Topic: Is the high fee affecting the rate of adoption of Bitcoin? (Read 447 times)

Well, maybe "memecoin" wasn't the word I was looking for. You can call it whatever you want, but it's not used as a mainstream means of transactions and never will be, based on its technical limitations. That means cryptocurrencies will be solely used as investment instruments and since there's no other tangible value associated with them it will come down to their name/brand/meme/reputation/etc. Bitcoin has obviously got the biggest brand name in crypto, followed by Ethereum, etc. etc. and their market caps reflect that.

This entire thread, to me, seems to be mostly about people worrying about a problem with Bitcoin and crypto generally that nobody actually cares about, and nobody has any reason to care about. Bitcoin is slow and expensive to transact in, and with a $860B market cap, I think it's safe to say that this is unimportant to investors, that's all.

Uhh I don't think you have a very good grasp on what Bitcoin is if you're calling it a meme token lol. Bitcoin is a hard currency, plain and simple. There are plenty of meme tokens out there, they're a dime a dozen, and that's completely different than what Bitcoin is. If you can't tell the difference between a meme token and Bitcoin you probably shouldn't be in this space until you learn A LOT more about bitcoin tbh

The price increase have had a very strong impact on the adoption of bitcoin because even in the forum, it has become a topic of discussion with many members showing dissatisfaction about it. When you look at this case, you’ll notice that the holders of bitcoin that have embraced its use and understand its function don’t look remorseful to leave the system.

If you understand the system better and how it functions, the high transaction fees will only be a negligible concern for you. If bitcoin should be seen more as a store of value, it is still okay and those that can still use it for exchange, they’re very much in cool with that too. What is important the most is that the adoption should not stop and people should come and embrace this new technology that will make you financially independent.

I was reading few comments and I must say that almost everyone was right from their perspective of view but I think this high transaction fee is giving more wrong impression of bitcoin to much especially the newbies and that will impair that interest in wanting to buying and that alone will go a very long way to tarnishing the reputation of bitcoin but whatever the case is, I think we should be more bothered on how soon this will end

Another example of how Bitcoin transaction fees are affecting adoption is signature campaign payments. One of the reputed campaign managers was also concerned about it. If transaction fees are lower, it takes more than a week to get confirmation on the blockchain. Participants are working the whole week, and payment is going to be delayed only for transaction fees. So if that continues, it is likely managers will choose alternative payment methods. However, though it's not a big deal, we can use it as an example of how transaction fees affect Bitcoin adoption.

The way the Sat was fluctuating between 100 and 280 Sat/vByte was, to some extent, really frustrating. I was particularly upset since, at that time, I had already transmitted my bitcoin from my wallet using 80 Sat/vByte, and it hadn't dropped till four days later. and even searched for a way to use viaBTC to speed up the transaction, but they were informed that they were no longer providing free acceleration because too many individuals were abusing that service. 

I concur that the situation won't affect those who are interested in adopting bitcoin because they understand that circumstances like these cannot be avoided and that, for those who are knowledgeable about the platform, fees and mempools shouldn't be problems. For this reason, before adopting bitcoin, one should always conduct research because many users are unaware of mempools. because they place an excessive amount of trust on trades.

No doubt that Bitcoin adoption is still ongoing and I also understand that the major cause of this is because of the investment opportunities that people see Bitcoin as, well I still say that this high fees still hinders that part too although if not all then a little portion of the adoption because just image a situation where I want to buy Bitcoin and hold it and I obviously use an exchange to buy and accumulate then I will be needing to send the coins out right? So in trying to send my coins to an exchange and I pay this type of high fee don't you feel I will be discouraged or try to find an uteriour next time.

I've been trying to understand the situation better here, and I think I have figured it out.

1. Crypto's lack of suitability as a mainstream currency has never been an impediment to crypto investors, who simply don't use the product that way.

2. But crypto's story involved Bitcoin et. al. being a "real currency" that can be used like traditional ones.

3. Hence the reality that it's never going to be a mainstream currency seems to detract from the mythos around crypto for many people.

