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.

Bitcoin transaction fees are higher than other networks and it's value is unstable and that's really an obstacle for Bitcoin but when we compare with fiat the transactions in crypto are cheaper and easier, Bitcoin is the most famous crypto coin and that's the reason why companies use it as a method of payment first but with the time we will definitely see more coins and more networks

But still many people out there who keep using bitcoin as an alternative payment methode. Your statement is not wrong that others payment transaction's cost may be cheaper but bitcoin users have their choice to do transaction with bitcoin as payment methode. As far as bitcoin payment is adopted to the merchant, bitcoin user maybe feel easier to do transaction with bitcoin as payment methode.

Indeed, the issue of fees does favor Altcoins with lower costs. However, did you know that many Altcoin developers have abandoned their projects and their investors? Some even absconded with funds, citing obscure reasons. I need not provide specific examples, as this has become common knowledge to all.Every person has their own views on which assets suit them best, so each type of asset has its own fans.

Even when choosing between Bitcoin, Altcoins, or banks as a place to store money, rest assured that people are drawn to the unique advantages offered by each option. Debating over features alone cannot easily shake the comfort people find in their preferred choices because every product has its own market.

Bitcoin is a poor store of value, one of the major reasons why financial institutions barely acknowledge it as money.  There had been a lot of debate about this feature of Bitcoin.  Although it can be a store of value due to its high volatility, it is considered to be second-rate.

Bitcoin can perform both but so I do not think that there is a need to compare its functions against each other.  I don't know the reason behind these feature-comparing threads.  If Bitcoin can perform both as a payment system and a store of value, I don't think there is a need to create a thread to demerit its other feature.

You asked penetrating questions here which I've asked myself too. For instance example, Dogecoin is one of the coins with the cheapest transaction fee and really fast to confirm but the thing against it could be that so many people still regard it as a joke, a meme sort of.

I believe what's aiding Bitcoin above others is its strong fan base as the pathfinder in this industry too. I don't think it's necessarily because of its decentralized status. After all, not all who even patronize it will know it's decentralized or know what decentralization means. For me, I see Bitcoin more of an asset than as a means of payment and I believe a lot of people do too. Otherwise, no one will be speculative of its price.

That's what most of the altcoins are trying to correct for. However, with the LN (lightning network) that transaction fee will greatly reduced when everybody uses this network.
Store of value and a payment solution both fits with Bitcoin. You will only realize how useful bitcoin is when doing transactions to a person overseas. It could save you transaction fees, time, and convenience. Therefore, these 2 features bitcoin has, will always come together.

Yes there are so many reason why people or Bitcoin user feel that way.
The transaction fee and of course the volatility of the price.
Being practical why would we choose to pay with crypto if we could do it with cash? unless of course there is a catch or a bonus for using it.
And of course most of us invested in Bitcoin to gain profit so those wouldn't really see it as a payment method.

For transaction problems, Bitcoin is not suitable for us to use because the fees are very large and we prefer other coins to make transactions because of the cheap fees, so it is very appropriate for us to say that Bitcoin is more suitable for storing value than making payments, the second reason Bitcoin is more suitable for us to store because of its very high value and cutting transaction costs is certainly also large then this is something we do not want so choose a coin Another to make transactions so that the costs we spend are smaller.

Fees are just one of the problems that keep bitcoin from becoming a payment method. An even bigger obstacle is its volatility. How would a volatile asset that can lose 10, 20%, or even 30% in a day be suitable as a currency? I know bitcoin was created to be a payment method, but with current developments, it is clear that it is no longer suitable as a currency. We should accept that fact.

Until they haven't ie the lightning network payment method yet, we gonna always have this kind of problem bitcoins right now are not suitable for payment if you have a small business because the customers might not gonna happy with it because they cannot save anything using it. Right now whether you want it or not, the best thing to do with bitcoins is to hold them until it reaches the desired price you want to sell them because we are still in the phase where people are not gonna leave their convenience payment method for the things they are not assured if they can earn for making it one of their accepted payments.

Even so, when compared to bitcoin with existing altcoins, the level is really much different, when viewed in terms of quality. Indeed, transaction costs using bitcoin are more expensive than some other altcoins. But if you make payment transactions using altcoins, I think there will be more risks. Maybe you already know, that altcoins have unstable volatility and they are also afraid that their liquidity will be taken by their creators. If that happens, the altcoin will definitely fall and the price will drop, it may even be worthless. Unlike bitcoin, bitcoin has the advantage of being decentralized, so you won't be afraid that the price will disappear or fall. Its volatility is also the most stable when compared to other crypto or altcoins. So just with these two advantages, I think bitcoin is indeed the most appropriate to be used as a means of payment. Even though the transaction fees are indeed more expensive than other crypto or altcoins, the security and quality in bitcoin will definitely be prioritized over the cheap transaction prices, but it does not guarantee security.

