Is the high fee affecting the rate of adoption of Bitcoin? - page 3.

summonerrk

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Quote from: Hatchy on January 04, 2024, 07:09:42 PM

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I'm sure Satoshi Nakamoto wouldn't be happy with this situation with Ordinals. I don't understand at all how you can use the so outdated bitcoin blockchain for entertainment like NFT. Everyone has already realized that these are just stupid pictures. Only the most complete speculators without respect in the number 1 cryptocurrency can approve the idea of using a blockchain by writing extra data into it. Of course, this stupid decision greatly hinders not only the acceptance of bitcoin by new participants, but also greatly slows down the work of those who have had bitcoin for a long time. For example, to all of us who receive bitcoins for a signature campaign.

KiaKia

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It's very obvious that we can't use Bitcoin to purchase small things or order for a plate of food in a restaurant, it doesn't fit in this category because of transaction fee, and I don't see anything fixing thing anytime soon.

Been that Bitcoin is decentralized I will still like to use it for purchasing expensive things like homes or cars or other, the last time I bought a $1800 complete PC part, I paid using BTC, knowing that paying from my bank account would be cheaper, I still prefer to use BTC, because it's easier and safer, I don't have to type in my credit card details and other.

I believe that BTC is a more like a store of value rather than a payment solution, if those who earn so less money want to get some Bitcoin, they need to save up some money first, like up to $200 fits the $5- $10 range transaction fee, it's still very possible.

Yamane_Keto

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Investors can tolerate high fees if there is hope that they will decrease soon. They will accept paying higher fees because they already know that the price of Bitcoin will rise and all losses in fees will be reduced. They may try to use alternative solutions such as using altcoin, leaving bitcoin on the exchanges, converting them to low withdrawal altcoin, use of Wtokens, but the continuity of high fees is what threatens future adoption, as it will make those who want to send with Bitcoin think several times and may lead to small companies and emerging projects being reluctant to accept Bitcoin.

Today's fees seem better compared to the average Incoming Transactions with more than 2000 transactions.

Dunamisx

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Quote from: Hatchy on January 04, 2024, 07:09:42 PM

With the recent spike in Bitcoin transaction fee, it's evident that these fluctuations are significantly impacting the adoption rate of Bitcoin.

There's no how Bitcoin transaction fee can be a detriments to the adoption of this digital currency, people are not focused on this at first, what they are after is first to have an alternative to the way they handled their financial economy, that change is what they wanted to realized first, increased transaction fee is something that already have alternative to pay more lesser than than higher.

Quote from: Hatchy on January 04, 2024, 07:09:42 PM

While there has been a temporary reduction in fees, the underlying issues leading to the initial spike remain unresolved, raising concerns about the sustainability of the current fee levels.

That shouldn't be a problem as long as it has nothing to do with affecting the bitcoin network nodes, we may anticipate to see what this new year may bring if the developers conclude on arriving at something new to solve the problem, because bitcoin users are the ones being affected.

Y3shot

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Quote from: retreat on January 05, 2024, 03:26:25 AM

High fees may have an effect on the adoption of bitcoin, but not so significantly that it makes people reluctant to adopt bitcoin, only that they do not use bitcoin more often in their transactions to avoid paying high fees. But i think that nowadays people no longer consider bitcoin to be a payment system that can be used freely, because the waiting time and fees sometimes make it difficult for people to make transactions, so people think more that bitcoin is only for investment or payment on several occasions.

The truth is that the fee is a big challenge to investors but even at that it won't stop people from having interest to invest in bitcoin. I think the high transaction fee in bitcoin happens to take place now that the price of bitcoin is going high and this is the time that most people will want to hodl their bitcoin against the bull market. The reason why people won't be panic about the high transactions fee is that this is not the first time we are having challenge like this.