4. People think of the "myth" about crypto dies, then, I guess, they think fewer people will buy Bitcoin, and... the price will go down.

If that's what people are holding onto, I would advise them to drop it, and to get real. Treat Bitcoin and the rest of the cryptos for what they really are, and celebrate that rather than hiding from it.

Bitcoin and the rest of the cryptocurrencies are "meme tokens". There's nothing wrong with that, and it's a new thing in the history of capitalism that we can invest in pure memes, and this idea is not going away.

Stop trying to pretend that cryptos are something they are not...

Since even if you want to do Bitcoin adoption, you have to make a transaction, of course, there will be a transaction fee, in that case, the high fee must affect those of us who are small bitcoin adopters however, the things will be different in case of whale adopters and the long-term holders.
But I personally figured out a way, if you are a small adopter like me, then I think you can continue your bitcoin adoption through p2p trading directly with fiat currency using exchanges like Binance or ku-coin. Because the problem of these high fees of bitcoin is not always there, when the situation of memepool will be normal again, you can go back to the as usual system and also the fund can be transferred from cex to a decentralized wallet .

Not every transaction needs lightning speed. For larger sums or long-term holdings, the security and immutability of the main chain remain paramount. Think of it as a digital bank vault, where you store your Bitcoin for the long haul, safe from the market's whims.

So, while fees may not be a immediate concern for many retail investors right now, they are a crucial piece of the puzzle for achieving widespread Bitcoin adoption. We need a multi-pronged approach – scaling solutions like Lightning, specialized side chains, and continued development of the main chain for larger transactions.

I find your description of "there has been a temporary reduction in fees" a strange way to put it considering that the spikes in fees are in fact what is temporary. People freak out for months any time fees spike for like a week. Look at the past year, the vast majority of the time fees have been $3 or less, and they are now back to that normal fee amount. It's the expensive fees that are always temporary, not the "reduction" which is the norm.

And I doubt occasional short-lived high fees affect the market much. You don't have to pay tx fee to buy or sell bitcoin, and anyone can easily just wait till they've bought a bunch of bitcoin to move it off-exchange and pay all of the normal $3 fee, it's not really a big deal for the vast majority of people. It's only an issue for people who are trying to use bitcoin to buy things, which let's be honest, is a miniscule amount of people, and that's the use case for the LN anyway.

That to soon be over I guess but in the situation where fees are too high, that stopped people from using this as a payment option.
We can't say how big the impact on the adoption but to clear to us that it was not the thing we wanted to happen in the crypto space as it will help the crypto users to still use fiat money.

Good thing to see that the fees are dropped but still not convincing enough for a user to pay $2-3 compared to just paying a few cents.
If the situation stays long, I don't think it is reasonable to consider Bitcoin as a currency.

While this may seem like a problem for small investors there are many large Bitcoin investors who don't mind the high fees. The reason why Bitcoin fees have increased is because Bitcoin is a higher investment than it used to be so the fees have increased. Bitcoin transactions are not slowing down. Bitcoin is processing more transactions on average than it is worth despite the significant drop in value in recent months.

Bitcoin fees and scalability are a challenge to global adoption in general, but I don't think there's a strong correlation between adoption rate and fees when it comes to particular episodes of fees spiking. Sometimes the fees actually go up because people get excited and are trying to use Bitcoin more than before. Sometimes it's people using Bitcoin blockchain for their own weird purposes (like Ordinals), but again, it's not an indicator of adoption slowing down or decreasing.
Even when the fees don't get particularly high, they're too high for small purchases, considering that there are often no fees (for customers) with fiat payments using debit cards. But Bitcoin can still be useful if we consider 2nd-layer solutions, and if we're talking about big purchases where the fees make up a small percentage of the total payment.

High transaction fees can affect the adoption of Bitcoin in several ways:

Deterrence for new users: High fees can discourage new users from adopting Bitcoin, as they may perceive it as an expensive investment option
This can lead to a slower growth in the user base and hinder the widespread adoption of Bitcoin as a medium of exchange

Reduced daily transactions: The high fees can force users to explore alternative means for their daily transactions, detracting from Bitcoin's intended role as a practical medium of exchange

Increased interest in layer 2 solutions: As transaction fees increase, users may seek alternative solutions like layer 2 networks to reduce costs and
improve transaction processing times. This can lead to a shift in focus from the main Bitcoin network to layer 2 solutions, potentially affecting the overall adoption of Bitcoin.


