Topic: Quick Bitcoin questions (Read 382 times)

For payments in small amounts maybe yes. But if it's big amount payment and also cross-border payment. So I think paying with bitcoin is still quite effective. Even if we send money from one country to another, there are always certain limits in terms of the amount of money that can be sent. Now with Bitcoin we are no longer worried about all that.

Maybe if it's a small payment, it's better to use regular fiat. I personally have made payments using bitcoin several times, but for now I prefer to keep my bitcoins only as commodity assets and long-term investments. Maybe one day when my country has allowed payments using bitcoin then I will use it more often as another option after fiat.

The price of Bitcoin can be subject to significant fluctuations, which can make day-to-day transactions difficult, especially as the value can change rapidly. Bitcoin's volatility could create a situation where spending Bitcoin on purchases today could mean missing out on potential future upside opportunities. This volatility is mainly due to factors such as market speculation, developments in regulation, macroeconomic conditions, and general market sentiment. As a result, some businesses and consumers may prefer to use more stable currencies or stablecoins for day-to-day transactions. So while Bitcoin's high volatility presents challenges to its use as a primary method of payment, it is still widely used as a store of value and investment asset due to its high volatility. scarcity, decentralization, and its long-term growth potential.

Well maybe you're speaking  for yourself  because the use case of bitcoin  strictly  depends on the needs of the user and there are people who strictly  hodl bitcoin  for payment  purposes  and there are people who hodl bitcoin  for the purpose of storing value  and answering your question,  the major reason people feel bitcoin  is a better fit  for store of value is simply  because of the volatility which makes it possible  for the smart ones to make some reasonable  profits from it .

Well I think we're on the boat on this because I basically don't feel comfortable  paying with bitcoin  and losing 1 dollar when I can simply withdraw to fiat and make my payment without losing any  money.

But I think use the bitcoin payment gateway is mostly beneficial for internationally transactions which seems very much expensive  when using fiat so bitcoin comes in and reduces such stress and high fee.

Well it is true that there are other cryptocurrencies (Altcoins) with lower transaction fee when compared with bitcoin but bitcoin  is one of the well known and reputable  Crypto  with much more market and price value and most persons like myself wouldn't  want to risk my funds in some skeptical projects over a $1 fee.

You've broached a recurrent discourse in the world of cryptocurrency, a discussion that, much like a mythical hydra, seems to regenerate perpetually. In this pantheon, Bitcoin—constrained to its enshrined limit of 21 million—echoes the doctrines of scarcity, thereby being conferred the soubriquet of 'cybernetic aureate.' The assertion, then, that it serves as a repository of pecuniary worth is not entirely without merit.

We now venture into the labyrinthine query of monetary solutions. It is crucial to separate the concept of 'inexpensive' from 'superior.' Granted, a multitude of alternate coins offer diminutive transactional fees, yet they frequently fail to provide the fortress-like security and universal endorsement that Bitcoin is privy to.

Bitcoin's transactional expense, while ostensibly lofty, also plays a pivotal role in sustaining the network's incorruptibility. These fees provide an impetus to miners, thereby ensuring the smooth processing of transactions.

Despite Bitcoin's reluctance to position itself as the most affordable monetary solution, its intrinsic value, fortitude, and prestige make it a commendable option for transactions. As the sun sets, each coin reveals its strengths and weaknesses, and one's predilection should be guided by their personal requirements and appetite for risk.

Honestly, I only see bitcoin as suitable as a payment method, and currency when we use it for cross-border payments. In this case, using bitcoin is much more convenient than the banking system. But using bitcoin for daily payments is really not a good idea, especially with transaction fees these days. Fiat is doing this better than bitcoin, and we shouldn't deny it. But bitcoin can be a backup payment method if we cannot use fiat.

Bitcoin value is currently very high so when making transactions the costs we have to spend are also very large so many keep Bitcoin as a tool to invest but when making transactions they prefer altcoins that are lower in price and crocodile cheaper transactions, then this is the reason Bitcoin is more suitable for us to store than make payments, But now there is a solution so that Bitcoin can make payments without having to incur large fees and they already use some specialized networks such as the Lightning Network and others that do not cut high fees.

If you're want Bitcoin transaction proceed without any fee then it's impossible, even in bank transfer you still need to pay some fee. Stop complaining Bitcoin fee is high and it make uncomfortable to use Bitcoin as a currency, if you buy an expensive stuff the fee will not hurt you, it might be cheaper than use banks.

After all, it's everyone choice to choose Bitcoin as a currency or as a store of value.

Here, bitcoin remains an "alternative payment". To use bitcoins, one must first consider the value of the transaction. Of course how useful bitcoin must be adjusted from the user's own needs as the price increases. After all, why use bitcoin for small payment scales when it's less risky (or tolerable) to use conventional payment systems?

In terms of fees, we know that there are better cryptocurrencies than Bitcoin. And we truly want cheaper or no fees for payments, which is our main worry with Bitcoin. Even though the problem with Bitcoin is scalability and higher fees, recommending other alts for payment solutions is not a good idea because most people are only familiar with Bitcoin. That is why Bitcoin developers created a solution for this type of stuff, which we name the Lightning Network.

Plus you can use Bitcoin without revealing your identity as you will do some working without be exposed in the public. It's volatility also has a big impact to the market and to the users as they took advantage for it and some without knowledge of course might lose a lot from it's volatility. But if you're just planning to save some funds then I think Bitcoin is not a good choice since it's value changes from time to time. But investing for a long time investment in Bitcoin is actually good.

