BTC failing as a payment method

[mu_enrico]

It's been a long time since I heard someone advertise BTC as a payment method, most of the time I heard about BTC as an investment or similar to gold but on steroids. So practically users use altcoin as a viable payment method and BTC for savings. It's been like that since I've registered in crypto forums.

"Fail" is like when you try to do something and put effort into it, then go wrong. However, in BTC scenario is more like it is intended to behave like that, to preserve decentralization and make it more as hard money.

[Litzki1990]

Last 3 to 4 days bitcoin transaction fee was high but today bitcoin transaction fee seems to be a bit low though it is not normal transaction fee for common investors. Yesterday and previous few days mempool was very unusual ie minimum mempool was 250. Today mempool is looking at 60 which means now if you try to transfer bitcoin and if you transfer bitcoin from mobile wallet to any exchange wallet then maybe now it will cost like 10 to 15 dollars to transfer bitcoin. For those who want to transfer $50 to $100, this transaction fee is very high and they should wait more because transferring bitcoins with such amount of transaction fee is not worth it at all.

[Muneeb22]

BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.

[owlest]

BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.

Bitcoin is considered the best cryptocurrency, but it may not be the most efficient payment system yet. Currently, the average network commission is $10, which may not be ideal for smaller purchases. While it may be reasonable to pay $10 for transferring thousands of dollars, paying 10% for a $100 payment is not cost-effective.

[Stompix]

BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.

Sending and receiving payments in seconds?
How would that be even possible when as I speak no block has been mined for 11 minutes, nobody in this interval has received and sent money in seconds!
As for very cheap, it might be cheap for an international wire transfer but in the same country everything beats its, even if you have a 1 input 1 output tx it's still $5 for a transaction, try to that for every day as you do with normal payments systems and see how that works for your budget!

Since you said you're using it, how much did you pay in fees? Common, let's mare a comparison!!!

[bitterguy28]

I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.

In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?

Free acceleration is already stopped and seems to be overflowing recently and there are some Bot using the service so I think that is the reason why
it was being stopped so accelerating needs payments now and that will not help the popularity of Bitcoin.

I also support your thought that bitcoin supposedly a better for transaction but nowadays ?
its been a burden for each users to transact so now I am converting my funds to other altcoin for a while
till the congestion ends.

[Ambatman]

BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.

Don't count conversion of Bitcoin to other cryptos in centralized exchange as a transaction. Bitcoin in seconds only exists in theories which would be accompanied by a funny transaction fee.


Bitcoin secure maybe but i would lean more on privacy but faster that's pushing it. Making transactions in my local bank app is as fast as magic.Bitcoin as of present or even in the future might not be able to meet that speed with a cost as low as one the banks charge.

[SmartGold01]

Do I call ordinals or since the launched of brc we have been witnessing network attack it's now a challenge to entire bitcoin network this has been happening like this for a very long time and the way out currently is to hold while this issues are being fixed. If you wanna make transaction is better to get enough and convert to fiat maybe you can make through fiat since is way back cheaper or you can use altcoin as an alternative to the payment which you want to carry out.

[joniboini]

Bitcoin secure maybe but i would lean more on privacy but faster that's pushing it. Making transactions in my local bank app is as fast as magic.Bitcoin as of present or even in the future might not be able to meet that speed with a cost as low as one the banks charge.

Even if you remove ordinals, Bitcoin will never be as fast as a centralized solution. Your bank will always have the edge since they don't need to verify or prove it to you, heck they can even reverse your transaction without your permission. I think some people misunderstand this. Fast transactions are not the goal of the Bitcoin network IMO, the goal is privacy and decentralization for international transfer. The average block time is going to be 10 minutes regardless of how bloated the network is, you should not use it if you want to transfer $5 as fast as possible.

[Condorlaib]

Bitcoin secure maybe but i would lean more on privacy but faster that's pushing it. Making transactions in my local bank app is as fast as magic.Bitcoin as of present or even in the future might not be able to meet that speed with a cost as low as one the banks charge.

Even if you remove ordinals, Bitcoin will never be as fast as a centralized solution. Your bank will always have the edge since they don't need to verify or prove it to you, heck they can even reverse your transaction without your permission. I think some people misunderstand this. Fast transactions are not the goal of the Bitcoin network IMO, the goal is privacy and decentralization for international transfer. The average block time is going to be 10 minutes regardless of how bloated the network is, you should not use it if you want to transfer $5 as fast as possible.

Since we always use bank cards in everyday life, how do you get an advantage over cryptocurrencies, period? But nevertheless, if we talk about safety and security, This is a cryptocurrency without competition.

[KingsDen]

It's been a long time since I heard someone advertise BTC as a payment method, most of the time I heard about BTC as an investment or similar to gold but on steroids. So practically users use altcoin as a viable payment method and BTC for savings. It's been like that since I've registered in crypto forums.

"Fail" is like when you try to do something and put effort into it, then go wrong. However, in BTC scenario is more like it is intended to behave like that, to preserve decentralization and make it more as hard money.

Well, mate I understand the premise you are coming from. It is obvious that at a point every technology tends to deviate from its original intention. It happens that even the creator might not imagine it. The concept of BTC being a payment method was long defeated in practice and again, bitcoin became more of an investment asset than a currency. This is the reality that everyone has embraced.

However, it seems that OP is talking from the whitepaper angle of Bitcoin and not from reality.

[PX-Z]

With all of the frustrations regarding high fees and long confirmation time, so yes, you're right. We've been battling it for months now starting the Ordinals. My average fees for every transaction is around $4 and it's too high for a transaction fee when you just send it to another wallet or exchange.

But nevertheless, if we talk about safety and security, This is a cryptocurrency without competition.

It's more like more financial freedom, because newbies and even some mid-expert level got faced with a problem regarding stolen bitcoin from a hacked computer/devices, even using a hardware wallet.

[DAMKAR]

~snip~
bitcoin became more of an investment asset than a currency. This is the reality that everyone has embraced.
~

Yep, For now bitcoin more of an investment asset, but don't worry.
At the coming years bitcoin will be a currency and payment method.
Bitcoin will be more popular.
we know, bitcoin still against negative issues and several time has been blocked at several countries.
It's just processe..So wait and see.
I believe bitcoin will be currency.
It need a long time, not fo now.

[Papusha20]

I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.

In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?

I usually trade bitcoins very cheaply and look for opportunities. The right way to find opportunities is to trade through Mempool, the fees are much lower. You can complete this transaction accurately and cheaply even in traffic if you follow this mempool. If you transact outside the mainpool then of course your cost will be higher and it will take longer time. So follow Mempool and complete the transaction quickly.

[ABCbits]

What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?

I simply pay for more stuff/goods at once when i create Bitcoin transaction. Besides, achieving both decentralization and cheap TX fee is really tall order.

~snip~
bitcoin became more of an investment asset than a currency. This is the reality that everyone has embraced.
~

Yep, For now bitcoin more of an investment asset, but don't worry.
At the coming years bitcoin will be a currency and payment method.
Bitcoin will be more popular.
we know, bitcoin still against negative issues and several time has been blocked at several countries.
It's just processe..So wait and see.
I believe bitcoin will be currency.
It need a long time, not fo now.

But we can do more than believe, by using Bitcoin as payment method. Paid VPN or gift card usually are good starter.