Price sensitivity: High fees can make Bitcoin less attractive to potential buyers, as they may be more sensitive to the cost of purchasing the cryptocurrency.
This can lead to a decrease in demand and, consequently, a drop in the value of Bitcoin

Innovation and competition: High fees can drive innovation and competition in the Bitcoin ecosystem, as developers and miners seek ways to reduce costs and improve transaction processing times. This can lead to the development of new technologies and solutions that may affect the overall adoption and usage of Bitcoin.

Despite these challenges, Bitcoin's adoption has continued to grow, with on-chain data indicating a new yearly high in Bitcoin adoption, reaching 67.62%
This suggests that, despite the high fees, growing optimism and adoption of Bitcoin have persisted.

Of course it has negative effects or impact as it may serve as a barrier or it puts limits to all our transactions. I was one of those who are affected with the current high fees to be honest and it's not a good thing.

I don't get it when investors postpone their plans to invest in Bitcoin because of the fees, are they active traders that they'll be interacting with the market daily to be that concerned about the fees. Sometimes I wonder the type of Investors that are getting attracted to Bitcoin are they that cheap because I can remember when using Ethereum was as costly as hell yet Ethereum was still attracting investors to buy NFT and other assets on the Ethereum Blockchain and they still paid those high fees.

The fees were higher than what we're experiencing with Bitcoin and the so called Bitcoin investors can't pay a one time fee to buy Bitcoin and hodl. Those people aren't serious about investing because if they were serious, a one time fee shouldn't stop them because they can make profits that'll give them back their fees and more


I don't like the high fees and have my concerned like everyone else, the high fees will only make Bitcoin affordable to the elite of the world (the rich) which goes against all what Bitcoin stands for. The high fees mightn't affect the adoption of Bitcoin but it'll centralized it to only those that can afford it by paying high fees.

Due to higher transaction fees, Bitcoin will be ignored as a payment method. Bitcoin was popular to make payments where crypto was accepted and users didn't want to use their cards. Even I am disappointed to have made payments through Bitcoin lately. So those merchants accepting Bitcoin as a payment method will lose their Bitcoin customers. That's why businesses will ignore Bitcoin as a payment method.

The high bitcoin transaction fee is not affecting bitcoin adoption because many people who are willing to adopt bitcoin and have done some research on it will know that this transaction fee hike is just temporary and not something permanent; therefore, they will invest in bitcoin like that using the DCA method and ignore the fee.

Moreover, it will not affect adoption because some people are just using centralized exchanges to buy, trade, and sell their bitcoin. Since the fee is high for now, they can decide to buy and hold their bitcoin in their exchange wallet pending until the time the bitcoin transaction fee is reduced. Although it is not advisable to hold bitcoin in centralized exchanges because of trust and "not your keys, not your coins," you can hold it there temporarily.

There are different types of adoption. It certainly hurts Bitcoin's viability as an online currency for purchases. Although 10 minutes to get at least 1 confirmation is another major problem for that. But for investing, which is I believe is the most common use case of Bitcoin, high fee doesn't matter as much if it represents fractions of percent of your investment. But even for small investors who invest like a $1,000 paying $20 fee is still worth it because they could double their money if they invest before the bull run.

Bitcoins has widely been advertised as an asset to invest in, that is to buy and keep and that is what is attracting many people to it as investors. Many of these investors do not yet see Bitcoin as a currency to transact with daily so they are not worried or have to be bothered about the high transaction fees that will be a big discouragement to people who use bitcoins as currency right now. Adoption of bitcoins is still happening and will keep happenning as more seek for what to invest in, and the best investments to have asides properties (real estate).

We don't have data to back this up but I'm pretty sure transaction fee is a factor on which people may or may not buy bitcoin thus increasing or decreasing the adoption rate, but I'd say it is a least of our problem in blockchain, we don't need everyone jump on the blockchain.