LoyceV

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Of course high fees affect adoption! We're basically back to the problem we had in 2017. I'd love to make ten times more Bitcoin transactions than I'm currently doing, but it's simply not possible. And even if I'd pay the very high fees, it means I'm pushing someone else's transaction out. Bitcoin can't have more active users without more transactions.

pakhitheboss

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I agree with you on the point that the transaction fee is high and it will affect small businesses. That is why the layer 2 solution was implemented and most small business use LN. Recently the only country that made Bitcoin a legal tender announced that it is also adopting LN. Bitcoin was created as a payment processor but the problem is that it cannot compete with big payment processors like Visa. After 2017 ATH its image as a payment processor no longer existed and the sentence store value was used. Since it has a store value a failing economy like Argentina is now using it for legal contracts.

I do not think the high transaction fee is affecting Bitcoin adoption. I agree that the fees are very high for someone who wants to make an onchain transaction of $50. I can only say that the developers need to look into this situation and then make a decision.

Nrcewker

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Yes this does affect. I mean when new people try to invest in bitcoins, they will be surprised by the fees. They don’t know that this is just a temporary congestion, which will be loose very soon. Hence they are fearing to buy more coins or are switching to other alts. But as I said, this will happen for temporary period of time. As soon as the blockchain becomes less crowded, everything will be back to the normal. Just get yourself prepared for the new ATH price.

mindrust

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Yes. In a very negative way. Because of the high fees, people are using alts instead of btc and btc is losing its popularity. In the end, why use btc when you have to pay $10 to get included in the next block when you can do the same thing with doge or ltc but for a lot cheaper? (cents) It is a no brainer decision. Bitcoin should fix this issue asap or else it is safe to say this is peak bitcoin adoption. If the demand rises even more, it will only drive them fees higher and I don’t think anybody in the right mind should pay such high fees.

btc78

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Quote from: Hatchy on January 04, 2024, 07:09:42 PM

The period of high fees left many small investors frustrated, prompting some to explore alternative cryptocurrencies. This shift in investment preferences might hinder Bitcoin's broader adoption.

I agree for example those who can only afford to do DCA method
wherein they just buy a few bitcoin every specific time period but
because of high transaction fees, even this method can no longer be done anymore

now personally i am forced to wait and save more money because the transaction fees are way too high even higher than the amount i was supposed to buy bitcoin with that it is just considered to be a little wasteful at that point to even buy

we have now established that because of this very reason, bitcoin is not yet applicable to use by the general public and in everyday transactions

retreat

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High fees may have an effect on the adoption of bitcoin, but not so significantly that it makes people reluctant to adopt bitcoin, only that they do not use bitcoin more often in their transactions to avoid paying high fees. But i think that nowadays people no longer consider bitcoin to be a payment system that can be used freely, because the waiting time and fees sometimes make it difficult for people to make transactions, so people think more that bitcoin is only for investment or payment on several occasions.

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Quote from: Julien_Olynpic on January 05, 2024, 02:49:50 AM

I think the high fees on the Bitcoin network are definitely influencing its adoption. Yesterday I paid $10 for a regular Bitcoin transaction and, in my opinion, it is still expensive, although recently the commission reached $30-40. I also think that the fees will increase if Bitcoin continues its epic journey to the moon.) Sometimes it happens that at the top of the price, large players begin to spam the network or make it so that some players benefit from spamming the network (this is even worse ). This gives large players the opportunity to dump their stocks of cue balls at a good price at the very top. Small players will not have this opportunity.
Most likely, something needs to be done with NFTs - pictures that litter the Internet.

Do you know that the high fee in bitcoin transaction rights now will discouraged a new investors that have passion on bitcoin but some people will not understand the reason why people are crying out loud of bitcoin and why they also making many references of lighting network and bitcoin fees, but it's clew that as long as the price of bitcoin continues to increase the fee will continue to trouble people, to the extent that some of us that is using trust wallet will continue to experience a dust error due to high fee, but during the time bitcoin price was low between 20k and 25k the fees was not high like this, so what causes the congestion..

