Should we use Bitcoin for regular transaction now?

radjie

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Quote from: Republikcoin.com on April 26, 2021, 04:04:53 AM

using bitcoin today for daily activities is impossible and it is better not to use it for transactions. Cheap transaction fees have disappeared, we may not be able to use it at this time before there is a solution that allows transactions to be very cheap and time consuming. Currently, Bitcoin is used as a store of assets better than using it to buy coffee or some burgers.

LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

yes, there are still alternative ways to reduce transaction costs that must be incurred. Bitcoin charges quite expensive fees to make transactions, I'm sure everyone has a way to minimize transaction costs and of course has a flagship coin that can be used as an alternative to solve related problems.

semobo

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Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

We can use it and this mempool issue is just a temporary thing that can be resolved in a week or two so why we need to consider for an alternative. I can see a good increase in the mining operations today but not sure the Chinese miners were back into action or not. Surely the fee is getting reduced gradually compared to previous days.

sapnu

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Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

It is still not ideal to use bitcoin for regular transactions considering the expensiveness of the transaction fee. I've seen someone here in the forum who was asking why is the fee so high cause he was trying to send $75 on what I can remember but the fee was at $50 or higher and the amount he is sending is now much lower than the fee. Maybe it would be best if we will only send money that has high value so that the fee wouldn't be much of a burden and we are doing it in one go. Maybe in the future, transaction fees may start going down or become completely gone, who knows.

k@suy

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Quote from: Republikcoin.com on April 26, 2021, 04:04:53 AM

using bitcoin today for daily activities is impossible and it is better not to use it for transactions. Cheap transaction fees have disappeared, we may not be able to use it at this time before there is a solution that allows transactions to be very cheap and time consuming. Currently, Bitcoin is used as a store of assets better than using it to buy coffee or some burgers.

LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

Actually it is difficult to use bitcoin for a regular transactions today because like here in our country it was not yet really accepted in any business establishments. Well maybe I haven't encountered some but how I wish there might be some store or establishments that accepted it. But in case in future here in our country bitcoin will now be usung as a mode of payment or any transaction then this might be the easy way for me to pay bills, over the counter payment in groceries, restaurants and many more.

molsewid

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Quote from: hector3115 on April 27, 2021, 09:58:26 AM

Unfortunately, not yet, but I hope that in the near future everything will be exactly like this.

I do agree with you that we should be used Bitcoin for regular transactions in the near future. In fact, I've known Bitcoin as digital wallet where we can transfer money to other people, sell things, let other people pay with Bitcoins and etc. It will be useful to use Bitcoin especially now what is happening in the world or in our pandemic life. It will minimize to get interact to a lot of people and it means lessen the chances to get infected. I also hope in the near future to use it for regular transactions.

hector3115

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Unfortunately, not yet, but I hope that in the near future everything will be exactly like this.

Stalker22

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Quote from: Republikcoin.com on April 26, 2021, 04:04:53 AM

-cut-
LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

I'm not sure what you meant by this, but I'm sure you're mistaken. Wink

There are many cryptocurrencies with significantly lower transaction fees and faster confirmations, not just LTC.
Although I like Litecoin in general, I really wouldn't label it "the only alternative cryptocurrency capable of handling high network transaction fees."

Here are just a few examples: ^[source]
Nano: $0 fees, 0.14 seconds for confirmation
Digibyte: $ 0.0005 fee, 5 minutes to confirm
XRP: $0.00078 fee, 4 seconds to confirm
BCH: $0.0024 fee, 2.5 hours to confirm
Stellar: $0.004 fee, 4 seconds to confirm
Dash: $0.0043 fee, 15 minutes to confirm

Republikcoin.com

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using bitcoin today for daily activities is impossible and it is better not to use it for transactions. Cheap transaction fees have disappeared, we may not be able to use it at this time before there is a solution that allows transactions to be very cheap and time consuming. Currently, Bitcoin is used as a store of assets better than using it to buy coffee or some burgers.

LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

Ebede

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Quote from: decodx on April 18, 2021, 04:23:30 AM

Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

It depends on what you consider as a regular transaction.
If the transaction fee is too high for you, you are free to use alternative methods. And whether it's too much or not is a matter of opinion. Everyone has their own way of doing things.

You are right because I understand that it depends on the method you are using personally and if such thing occur you have apply another method to sort it, I think everybody has it way to overcome it difficulty during transaction, so in a null shell it depends.

Henrobakkara

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Quote from: cydrix on April 24, 2021, 11:26:10 PM

I guess we should but at the end of the day people still use physical money in the real world since not everyone use phone. I think this might happen further in the future. And it could entirely change the way some people sees bitcoin. If ever it is used as a payment for everything it would probably not be as volatile as it should be and more like a stable currency but a digital or virtual one. Some may benefit from it some may not but for me it is a good thing.