Heck yeah, I transacted last month and the fee is high, I just look away and hit the button. lol.

Adopting bitcoin means adopting it is consequences, unlike banks that have a fixed transaction charges, bitcoin doesn't have it. We once saw a transaction that cost millions trying to transfer such insignificant amount, a heartbreaking story, the sender must have not seen it. I guess, seasons have changed a lot, you can't just buy and sell whenever you want it.

I won't say retail investors are bailing out from Bitcoin due to durge in the transaction fee but it made them freeze their funds wherever it is unless they pay the fee which is really absurd of any kind. Since yesterday the fee actually dropped 10 times lower than its peak but the cause still exists and it can clog the network pretty bad at any time soon.

Unfortunately it does affect it, but maybe it's the evolution from a payment system that it was supposed to be into a store of value and an investment asset.

Different people see bitcoin in a different way. In 2012-14 most people were talking about it being money. You had that list of stores that accepted bitcoin, you had bitcoin acceptance maps where you could place your business, every time a coffee shop opened with a bitcoin sign people were excited, but it started slowing down in 2017 and 18. Hash wars pumped fees to incredible levels, you had 20k bitcoin for the first time, people were more interested in how much this thing could be worth one day than in buying a burger for it. We all knew it's not going to be decentralized money that becomes a reserve currency, like some people had hoped.

Fees are mainly affecting small investors, people facing 100% inflation who wanted to use it instead of fiat money. It also affects self-custody. When you earn $100 a month and want to put some of it aside in bitcoin, you're not going to pay $10 in fees to move it to a hardware wallet.
People like Michael Saylor don't care because they move $10 million in bitcoin and pay $10 to do it, but when you want to move $10 or less you have a problem.

Yes, many investors have turned away from it due to its high fees.  If it increases further it will definitely have an effect on it.  If it is phased properly and the fees come down and it is nice and convenient then I think the number of investors will increase on it.

I think if we're going to see this continue dropping in the fees, there is a chance that we might go back to what it used to be. The hope is still there for the majority of us because we've seen this happen before. As someone who believes that things are going to calm down and will be better again, I understand that we have to take these high fees and I think that we're good enough and likely survived that era but if it ever happens again somewhere in the future.

It's going to be something that just happened before and that's a usual thing that we've encountered already. Although the high fees IMO really affect the adoption, as long as Bitcoin remains the top asset and cryptocurrency, that won't change the fact that every investor likes it and no one's going to stop from adopting it. Now, with all the SEC and ETF approvals and rumors about it, this makes it even stronger and more adaptable.

And for that fact, there are alternative options that we can use like the altcoins or any other layers that have cheaper fees where the speed is quicker. I guess that we're getting closer to the time that Bitcoin is transitioning into being an actual store of value and not anymore with payments.

Definitely, the increase in Bitcoin transaction fee negatively affect the adoption of Bitcoin.  We all know that Bitcoin is created to be used as payment system but if the transaction fee is too expensive, I do not think the masses will like that.  Instead of adopting Bitcoin, they might evade it to use in their daily transactions.

Majority of people does not really care about centralized or decentralized payment system, what they care is that the have the freedom to make a transaction in a minimum possible fee.  After all people loves to have discounts and is very happy if the made a transaction at a lowest fee available.  

Another thing, the uncontrolled fluctuation of fee also scares users.  I also think for Bitcoin to be fully accepted by masses, the developers should work on the transaction fee system and make it align to what the masses are looking for.

Yes of course, and mostly the individual investors and businesses and in recent days after when the Central Bank of Nigeria unbanned Bitcoin I have seen many people that were interested to invest in Bitcoin and some of them wanted me to sell it to them but I could not pay the transaction fee and they could not pay the transaction fee so we left the deal. And when come to businesses customers can't pay the high fee to purchase their goods so fiat currencies were used to make the transaction. So the hike of the transaction fee affect the individuals and businesses more.