That is what I don't know, and I'm looking for better explanation of what causes the congestion of bitcoin for it's own ways, bitcoin have high fee and their is no remedy do it mean that we continue to experience this, whenever you are withdrawing $70 and the charges will be like $20 to $18 I think its improper

m2017

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Quote from: Hatchy on January 04, 2024, 07:09:42 PM

With the recent spike in Bitcoin transaction fee, it's evident that these fluctuations are significantly impacting the adoption rate of Bitcoin. While there has been a temporary reduction in fees, the underlying issues leading to the initial spike remain unresolved, raising concerns about the sustainability of the current fee levels.

Fees directly influence the bitcoin adoptio. No one wants to overpay high commissions that exceed the cost of the product itself or are close to it. Overpriced fii slow down all this. Not only scaring away new bitcoin users, but even old users who also don't want to pay such high commissions, which forces them to look for alternative solutions. These events will certainly reduce bitcoin's user base.

Quote from: Hatchy on January 04, 2024, 07:09:42 PM

Businesses that once embraced Bitcoin payments may have reconsidered due to elevated transaction fees, opting for alternative payment methods.

Were there many such companies? They can be counted on the fingers of one hand.

Quote from: Hatchy on January 04, 2024, 07:09:42 PM

This shift not only affects merchants but also the perception of Bitcoin's viability for everyday transactions.

I believe this is even more important.

Quote from: Hatchy on January 04, 2024, 07:09:42 PM

The extended period of elevated fees has forced many users to seek alternative means for their daily transactions, detracting from Bitcoin's intended role as a practical medium of exchange.

This is what usually happens - the market itself will regulate everything and high fees on the BTC-network push the user base to other projects.

Quote from: Hatchy on January 04, 2024, 07:09:42 PM

As these challenges persist, there's a growing worry that Bitcoin may be viewed more as a store of value than the revolutionary payment system envisioned by Satoshi Nakamoto.

This happened a long time ago. Bitcoin is already 99% perceived as a speculative investment instrument, and not a means of payment.

Quote from: Hatchy on January 04, 2024, 07:09:42 PM

I'd love to hear your thoughts on whether you believe the increase in Bitcoin fees has affected its adoption negatively or enhanced it rather.

Undoubtedly, high commissions had a negative impact on bitcoin. But there is something positive in this too. This event will encourage the BTC-community to try to improve bitcoin. Progress and evolution are impossible without complexity and difficulty. This is what pushes us to improve.

Julien_Olynpic

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I think the high fees on the Bitcoin network are definitely influencing its adoption. Yesterday I paid $10 for a regular Bitcoin transaction and, in my opinion, it is still expensive, although recently the commission reached $30-40. I also think that the fees will increase if Bitcoin continues its epic journey to the moon.) Sometimes it happens that at the top of the price, large players begin to spam the network or make it so that some players benefit from spamming the network (this is even worse ). This gives large players the opportunity to dump their stocks of cue balls at a good price at the very top. Small players will not have this opportunity.
Most likely, something needs to be done with NFTs - pictures that litter the Internet.

Cryptomultiplier

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Quote from: Hatchy on January 04, 2024, 07:09:42 PM

With the recent spike in Bitcoin transaction fee, it's evident that these fluctuations are significantly impacting the adoption rate of Bitcoin. While there has been a temporary reduction in fees, the underlying issues leading to the initial spike remain unresolved, raising concerns about the sustainability of the current fee levels.

Just as I replied on this thread bitcoin fees and how we accept its volatility, The period of high fees left many small investors frustrated, prompting some to explore alternative cryptocurrencies. This shift in investment preferences might hinder Bitcoin's broader adoption. Businesses that once embraced Bitcoin payments may have reconsidered due to elevated transaction fees, opting for alternative payment methods. This shift not only affects merchants but also the perception of Bitcoin's viability for everyday transactions.
Personal experiences, like my friend's decision to postpone investing in Bitcoin due to high fees, highlight how potential investors might alter their plans. The longer fees remain a concern, the more likely individuals are to explore other investment options. The extended period of elevated fees has forced many users to seek alternative means for their daily transactions, detracting from Bitcoin's intended role as a practical medium of exchange.

