bitcoin is now required to move signature campaign earning and posting about it.

Let us hope something will be done about this mempool congestion.

it's called L2. Anyone can use bitcoin as a means of payment if they are using L2. Whether that is LN or some future L2 networks. No reason to think people can't use bitcoin as a means of payment in the future cuz of fees, because nobody is going to be paying mining fees to make payments because that is not what the base chain is for.

You are quite right Bitcoin possibly cannot replace Fiat. The best possible outcome is Bitcoin will only become more adopted as a currency for transactions. However looking at the odds this is still going to be challenging based on the fact that most governmental  laws are against Bitcoin in many countries and also because as Bitcoin adoption increases so will fees.

As for this you are right .Bitcoin fees is definitely not a problem for everyone but it is for a majority of users. Even those who are able to pay these high fees easily are still not happy with it because they are aware that it is possible for them to pay lesser.

Maybe this is another in a series of topics about how the fees are too high these days, but considering that a lot of members are literally disappointed that they can't use Bitcoin the way it should be used, maybe we should clarify some things so that everyone would not continue to pretend that we live in a world where we should continue to expect that Bitcoin will become a global means of payment that will be used by just about everyone.

Bitcoin has long since become a money-making machine, and in order for the machine to work well and be profitable, it needs to be given a little extra energy from time to time, even if this means that it will have a negative impact on its main task. While the average user who just wants to send an on-chain transaction has problems and is looking for a solution to the problem in a single free transaction accelerator, let's try to summarize who all benefits from the fact that fees have exploded.

Miners certainly benefit from what I personally call "ordinal madness", and suffice it to say that in recent days the rewards per block amounted to over 10 BTC, and considering that the reward without fees is 6.25 BTC, it is clear how much their profit has increased. Without going into any conspiracy theories, isn't it logical to think that some of them (miners) have their fingers in all of this? Who knows, maybe we'll find out one day.

CEXs (centralized exchanges) also benefit from high fees, not only because they can increase their service fees more than necessary, but because high fees discourage most of their clients from withdrawing Bitcoin to their non-custodial wallets. Let no one be fooled that the people behind such companies have any good intentions towards Bitcoin, they only care about profit and they don't care what they will generate it from, that's why they support hundreds of shitcoins without any problems regardless of what they know that bunch of people will lose their money trading with that garbage.

Creators of altcoins who will use every opportunity to say that their project is better than Bitcoin and that their transactions cost only $0.01 and that you should invest in their project. What they will not tell you is that the security of their transactions is so great that you have to wait for several days to be sure that your transaction will not be messed up in some way.

Economic and financial experts are perhaps the last, but no less important in this story. For them, moments like this are a time in which they rejoice because they think that the idea of Bitcoin as a currency is collapsing before our eyes, and of course they say this all the time. On the other hand, they have nothing against Bitcoin being "used" to generate profit, which again leads us to the fact that the idea of Bitcoin as a currency should be "killed" in every possible way, and on the other hand, trading should be encouraged.

In the end, it's no secret that the whole world has its foundations in centralization, and above all, finances are important because they control people most effectively. Bitcoin as an idea is dangerous in that sense and I have no doubt that "they" will do everything to reduce that idea to mere trading and nothing more than that.

However, you should not be pessimistic because I believe that there are millions of those who own Bitcoin and they will not give up so easily, and if we have ever been at an advantage, it is today, because we understood what Bitcoin is much before them and we have much more of it than them. If they want it, I tell them "the price is $10 million per BTC" and only if you ask me nicely