According to o_e_l_e_o the core issue of the transaction fee can't be removed and you can see it here

At this moment fees has come down than what it was earlier but yes higher transaction fees doesn't have a negative impact on Bitcoin adoption rate, anyone who is going to use Bitcoin for it's services like P2P transfer will be hesitant to pay high charges. This is not the case throughout the year but still it's not a good sign when the charges cannot be justified for smaller transactions. Those who out there advising not to make small transfer don't understand the concept of Bitcoin and yeah we can avoid such transfers for a while until the transfer fee comes back to normal but that's not the permanent solve.

High transaction fees as a result of network congestion in the past was attributed to the scalability challenge of Bitcoin. But this time around, we are seeing something new, an outright attack on the Bitcoin Network. This shows there is a vulnerability the Bitcoin devs have to work on to resolve. If nothing is done about the high fees, I'm afraid that Bitcoin adoption will be heavily impacted because it does not just make sense paying high fees for small transactions.  To make Bitcoin more usable,  it must stand out as the best option, high fees does not align with this one bit.

Of course the high rate and value of Bitcoin will affect its abduction because many people that have the intention of purchasing or investing in Bitcoin if the person is not too financially strong might not be able to purchase as much Bitcoin as he/she  plans or wanted to but can only be able to purchase or invest in minimum quantity of Bitcoin.




Considering how the value of Bitcoin just elevating up and down, it must affect the daily transaction of Bitcoin because many Marchant, investors and intended investor must have to have a rethink on how they transact Bitcoin and lessen the day to day transaction for financial purposes and lose threat of their capital and have to be cautious on how and when to trade.




Just also like one of my friend that introduces and thought me all I know  about Bitcoin had to buy an alternative coin that he heard about through another friend on how the coin has been elevating up for days and after which he purchased it, it turns out that the coin started elevating down and down until he decide to sell it, because of how the value of Bitcoin is presently in the market and had to loose a lot of money just as to run away from the elevation of the value of Bitcoin.

Bitcoin, and crypto generally, simply has no chance of becoming a mainstream means of payment due to its architectural limitations. The very fastest/cheapest systems even on the drawing boards are still 1000x too slow/expensive to compete with credit cards and banks.

They've beat on this problem for over 10 years and have dumped millions of dollars and thousands of experts into the problem, so I think it's safe to say they aren't going to solve the problem, ever.

The good news is that people still love crypto as a speculation instrument. Bitcoin is over $40k right now, so people obviously don't care whether it's going to be used like a real currency.

People should stop trying to pretend crypto is something it's not, and celebrate what it actually is.

The fees right now are at the ~40-~50'ish sat/vB, and it's low already compared to where it was a few weeks ago where we are seeing the fees at nearly 200 sat/vB.
On the other hand, the current amount of fees in USD right now is around $2.8 which is kind of high compared to where it was before the ordinals became popular where we see the fees as low as $0.50.

As for the merchants who are accepting Bitcoin, I guess they will find another way to at least integrate cryptocurrencies into their small businesses like accepting altcoins that have a low transaction fee because I'm pretty sure the buyer will not shoulder those high gas fees, and they would rather pay it through cash. As for my investing in Bitcoin, TBH, I stopped buying it and focused more on altcoins. My allocation of Bitcoin in my overall portfolio is more than 50%, and I feel that's enough for me so I am focused on altcoins now. As for the gas fees affecting the rate of adoption, I think that there might be a small effect, but I guess there will be some that will just live through it, and will just accept it even with high gas fees.

BTC is more of an asset now than a currency because of the ordinals, and I don't see any changes happening in the foreseeable future unless will be eliminated which is not possible.

It is crystal clear that the transaction fees has triggered petty crypto investors to diversify their incumbent crytop coins to other crytop coins troubleshooting all to the vail to minimize the rate of their transaction fees.

Someone said it is economically advisable to accumulate a huge amount of coin before selling so that the transaction fees could be manageable. I think that would be so sentimental because it is assumed that a petty Investor would either not sell its coins at its desired time or else encounters the frowning transaction fees conditionally with no remorse benefits of their labours.

