Topic: Should we use Bitcoin for regular transaction now? - page 3. (Read 551 times)
The fiat gives fee free access, by the time who'll think of spending 16bucks for a transaction. Maybe out of curiosity and have an experience people will make use of it, but it won't turn to be the real-time usage. Right now each and every Shop is digitally connected and has got their own QR code provided by the Bank connected to their account. We need to just scan and make the payment free of charge.
That depends on how much you can afford the fees. You think you can wait a bit longer for a network confirmation? Then pay small transaction fee. But I have seen people complaining that paying less fee is causing their transaction to get stuck for more than few days right now! So, be prepared. If you are making a huge transaction and when comparing to the amount of fee you are going to be paying, if its negligible, then go ahead, use it.
By regular transaction, if you mean making small transaction, lets say to buy a gift card, then I doubt it's worth paying the network fee right now. Even if you pay small fees, it's not worth waiting for few days (unless you really can wait). So no, not good for regular transaction when the network load is very high.
By regular transaction, if you mean making small transaction, lets say to buy a gift card, then I doubt it's worth paying the network fee right now. Even if you pay small fees, it's not worth waiting for few days (unless you really can wait). So no, not good for regular transaction when the network load is very high.
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 respect those people and local or foreign government who use bitcoin in daily use or rather daily transactions but I do not see its good side anymore, few see it as a good sign but I do not, I only see the negative side but I do not thought or think about it too much starting today, not like yesterdays and a few days ago.So average transaction fee right now is about 16 bucks. Is it to much?
I saw a post yesterday and a few days ago about bitcoin being used on daily transactions and the Government allowing its city to use cryptocurrency which has many good positive comments. Though I am one of those people who commented it as good but technically my thought was in balance and not thinking of its negative until now.
For me, I would like to share. We should not use bitcoin for daily transactions, why? I would say it is a waste of time and bitcoin. Look at this when bitcoin value goes up you can exchange bitcoin for your own currency and enjoy its benefits.
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?
So average transaction fee right now is about 16 bucks. Is it to much?
The average transaction fee will fluctuate, now it's already at 5 usd and IMO it's already affordable, market congestion does not happen all the time, it's just occasional so we are now back in business with a cheaper amount of fee compared to the previous days.
Yes that's still too much, i'm not paying 16 bucks for a fee. I guess it's not convenient yet to be used in regular transaction, since the fee will be too high. What if the fee is higher than the actual transaction? that'll be ridiculously funny lol.
I guess if the transaction fee is getting lower, bitcoin might be used for regular transaction, but if the fee is still like that, not a chance at all. People will value their money too much, maybe some will do, but others? i don't think so.
I guess if the transaction fee is getting lower, bitcoin might be used for regular transaction, but if the fee is still like that, not a chance at all. People will value their money too much, maybe some will do, but others? i don't think so.
Regular transactions? Its practically not, I haven’t transacted Bitcoin this past few months without even knowing fees already skyrocketing too. Well if were really into rush for spending keep fiat as possible and forget spending your BTC and wait for fees get back to normal.
yes, it is not. few days ago, i wanted to renew a domain name. and since my debit card was declined for no reason (i have more than enough balance to pay), i checked for the crypto payment option via Bitpay. and guess what? the transaction fee was way more than what i need to pay in the first place, which was about 15 bucks only. so i decided to go back and paid via paypal as the same debit card is linked in my paypal account, good thing it went thru. direct payment using debit card, it was not accepted but via paypal it went fast.
so what am trying to say is, for small transactions, it is not practical to pay via btc these days. but if you are transferring money via cross-border payments with higher amounts, then the fees involved is still relatively cheaper than traditional methods.
We can actually use Bitcoin now for payment. Though it's not that fast like VISA and Mastercard that can verify thousands of transactions. I am not really sure how the platform of Bitcoin will verify transactions when it comes to sending and receiving Bitcoin. I think the fee is too large if you are sending a small amount. But if you are sending a large amount, I think the 16 bucks is very very cheap.
that's right. not practical to pay btc for small transactions. unless, you are out of options.
We can actually use Bitcoin now for payment. Though it's not that fast like VISA and Mastercard that can verify thousands of transactions. I am not really sure how the platform of Bitcoin will verify transactions when it comes to sending and receiving Bitcoin. I think the fee is too large if you are sending a small amount. But if you are sending a large amount, I think the 16 bucks is very very cheap.