I do agree that Bitcoin should be used for regular transactions, it is already been used as such but the issue is the number of places where you would be able to use it for everyday purchases and like you mentioned, I dont know when that would be when Bitcoin volatility will level out and be more stable unless it is now been regarded as a stable coin so I believe bitcoin will remain the way that it is even if it has gained a much wide adoption as a means of purchase.

Yatsan

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It depends on the availability of the resources if you can be able to maximize the usage of your Bitcoin to be able to make use of it for regular transaction. But as for me, I would rather consider using fiat to make up daily transactions instead of using Bitcoin due to reason (1) the price of it matters to me that I would rather make use of it on important and essential things that cannot be make up with fiat transactions (2) there is limited availability of resources where I can transact using Bitcoin here in my place. Also, if you can bare to afford spending money for transactions using Bitcoin, then do it. It is up to you on how to make good use of your Bitcoin.

aysg76

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Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

1)You can always use Bitcoin for any transaction you want considering the fact that you are ready to pay the average fees at that time for confirmation of your transaction easily.

2)If the network is congested which means memepool is full of unconfirmed transaction then you need to pay higher fees or use RBF feature to confirm your transaction.

3)For regular transaction Bitcoin needs to be accepted by majority of people in the market because all are not buying Tesla and some other stuffs with their coins.

In the end it's your coins and your money and it is how you use them.

TangentC

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Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

Bitcoin is for the rich.

Everyone else will use altcoins like Doge or 3rd party offchain systems like LN.

MAK400

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Usually it will depend on the transaction fee. If the transaction fee is high then why should I be so dependent on Bitcoin. So we have to look at other platforms and if the transaction fee is less then Bitcoin can be preferred.

uneng

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I suppose by regular transactions you mean daily transactions we need to execute several times per day for different purposes. So no, it doesn't worth to use bitcoin this way, even if the fees were cheap, because in the end you will have a sum of taxes paid from several transactions, reaching to a considerable amount that you will miss later. Compared to fiat, your transactions will be much more expensive, decreasing your purchasing power.
Bitcoin fits better for sporadic transactions, to purchase a special good or gift once in a while, for an example, with the possibility of setting low fees and waiting more time to have the transaction completed.

For regular transactions done with btc, the businesses you are paying to should have an internal bitcoin balance, so you could deposit a larger amount of coins paying an one time fee, and debting from this balance later as you make purchases daily. It could work for supermarkets, governments' agencies, gas stations and so on.

Asuspawer09

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Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

Let's be honest around 15$ in a normal transaction was pretty high you could be making up to 5 transactions per day that would cost you 75$ which is ridiculous, I think with the number of users the fee where I'm comfortable paying is in the range of 5$ per transaction.

Still, it solves one of the biggest problems in the world that is why it is still the best and number one cryptocurrency in the market, Ethereum has almost double or triple that fees sometimes.

At this time more people are just sticking for investment when it comes to bitcoin, well transactions let's be honest bitcoin is pretty slow compared to other networks and Ethereum which is pretty fast but around 1.5million transactions daily.

javainn

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Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

I think for large transactions it is okay to lose $ 16, but for small transactions you can try to think first because $ 16 transactions are actually big, but for those of you who don't think about gas costs you usually stick to bitcoin and will get used to it.

dimonstration

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Quote from: tatalin on April 25, 2021, 10:01:21 AM

I think we can’t still use Bitcoin as payment for regular transactions as the processing still takes time. Should be instant just like credit card transactions. If Bitcoin and blockchain can verify thousands of transactions in a second, I think we can all pay using Bitcoin instantly and conveniently.

The transaction is way too high now to make transactions, while it is convenient to pay thru crypto and adoption is increasing from stores accepting it, companies uses these as a method too in choices for checkout but I'd rather save my BTC now till the price goes high or for future use. I might only use BTC in terms of emergency.

Hippocrypto

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Quote from: ArthurY on April 17, 2021, 09:53:30 AM

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

That's too much, money is everything and if you needed it for your daily living 16 bucks is really worth it. Don't waste your money just for it without thinking for any other priorities for your transactions. Use bitcoin wisely, and there's other alternatives which you can avoid higher tx fees, buying other low cost coins like xrp or trx for transfers can be a good diversions.

tatalin

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I think we can’t still use Bitcoin as payment for regular transactions as the processing still takes time. Should be instant just like credit card transactions. If Bitcoin and blockchain can verify thousands of transactions in a second, I think we can all pay using Bitcoin instantly and conveniently.

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