Should we use Bitcoin for regular transaction now? - page 2.

decodx

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Quote from: Sithara007 on April 24, 2021, 11:11:06 PM

Quote from: ArthurY on April 17, 2021, 08:53:30 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?

Low priority transactions with fee of around 25 Sat/Byte got confirmed during last hour. So the median fee for low priority transactions stand at around $2 right now. So in case you can wait for 1-2 hours to get your confirmation, you can input a fee of 20-30 Sat/Byte. The Mempool size is still a concern for me. It is still above 200 MB, which is almost 3 times higher than the average size. It will take a few days, or even weeks to clear the backlog.

That' s exactly what I had in mind.
High transaction fees are paid by users who want their transaction confirmed by ASAP. I still try to plan ahead and use low priority transactions with a small fee because I don't mind waiting a few hours or even a whole day for the transaction to be verified.
There is no reason to pay high fees if there is no urgency in your transaction.

10_sjdovn_10

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Because of transaction fees and confirmation time, most of people like to trade in exchanges instead of daily payments.
I also have the question, what other use cases arise in addition to trading ?!

ice18

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Quote from: ArthurY on April 17, 2021, 08:53:30 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?

Thats too much man, many people believed in bitcoin to be the future of money but this fees I dont think so I will never use btc for a payment transaction which fees is totally ridiculous much better to use Doge when paying to others more cheaper than btc and less stress since its fast.

Zilon

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Quote from: ArthurY on April 17, 2021, 08:53:30 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 too much?

For me i would say a big no. I can't transact with bitcoin because Its fee is way too much. I rather transact with altcoin considering the low fee cost.
However accepting bitcoin as means of payment could be considered thereafter converting it to altcoins.

Sithara007

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Quote from: ArthurY on April 17, 2021, 08:53:30 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?

Low priority transactions with fee of around 25 Sat/Byte got confirmed during last hour. So the median fee for low priority transactions stand at around $2 right now. So in case you can wait for 1-2 hours to get your confirmation, you can input a fee of 20-30 Sat/Byte. The Mempool size is still a concern for me. It is still above 200 MB, which is almost 3 times higher than the average size. It will take a few days, or even weeks to clear the backlog.

cydrix

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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.

sumant

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I don't think we can use bitcoin for regular transactions because of its high fees. There are many cryptocurrencieswhich are very cheap and low transaction fees like trx, Dgb We can use them to pay anywhere. Making regular transactions with bitcoin we loss our too much. If bitcoin fees will be down then btc is best currency to transact. Bitcoin price is too high to buy so we can not give them for payment easily.

TimeTeller

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Quote from: cheezcarls on April 24, 2021, 01:41:22 PM

Quote from: ArthurY on April 17, 2021, 08:53:30 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?

Given the fees, I think it's not ideal to initiate a regular transaction because of the high fees. Recently, I had a transaction with my friend using Bitcoin with the same centralized wallet. There are no fees when transferring from wallet to the other. However, if we are to use a different wallet or a decentralized one, expect that the fees would be high. Like for example, I want to use a service with Bitcoin, but I just realized that on top of the original price, the transaction fee was very high. To me, I think it's not ideal for us to keep using Bitcoin in our regular transactions unless there is a way that it can reduce fees like the Lightning or something.

It does depend on the situation. Just like you said, same wallet app, no fees at all.
But if you are dealing with different platforms, the fees are getting expensive.
So if you feel you are in the situation that you can take advantage of low fees, why not?
But if not, look for alternatives as it is not practical to pay high fees for small transactions.
It is your prerogative if you will use your btc in your regular transaction or not.
But you can always use it if you want, it will just incur you heavy fees if not handled properly.

cheezcarls

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Quote from: ArthurY on April 17, 2021, 08:53:30 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?

Given the fees, I think it's not ideal to initiate a regular transaction because of the high fees. Recently, I had a transaction with my friend using Bitcoin with the same centralized wallet. There are no fees when transferring from wallet to the other. However, if we are to use a different wallet or a decentralized one, expect that the fees would be high. Like for example, I want to use a service with Bitcoin, but I just realized that on top of the original price, the transaction fee was very high. To me, I think it's not ideal for us to keep using Bitcoin in our regular transactions unless there is a way that it can reduce fees like the Lightning or something.

CryptocurencyKing

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How you choose to use your bitcoin is always up to you. Its a currency and should you find a merchant that accepts payment in bitcoin and its most convenient for you, then you could go with it. But, its best you recall that bitcoin is no like any other currency, not like your regular fiat, its also an asset and as an asset, you don't just do away with it just because its a payment option available to you. Its value puts it above all that and as such, you should view it as an investment and for every bitcoin you spend, you stand to loose something and that is, your return on investment.

So, I say again, its always up to you on how you choose to manage your crypto or bitcoin affairs. At this stage that bitcoin is still evolving, hoarding has been one way to utilise it the most.