And I don't think bitcoin is just a store of value asset, it's a value adder. Because I believe the price of bitcoin will continue to rise in the future.

Bitcoin is more of an asset right now and that makes it a real store of value, I find it hard to even spend my Bitcoin for any reason, because I bought them for cheap price, if I use it as means of payment right now, what makes me think that I will be able to buy back the exact same Satoshii bought and sold so soon all in the name of making payment using Bitcoin?

I am buying Bitcoin right now so that the future can be easier for me, I would rather have Bitcoin right now in my wallet than having a big ride ( car ) that will depreciate in value within now and the coming two years, and Bitcoin in the next two years will never be the same again, those who don't buy now will be swimming in the pool of regrets by then.

BTC transaction fee is cheap, and BTC transaction is fast relative to the security the network guarantees. BTC transactions are irreversible and immutable once confirmed and added into a block, but most of the altcoins you believe have a faster transaction time are not really safe because it is possible for their transactions to be reversed after a long time.

As for tx fees, before the ordinals issue, it is possible to get your transaction confirmed with 1 sats/vbyte, and it is going to be possible again soon. BTC miners use a lot of computation power to mine BTC and protect the network, so tx fees is necessary to incentivize them to continue mining, so paying a few sats to miners shouldn't be a problem to keep the safest and fully decentralized cryptocurrency safe and running.

People are just trying to compare bitcoin with bank transfer services to prove that it is superior and much more economical than fiat and banks. You won't see many people comparing bitcoin to altcoins in terms of transaction fees because they know bitcoin will lose the transaction fee race against altcoins. Because most people here are bitcoin maximalists.
But if we are fair to conclude, then what you say is absolutely true. Bitcoin is more suitable for a store of value like gold than for a means of payment. Many altcoins have very cheap gas fees and much faster transactions than bitcoin. And with the bitcoin network's transaction fees skyrocketing recently, but many still insist it's cheap.

You only compare about the fee transfer, what about the monthly fee, penalty charge and other banks fee? if you hold your Bitcoin in your wallet, you will not have to pay anything even you hold it for the next ten or hundred years.

Many altcoins definitely has very cheap fee because the marketcap is small and it's controlled by few validators, but if we talk about security and privacy, altcoins are very bad.

You can use lightning network to reduce the Bitcoin fee.

if you calculate the fees for transactions in small amounts it might feel quite burdensome, but just imagine sending $ 28,800 in international transactions? how many fees do you have to pay if you use WesternUnion or Paypal services? not to mention you need to wait a long time to complete your transaction? and if they find out the transaction is for business but you use individual transaction your account will be frozen.

with bitcoin you are charged fees of around $ 0.84 USD for $ 28,800 (lightning network) and with less than a few minutes your transaction will arrive, you can imagine how profitable and fast it is to use Bitcoin in international transactions. the money arrives directly in your wallet and you don't have to worry about many things. so for international transactions it is great to use bitcoin.

I agree, by far, bitcoin is clearly more suitable as a store of value and for investment than as a means of payment. I don't want to buy bitcoin for $50k and use it to pay when it's $25k. I'll have to spend double my money just to buy one thing, that's not acceptable. With the high volatility of bitcoin, it cannot be used for payment, if it is used, we will immediately switch to other stable currencies, so it is useless to use bitcoin for payment.

There is no doubt that Bitcoin is the best currency for preserving value, whether it is fiat or cryptocurrencies. It is completely similar to gold in this aspect.

As for payment solutions, it is not only about speed and low fees, the most important thing is high reliability. This is what makes companies or other services not accept payment by altcoin even if their fees are lower because they are not reliable and can lose their value at any time.

It is true that payment via Bitcoin is slow and requires higher fees, but the high security and reliability of Bitcoin make it the first choice for accepting payment for all companies and services because it preserves value.

Your question is wrong and no correct answer for your question from my view.

In my opinion, it is better if Bitcoin has more use cases and more than only store of value and a payment method. With more use cases, Bitcoin will have more adoption and more adoption means bigger demand.