Regular transactions? Its practically not, I haven’t transacted Bitcoin this past few months without even knowing fees already skyrocketing too. Well if were really into rush for spending keep fiat as possible and forget spending your BTC and wait for fees get back to normal.
Actually, I still prefer using fiat currency for a regular transaction as we don't need to pay the transaction fee for it compared to cryptocurrency, we don't need as well to wait for 2-3 hours before the transaction becomes complete. The transaction fee this day is not a joke, it is too much so it would be better if we are going to change the currency that we are going to send, just choose something that has a lower fee.
There are good arguments to use Bitcoin in transactions for a few things; large purchases are a good example.
I'm not aware of any fiat transactions other than cash that do not incur transaction fees.
A transaction fee of $ 16 is too much and is not suitable, so just viewing Bitcoin as a store of value is enough. Bitcoin adoption can be regular if we wrap Bitcoin on another blockchain with higher speed, cheaper transaction costs. There are some suggestions like Binance smart chain, TRONIX, SOLANA ...
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 the trend is changing now because of the bitcoin price is starting to drops down badly (Hopefully it will happen ASAP)So average transaction fee right now is about 16 bucks. Is it to much?
Many new companies and project working on it to accept bitcoin as a payment services but yet far away to use it for daily transaction. Bitcoin future looking very bright and we still hope that in future we may be able to accept it and use it for daily transaction
Well those companies that adopting bitcoin is so far not for daily use but instead for future using .They might be funding their company by crypto so in case there is a collapse of economy in the future yet Bitcoin will be their savior .
My transactions is totally stuck. Average commission is about 20USD right now or 153 sat/vB. Hell. Do you think that miners pumping that?
There are about 190 000 transactions stuck in mempool right now
That's sure a lot of transactions that have been stuck and that's why fees are higher this time, there's lesser miners to confirm that.There are about 190 000 transactions stuck in mempool right now
Try to rebroadcast your transaction.
Many new companies and project working on it to accept bitcoin as a payment services but yet far away to use it for daily transaction. Bitcoin future looking very bright and we still hope that in future we may be able to accept it and use it for daily transaction
It's not mandatory to use BTC for a transaction, it's still cheaper to send USD to someone as payment but if that someone accepts other altcoins like XRP or DOGECOIN, the better since these two are fast. As much as possible, I don't send my BTC and ETH unless I have no option anymore. It's too much of a fee when sending these assets.
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.
Obviously base-chain bitcoin transactions are going to be a bit too expensive for low-valued transactions. Well, fortunately we have lightning, and it's mostly not that hard to use. Unfortunately it's just that not that much merchants accept BTC through lightning as of yet.
https://bitcointalksearch.org/topic/opinions-on-phoenix-wallet-5250677
https://bitcointalksearch.org/topic/opinions-on-phoenix-wallet-5250677
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 answer. Just trade your bitcoin to any altcoins with high volume, and you'll enjoy a cheap fee. For me, I don't transact a lot these days as the fees are really high, so there's no sense in doing micro transaction.
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?
So average transaction fee right now is about 16 bucks. Is it to much?
For microtransactions, the answer is of course No - so include common sense and try to explain to yourself that it is not normal to pay a $20 fee for a transaction that is worth the same or maybe even 5 times more. If you really want to pay with crypto, look for alternatives in some altcoins that have very low fees - or see if you can apply the BTC Lightning Network for transactions.
I believe this situation is only temporary, we all need to be patient and not panic.
If the transaction fees are stable and it goes down and will never go up again, I am pretty sure that we can use it for daily transactions but considering what is happening now with the expensive transaction fees, I think it wouldn't be good for us to use bitcoin for that. Not to mention that bitcoin is volatile, you might've paid right today but tomorrow you could've paid mode or less than today.
Actually, I still prefer using fiat currency for a regular transaction as we don't need to pay the transaction fee for it compared to cryptocurrency, we don't need as well to wait for 2-3 hours before the transaction becomes complete. The transaction fee this day is not a joke, it is too much so it would be better if we are going to change the currency that we are going to send, just choose something that has a lower fee.
Jump to: