Should we use Bitcoin for regular transaction now? - page 4.

cryptoaddictchie

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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 much actually. Satoshi envision to make bitcoin as a means of peer to peer transaction. However he didn't maybe estimate that if the users are so many of course this would result to a lot of factors and disadvantage and one of it is the gas fee increases as too many holders and transaction now compared to early days. Anyway only few I knew here still on that stage but because they already used to it.

Poker Player

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I don't know where the OP got the idea from, but, if normally Bitcoin is not very good for day to day transactions (I'm not taking LN into account here), at this moment even less so because of the fees. It is still the best store of value and for that the fees do not matter so much.

ArthurY

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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

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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.

That is right. If you will pay for small purchases, I don't think it is practical to pay using bitcoin. But if you are sending good amount of money to overseas, the fees that you will incur is still pretty cheap compared to traditional remittance centers. So the use of bitcoin for payment method depends on your needs. Not all people are going to use their bitcoin for purchases because as much as possible they want to hold it for long term.

decodx

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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 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.

peter0425

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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?

Wait for another few days and that would change the Mempool sooner .

Bitcoin is not going high anymore and there would be a Dumping sooner .

I love bitcoin but let's admit the fact that those will drop in any time now.

acener

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You are free to use it as regular currency as much as you want but would it be wise to use it ?
Why would we use it if we would pay more than what we should?
If we could use it without the transaction fee then yes I would consider using it but if not then I would rather pay with Fiat.

boyptc

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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?

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.

ArthurY

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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?

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