As a rule of demand and supply, price will get benefit with bigger demand. Especially we know Bitcoin has only 21M in total supply and circulating supply will be less than 21M as millions of bitcoin lost by many people.

What you need to keep in mind is that bitcoin was first and had become the largest coin and blockchain out there and by far. They can use test-nets all they want, but until any other coin gets the volume bitcoin has, who’s to say they wouldn’t face the same issues , if not worse or much worse.

It’s going to take time.  Things like lightning network have been and are being created to help with this issue. The big thing is bitcoin by size the most stable regular type of coin out there, which is what’s needed for a currency, size..so, bottom line is it’s just going to take time.

From a newbie's perspective, you really would think that bitcoin is a better store of value than a payment solution, and altcoins a much better payment solution than bitcoin, while this is partly true, it doesn't paint the whole picture in my opinion. For instance, bitcoin is still much cheaper than fiat remittance, what would usually cost you 10% of the whole transaction for cross-country payments would only take you as high as 10-40 bucks in the bitcoin network, and it's faster to boot! Altcoins could pretty much do the same, but they don't have the reliability and the utilities that bitcoin offers.

Bitcoin is a great store of value, but at the same time it is not because it is highly volatile and you have to time your purchases right to avoid losses, which most stores of value like gold, silver, and oil do not need.

So is bitcoin a greater store of value than a payment solution? I don't think so, I think it does its job well as advertised.

It feels like Bitcoin is a better fit for store of value than the payment solution because of the feature of Bitcoin.  Bitcoin is highly volatile, it is troublesome to use a high volatile medium of exchange since prices varies every now and then.  Aside from that, as one of your given example,  Bitcoin transaction fee is somehow more expensive than other tx fee or gas fee.  Aside from that, Bitcoin technology is still under development to cope up with the demand of people.  Unlike feature which is already existing, the development needs time to be achieved so I understand why Bitcoin feels like a better fit for store of value.

Do you only base your choice of payment solutions on the fee charged per transaction? If yes, then using Bitcoin for payment is actually not for you. I believe it goes far beyond just the fee; most people see Bitcoin as their preferred payment solution because of its decentralized nature, which means it's total transparency, no figure can be manipulated, seamless transactions,  no limit to how much you can transact, no fear of market volume, and no fear of where to exchange it when ever you want into any of your preferred currencies.

There are people who, even if Bitcoin fees go as high as $10–40, will still choose to make payments using Bitcoin over any other currency.
Bitcoin is seen as a payment solution and, at the same time, a store of value because it possesses every characteristic of a real-world store of value as identified by economists, which is that it is able to be divided, transferable from one place to another, scarce, etc. So we don't just use it to make payments, but we do so because we can actually trust Bitcoin, for today's use and that of the future, without minding the price difference, and most of the time it's actually of great resistance to inflation and deflation that actually hit the real world financial system.

Bitcoin has many use cases depending on who's holding them. To an international business like a casino accepting payment in Bitcoin is faster and cheaper than the other options. It can function effectively as both a store of value and a payment solution.

No, the most secure is the better choice.

Bitcoin isn’t the more modern version of PayPal. Bitcoin is an ecosystem of its own! The coins aren’t printed by a printer, the transactions aren’t moderated and censored, you don’t need an ID to get an address, you can vote no matter who you are, your transactions will always be verified by other users of the system, there’s no way of double spending and transfers can be done no matter your region. You can be from Mars and send me a Bitcoin or mine one. And last although not least, Bitcoin is the most secure of all coins out there.

The price you pay is for all of the above. You’re paying to live in peace and you’re paying for the security. And fortunately, so far all of the Bitcoin users who’ve been loyal to it have been rewarded along the years. You pay a buck now to send a transaction, but the buck you invested years ago in Bitcoin has turned into hundreds. A lot of people would like to be banked and they can’t be due to economical and political situations. Bitcoin can let them be banked at any time with no contract.

About whether it’s a store of value or not.. I think only time’ll decide. For now, the community is pretty well split when it comes to this. It’s in my opinion very very valuable for the features I mentioned above. To others it’s worth nothing. But I think it’ll continue to be a value to so many people simply because if you ever had problems with banks or third party payment solutions, you know what it means to not be in full control. Moreover.. the transactions happen immediately. Instantly! You send the money now and next second it’s in the recepient’s wallet. To me it’s value, clearly. And if I had a choice between fiat & crypto, I wouldn’t return to dirty fiat ever again.