Bitcoin is awesome for holding onto your money because there's only a limited amount, it's not controlled by any one authority, and lots of people recognize and use it. Yeah, the fees for transactions might be higher than some other cryptocurrencies, but Bitcoin is tough and has long-lasting value, which makes it a great option for protecting your wealth. Deciding whether to use Bitcoin or other cryptos for payments depends on your own situation, but Bitcoin's special features make it a pretty cool way to store your value in the crypto world.

Bitcoin has more utility than Altcoins and Altcoins don't have many adopters compared to Bitcoin. Bitcoin has a higher marketcap than Altcoins and Bitcoin was specifically developed to deal with financial challenges.Bitcoin has tended to face financial challenges as a means of payment by individuals and organizations adopting crypto payments.Holding Bitcoin requires the right timing, holding it at the right time can yield very good returns. However, I think that if Bitcoin is free too much, its usefulness is likely to diminish.Bitcoin's utility will increase if it can be reduced to transaction free.  For transaction issues I think bitcoin should be holed up.

Here's the list that I can see that is not yet mentioned;
Scalability, Speed, User experience, and many more.

For me, the above list is also important because for example if you want to be a payment solution, the network must be fast and the user experience is very friendly to users because you will encounter different people that will use Bitcoin as a payment solution.

For me, the list above is a temporary problem we have right now, and over time, we will improve as lot of innovations for Bitcoin is under development to make it more easy to use or easy to access to all people as differnet solution, payment or store of value.

In certain contexts, Bitcoin payments can still be tolerated, as seen in this forum where some services accept Bitcoin as a payment method. The convenience offered by Bitcoin can sometimes be more comfortable than using FIAT for transactions. So, the function of Bitcoin can be more hybrid, serving both as a means of payment and as an investment.

As you mentioned, for day-to-day activities, it is challenging, if not impossible, for Bitcoin to compete with FIAT when it comes to purchasing food or movie tickets, for example. However, I still believe that Bitcoin can complement the shortcomings of FIAT, so there will always be a market for Bitcoin users to transact, even with fluctuating fees.

Indeed. There are some altcoins that have cheaper transaction fees than Bitcoin. TRX, XRP, SOL, XLM, and LTC have low transaction fees, sometimes people prefer to choose these coins to transfer their assets from one exchange to another exchange. Or to transfer crypto assets from one wallet to another wallet. However, these altcoins aren't as strong as Bitcoin if we consider their strength to survive. Moreover, if we consider the popularity, most people only know Bitcoin when we are talking about crypto, they don't know altcoins. So, this may be the weakness of these altcoins to be the payment solution.

https://coincodex.com/article/22831/cheapest-crypto-to-transfer/

Bitcoin is often considered more suitable as a store of value than a payment solution for several reasons.  First, Bitcoin has a limited supply, with up to 21 million coins that can be mined.  This inherent scarcity is seen by many as a contributing factor to its ability to hold value over time.

 Furthermore, Bitcoin was the first cryptoasset and has gained an established reputation as a digital store of value.  It is widely recognized and accepted as a form of value retention, and has been adopted by many investors and financial institutions as part of their investment strategies.  This has helped solidify its position as a reliable store of value.

The fee cannot be determined in some cases only by the comparative value, that is to say $1 and another of $0.01.  Your ability to pay, or the amount I sent is what matters.

 The tendency is to think that fees greater than $1 are a lot, expensive, in reality it depends on the amount of the transaction, which in some cases is irrelevant, as is the case right now where for many they are only interested in confirming their Tx.

 In any case, if you send $100 and pay a $1 fee, it's not bad, but if you send $10 and pay a $1 fee, it's very horrible and it's not the fault of the network (Bitcoin, or whatever) you use, study the rules carefully. alternatives that exist and use them according to your possibilities and the characteristics of the means of payment.

Bitcoin has already make name and many companies has know about Bitcoin as a digital currency, which using Bitcoin as means of payment is highly acceptable, but the transaction fees has been a little challenge, which is other established alt-coins has a less transaction fees, but that should not be reason not to make use of Bitcoin as a means of payment.

High transaction fees have a major impact on Bitcoin's daily usability as a payment method. High fees can really deter people from using Bitcoin for frequent, small-value transactions, especially when alternative payment methods like bank transfers have significantly lower fees. On the other hand, the transaction price in the Bitcoin network can change depending on network congestion and the priority given to the transaction. During times of high demand, fees can increase, making smaller transactions less cost-effective. So many people worry about this problem and feel it is not suitable for their daily small trading purposes.

Yes, Bitcoin is a store of value, but that doesn't make it less of a payment medium. It's just based on your choice of how you want to handle your bitcoin; that's how you will handle it. For example, if I have one bitcoin and I wish to spend $200 worth of it, it's no big deal; I still have the rest to hold or I can buy back any moment I decide to. I know why you are talking about the store of value being just for you to hold without spending, but it all depends on how you choose to use your Bitcoin. Every bitcoiner has a different vision for the bitcoin they hold or the one they are yet to buy.


Let me tell you one thing now: the cheaper might be considered better just because it's cheap, but it comes with a whole lot of conditions and centralized laws that govern the process, mostly for some financial institutions like banks. Also, for other cryptocurrencies that seem to have a cheaper fee, have you tried to check if they are really being accepted as means of payment the way Bitcoin is? Bitcoin is used in most countries around the world to buy physical goods, but most altcoins are not used because they are not really recognized the way Bitcoin is.


Bitcoin is a digital currency, and the purpose for which it was created is for individuals to use it for easy and fast P2P transactions. So, Bitcoin can be anything to the holder based on what you choose to use it for. Other cryptocurrencies are not really recognized the way Bitcoin is, and they may not stand the test of time the way Bitcoin has, and those are the reasons why people might not consider them yet.