As these challenges persist, there's a growing worry that Bitcoin may be viewed more as a store of value than the revolutionary payment system envisioned by Satoshi Nakamoto. If high fees become a recurring issue, the risk of hindering Bitcoin's adoption as a medium of exchange is a real concern. I'd love to hear your thoughts on whether you believe the increase in Bitcoin fees has affected its adoption negatively or enhanced it rather.

Indeed, the original concept by Satoshi has been improvised upon in recent times and I think one of the results of such is the hike in price of transaction fees.

A time would come when individuals or should I say small investors would opt for other cryptos with lower transactions fee because at the current rate, the only viable advice given to a small investor is to HoDL or accumulate and this is not all the functions that BTC as a currency stands to represent.

BTC is currency and many have had to choose it over fiat when they intend to invest long-term or complete transactions across border because of the ease and low fees as compared to the traditional fiat banks with high exchange rates and fees.

I think the high fees has more than done well to create a margin or gap between small investors and whale investors wherein they now seek coins of less value to explore because whether we like to agree or not, the idea of cryptocurrency on the decentralized network is here to stay and individuals and corporate bodies are only left with the options of other pairs to transact with.

Jawhead999

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NO, why? most of people use Binance for everything instead of as an exchange.

Link bank accounts to Binance is free, exchange fiat to BTC only charge small %, then they will hold their coins in Binance or even more they will stake their coins because they think it's useless to let their coins not generating more money.

I'm not vouching to use CEX, but I'm just speaking the fact.

gunhell16

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Well, the bitcoin fee so far, I think, is returning to normal little by little. Unlike last month, where the fee really hurt my head and my bangs as a bitcoin holder, It even reached the point where his bitcoin fee was around 42 dollars last month, which is really not good.

Now, the volatility that Bitcoin has has taken me a long time to accept that thing because that's where we really get profit as long as we have an understanding of trading. The difficult thing is that we don't know anything about understanding trading, right? And that's because Bitcoin is a volatile asset.

knowngunman

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Quote from: Hatchy on January 04, 2024, 07:09:42 PM

As these challenges persist, there's a growing worry that Bitcoin may be viewed more as a store of value than the revolutionary payment system envisioned by Satoshi Nakamoto. If high fees become a recurring issue, the risk of hindering Bitcoin's adoption as a medium of exchange is a real concern. I'd love to hear your thoughts on whether you believe the increase in Bitcoin fees has affected its adoption negatively or enhanced it rather.

Honestly, this recent fee upsurge in the past few months is making it more expensive to use Bitcoin for day to day transaction. We all believe that it's just a temporal problem that will be resolved in a short while but it has taken longer than we all thought and the pessimists are already saying it's a sign of failure.

It's not something to debate on, the high fee has already caused more harm than good as far as adoption is concerned. The low cost of transaction is one of the reason that led to wider usability of Bitcoin and since that advantage is eroding, we already know the consequences. We see how even some signature campaigns here attempted to switch to alternative payments and the story is not in anyway different outside the forum. People and organizations are switching payment methods too.

Truth be told, this is a challenging period for Bitcoin adoption but let keep hope alive. The high fee will eventually be resolved no matter how long it will take and it's showing signs already.

Poker Player

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Curious that you open this thread when there has been a considerable drop in fees, needing only about 50 sat/vByte for quick confirmation. It would make more sense when they were at 200.

I don't think this episode is going to affect Bitcoin adoption because I don't think it's going to be used to pay for coffees. It is going to be used, as it is already being used, as a store of value and to make payments of certain amounts. If fees, regardless of the recent spam problem, tend to go up over time, the average amount of payments on the blockchain will also tend to go up.

adaseb

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I think for most retail just starting out, the fees don’t affect them because they either leave their bitcoin on the exchange or they are dealing with altcoins where fees are low.

This has been discussed for years. For major bitcoin adoption we will use an l2 solution similar to lightning. Doing transactions for coffee purchases on the main chain just won’t work, even if the mempool was empty it would not be worth it anyways due to the long block times. Hence we need better side chains pretty much for the job. Transactions on bitcoin blockchain can be for long term storage such as cold storage.

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