No, opting for a cheaper option is not always the best choice. Consider a scenario where you need to transfer a substantial sum of money, such as a few thousand or tens of thousands of dollars. Would you be willing to pay a mere $1 as a transaction fee? Now, picture the same amount being transferred through a bank or multiple banks. How much would it ultimately cost you?

The Bitcoin network is hands down the most secure payment network out there. So, it makes perfect sense that it comes with a certain fee requirement. In the end, it's up to you how you choose to use Bitcoin. You can use it to make secure transactions anywhere in the world. or you can use it as a store of value and potentially see it grow over time.

Everyone has their own perspective and approach. Bitcoin was specifically developed to address financial challenges by facilitating borderless transactions without the need for intermediaries, achieving true decentralization. Initially, Satoshi did not envision Bitcoin primarily as a store of value. While you have the option to select a cheaper cryptocurrency for your payment gateway, it is important to note that affordability doesn't always equate to the best choice. For instance, you might opt for USDT, a stablecoin with low fees on the Binance Smart Chain. However, it's crucial to be aware that USDT has the ability to freeze your address, rendering it less secure. Therefore, it's important to remember that cheap doesn't necessarily mean better. While Bitcoin is often considered a store of value, it doesn't imply that you should disregard it as a payment method.

Op I see your question has nice one because bitcoin is meant for p2p transactions at all time and anytime. The store for value is for investment purpose while the daily use of the coin is p2p. Now assuming my country adopt bitcoin as a payment method, and we make transaction every second among ourselves as business purpose and the transaction fee is high as this days, do you think people will use it for their daily basis for payment of goods and services? Because Bank to Bank  is just 0.080$ and BTC fee is up to $4-5. So the thing is some how for people to use. And for this, those who are not fully use the asset might not even come again because fear of the fee.

Exactly most Alticoins have lower transaction fee that bitcoin and it could make them more cost efficient than bitcoin but the problem is the adoption and usage of this Alticoins. Firstly this Alticoins do not have much adopters compare to bitcoin and this has reduced the usage of them as payment method. Secondly most of these Alticoins are stored on custodian wallets and exchanges when compared to bitcoin wallets that have many non custodian wallets, and this can discourage it usage as a means of payment because security of one’s funds is paramount.

I know you could say one could easily swap this coins to bitcoin for store of value but this is hard on P2P method as the adoption of them is still low, also some exchanges do charge for selling off these Alticoins to bitcoin and this could only make the business owner to pay extra charges.

For me I'm using bitcoin has a store of value because now my country hasn't recognized bitcoin has a legal tender nor businesses accepting bitcoin as a means of payment. S0 basically I don't trade bitcoin for payment solution for now, though it might changed tomorrow

You've to understand there are comparisons to be made across different use cases. My personal story with Bitcoin was in comparison to PayPal as a cross-border (international) payment method, a problem you might not experience if you don't live and work in the global South, while wanting to interact with the Northern hemisphere and Europe.

Cost and speed are only one issue -- it costs a lot just to receive payments in a different currency (never mind converting it back), and at the poor rates these services like PayPal use.

But guarantee of access is the bigger issue.

Just this week, I had a payment declined from a Balkan country, after a week (still one of my few clients not yet convinced to use crypto). It will be refunded... within 10 business days, but I already lost fees and time. I actually ditched PayPal because I could get payments revoked MONTHS down the line, and even frozen for months, with repeated KYC on me triggered each time I relocated.


Again another issue: acceptance. Bitcoin's the only crypto I can comfortably and easily exchange in any country I've relocated to. Southeast Asia, Africa, South Asia, Europe, you name a country, I guarantee there's a P2P network there.

Same if I want to buy something with Bitcoin, any merchant accepting crypto accepts Bitcoin first.

Ether, not so much, USDT, yeah, it's growing, but Bitcoin is king.

Well it has evolved from the beginning, when it began to have a value and yes, when it continue to grows every bear and bull cycle, it become an asset and then store of  value.

But still I think you can used it as a payment solution, you can used LN (Lightning Network), to get over the high fees and the speed of the transaction itself. Just remember that Laszlo Hanyecz who bought pizza with 10,000 BTC.  

If compared with fiat cross boarder payment, bitcoin payment is cheaper. Altcoins are cheaper in fee but bitcoin has more utilities compared to altcoins. Bitcoin has higher marketcap and more tendency to be supported as a means of payment by people and companies that are accepting crypto payment.

Bitcoin is also a store of value, but it is also a speculative asset. Which means you have to hold it at the right time, not when the price is significantly higher and near all-time-high.

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value