Kabul

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Quote from: boyptc on April 17, 2021, 06:12:53 PM

Quote from: ArthurY on April 17, 2021, 08:53:30 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?

Yup that's too much.

If you find it too much, convert into alternative that has cheaper fees. But once the mempool is smooth and isn't loaded a lot, you do your transaction or if the receiver isn't needed to have a quick confirmation, adjust to lower fees.

I agree with you. The fees are too high at the moment for regular transaction. No one wants to waste their money for a nonsense fee like this.

Segwit/lighting network wallets are proven to provide us faster transactions with cheaper fees but I have not used it.

Gamerholic

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In my opinion, bitcoin can be used however you like. But if such problems arise, it would really be logical to have a variety in the asset so that you can more flexibly approach the process of paying for goods and services. If we are talking about a large amount, it is easier, of course, to pay with bitcoins. Etherium can also be suitable for medium transactions, so that you do not have to pay every $ 16 from a bitcoin wallet. Sounds reasonable.

usekevin

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Quote from: ArthurY on April 17, 2021, 08:53:30 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?

Actually you should have a try of exchange with less withdrew fee.Inorder to do that, you need to convert the holding bitcoin into usdt.The maximum transaction fee for the usdt is 1$.After withdrew of usdt to less bitcoin fee exchange, you need to hold your bitcoin for two days. After it reach some pump, you should further convert to btc.Likewise process is huge in withdrew of bitcoin.

ropyu1978

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Should we use bitcoin for transactions now, in my opinion it depends on your needs, if you are going to pay for small purchases, in my opinion it is impractical to pay using bitcoins, you should just save your bitcoins, and use bitcoins for large transactions ,,

kryptqnick

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Quote from: so98nn on April 23, 2021, 10:54:36 PM

So, I have LTC with fee as low as 0.01 LTC which is what around 1-3 bucks per transaction plus added advantage of the lightening network?
Oh, hell no, BTC stays as an asset just to book some profits for the future. Unfortunately it's still way too loaded and higher fees. Man, just to transfer 150 bucks I need to pay 27 USD with no gaurantee that it will get confirmed instantly.

I have decided that BTC to be kept as storing asset as a future investment. If I start using BTC for regular transaction then I will end up loosing 150 bucks for every 10 transaction that I may make in couple of days?

1500 bucks for every 100 transactions. Lolz. That's my current salary in India.

By the year end I will be broke completely. So hell no!

No guarantee indeed. I really needed to sell some BTC for fiat, and my $150 transaction cost me $33, but it was also stuck for hours even though I paid so much for it!
$14 that the op's talking about sounds very good right now, to be honest. Luckily, the fees are now starting to drop, but they're still extremely high even for quite pricey transactions as for me. I won't be doing anything with my coins for now unless I absolutely have to till the fees get reasonable. I guess I'm fine with paying more for BTC transactions than for other transactions because the price growth also means great profits if you're hodling even a little BTC, but $50 for a transaction is just too much.

Rehan Zakir

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I think no!. Bitcoin is still very expensive. And i think every transaction cost is 20 to 30$, that is still very high for a small trader. But now there are many good coins that have their own block chains and their transaction fees are very low. So use these coins for making transactions.

Jacksoon999

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Maybe if the inherent volatility of bitcoin is finally tamed then we could probably consider using it as a daily currency but right now, I don't think that I will be unknowingly overpay my groceries. Maybe we could do a big transactions but for small transactions, I think that it will be a hassle co.pared to fiat.If you can't wait you can still use bitcoin, however, if you want to see it confirm in hours or minutes, then altcoins is the answe...

isaac_clarke22

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I guess when everyone uses segwit addresses, they might be able to used for daily transactions now.
Considering that back then when I didn't use one, the fee was double amount of how much I wanted to send.

Sithara007

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Quote from: ArthurY on April 17, 2021, 08:53:30 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?

First of all, Bitcoin was never meant for instant payments. The average time interval between the blocks is 10 minutes, so instant payments are not possible (unless the vendor doesn't ask for confirmations) even if the Mempool is largely empty. It is useful for large payments, which doesn't need immediate confirmation. An international wire transfer takes many days (or even weeks) to get confirmed, so compared to that Bitcoin transactions are relatively faster and cheaper. And now the Mempool size has started to decrease once again, and the median transaction fee is around $4.50.

so98nn

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So, I have LTC with fee as low as 0.01 LTC which is what around 1-3 bucks per transaction plus added advantage of the lightening network?
Oh, hell no, BTC stays as an asset just to book some profits for the future. Unfortunately it's still way too loaded and higher fees. Man, just to transfer 150 bucks I need to pay 27 USD with no gaurantee that it will get confirmed instantly.

I have decided that BTC to be kept as storing asset as a future investment. If I start using BTC for regular transaction then I will end up loosing 150 bucks for every 10 transaction that I may make in couple of days?

1500 bucks for every 100 transactions. Lolz. That's my current salary in India.

By the year end I will be broke completely. So hell no!

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