Since there are alternative I don't the high transaction fee of Bitcoin would have any significant impact on it adoption truly the network is highly congested due to massive transaction of ordinals of course new project developers would alternate to other fast and cheaper network with faster transaction likewise small investors, there are other alternative cheaper network and I believe the issue of Bitcoin network congestion would be addressed accordingly probably with improve lightning network that issue would solve the problem but for investors would have to continue transaction with high fee and wait a bit longer for their transactions to be  confirmed.

With bitcoin transaction fees increasing in recent weeks, this will certainly have a negative impact on bitcoin's progress. The reason is, quite a few bitcoin investors have small capital which will certainly hinder them from investing because the transaction costs are quite expensive. Therefore, if bitcoin transaction fees are expensive it will definitely have an adverse impact on small investors.

it is a challenge for bitcoin to be adopted by more people around the world, because high fees make it difficult for people to carry out transactions and it makes them switch to other networks that have fewer fees and are less congested. but perhaps because adoption by institutions or large investors makes more people interested in using bitcoin as an investment, not for transactions in general. so we can conclude that even though the fees are high it hinders the adoption of bitcoin, but people are still interested in adopting bitcoin as their investment.

Every time I withdraw my income in crypto, it always pops up and gives a warning about the fees I use  --50% higher, 40% higher. Frustrating is really what we feel but should we have another option if layer 2 is not supported on our receiving wallet? We don't aside from waiting for it when it drops a little, at least we save some.

Good thing that congestion these days isn't as bad as in the past days, we can transfer our funds at $3-4, which seems acceptable for now. But still, the majority, especially for small investors want to get back to normal where can just spend less than $1 on its top priority.

I think the same as you, because the investment should not be affected, because it consists of buying and putting in our wallets, or our wallet, in fact the investment in bitoci does not mean that we are constantly Withdrawing money , that is not what is Sought The only way to be Able to do Something like this is that it can be Exchanged for Another Currency or something like that for USD, but I Consider that the high transaction rates for bitcoin is because it is also a fact that something very big will be sold, everything is so that things are improving for Bitcoin and great profits can be made, it is a fact that this will be the case , for that reason we as People who are lovers and defenders of Bitcoin must give the security and Confidence that this is due to the Congestion and that a Moment or at some point it will happen.

For these reasons we Must be patient , if we are Also in a very Good Position for the Hodl, there is nothing else to see but that , what they want to sell because they already have to assume their rates, but selling is not an option now.

Anyone that wants to invest in bitcoin shouldn't be discouraged by the high transaction fee because he should think of hodling for a long term before selling, so that the high transaction fee wouldn't be a barrier for him of getting started. The high fee is temporary and will not be permanent. However, it has being a problem for people to use bitcoin the way they like and some people are staying off from using bitcoin for purchase of goods and services. If the fee did not come down, there other altcoins will be commonly used as a payment method, while bitcoin will be used more as a store of value. This means that we might still be trapped under centralized payment system, where the government will know about every transaction that you do daily.

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.

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.

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.

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.


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.

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.

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.

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.

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.

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.

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

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.

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

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.

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

I believe this is even more important.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

Based on what I am currently experiencing of course this problem makes sense and it cannot  be denied that the reality of Bitcoin payments is now starting to be pushed aside. Gradually investors and some service providers will migrate to other alternative methods as costs continue to increase. This impact on general adoption is a challenge amidst the rise of Layer2 which  provides many options that require developers to immediately take solutions so that investor attention returns to focus on the initial  goal of Bitcoin adoption.

For me personally as a retailer the phenomenon of tariff increases is quite disturbing. Hopefully this is only temporary and we can return to the concept of friendly costs not only for large holders but also for retailers with  equal portions.

There are things for developers and community to improve with Bitcoin on chain and it won't be done too soon.

Meanwhile people can have solutions like off chain, layer 2, side chain which can not solve all problems from on chain transactions but can give people options to choose and avoid mandatory paying too expensive on chain transaction fee.

Before any technical BIP can be deployed to improve transaction fee experience, people must be flexible when choosing what they use to move money. It can be Bitcoin on chain and it can be altcoins.

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.