BTC failing as a payment method

[0t3p0t]

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 actually waited for like a week or two just to get my transaction confirmed because I tried using accelerators but I am not lucky enough to get a slot for a free submission so yeah it took me a few week lucky for me fees hit my still lower priority bump fee.

[doc]

For now bitcoin more of an investment asset, but don't worry.
At the coming years bitcoin will be a currency and payment method.

Yeah , It needs along time , if we want to use bitcoin as payment.
Because until now at my country, the government just allow bitcoin as investment.
But when bitcoin  more popular, maybe it will be...

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.

Bank cards is more safe and security. We always use it everyday life and enjoy this.
Hard to compare with crypto, I think Crypto is just investment.
Crypto didn't as payment method yet.
Maybe later..

[Mr.suevie]

Ordinarily I don't like keeping money in the bank, so times like the festive periods where the congestion didn't allow faster transaction on Bitcoin block chain, I used my emergency fund which was stored on a stable coin, USDT. Though it risky as inflation might also affect the coin, but I find it more secure than keeping funds in the bank for long period of time. In situations like this your emergency fund will definitely help since the transaction might be processed or picked by any node within some days, you can replace your emergency fund after using it for future use again. And that was how I managed to run my trades during the mempool congestion.

[Dr.Bitcoin_Strange]

I actually waited for like a week or two just to get my transaction confirmed because I tried using accelerators but I am not lucky enough to get a slot for a free submission so yeah it took me a few week lucky for me fees hit my still lower priority bump fee.

During the high transaction fee saga, I spent serious high fee just to get my transaction quickly confirmed, it became an issue for me and my customers. During that period, I almost stopped accepting Bitcoin payment in my business because of the length of fee that was charged, I was just contemplating what to do before the fee finally reduced and now people are happy again. Some people are suggesting that the fee will increase again during bull market, so let's prepare our mind again, lol.

[Peter90]

Bitcoin is primarily a store of value, similar to gold

Hi owlest
I think we should think about what store of value means.

Functioning as a store of value depends on volatility/stability (of purchasing power).
Being a store of value has nothing to do with the price going up or down.

Being a (good) store of value and volatility... don't get along...
The more stable the purchasing power of a currency is, the better that currency functions as store of value.

Ordinary people and businesses - i.e. those getting that payment - don't want to carry the risks connected to volatility.
In receiving that payment they want to become neither speculators nor investors.
They just want to get paid and they want to know what that amount of money will be able to purchase next week, month, year...
They prefer predictability to the chance of big gains.
The need that kind of financial security.


This 5 years chart compares gold with BTC




The fact that BTC has allowed bigger gains (... to those who bought and sold at the right moment...) than gold is completely irrelevant: gold is - by far - a better store of value than BTC because it's purchasing power is more stable than that of BTC.

[Gurujebs]

During the high transaction fee saga, I spent serious high fee just to get my transaction quickly confirmed, it became an issue for me and my customers. During that period, I almost stopped accepting Bitcoin payment in my business because of the length of fee that was charged, I was just contemplating what to do before the fee finally reduced and now people are happy again. Some people are suggesting that the fee will increase again during bull market, so let's prepare our mind again, lol.

When I change my wallet signature payment to external wallet, at some points I became frustrated as well with the high fees but I noticed that bitcoin has been growing weekly basis, so I just abandoned the unspent transaction outputs not until last week I noticed a drastic dropped on t the asking fees from the mempool and then I consolidated everything into a single wallet to avoid huge fees later when I want to send.

However, I'm surprised that the fees has remained low despite the fact that bitcoin has been growing lately, we are now about to cross 54k and yet the fees is just low, it has not exceeded 40 sats in the last 3 weeks. I think we are fine for now.

[pawel7777]

When I change my wallet signature payment to external wallet, at some points I became frustrated as well with the high fees but I noticed that bitcoin has been growing weekly basis, so I just abandoned the unspent transaction outputs not until last week I noticed a drastic dropped on t the asking fees from the mempool and then I consolidated everything into a single wallet to avoid huge fees later when I want to send.

However, I'm surprised that the fees has remained low despite the fact that bitcoin has been growing lately, we are now about to cross 54k and yet the fees is just low, it has not exceeded 40 sats in the last 3 weeks. I think we are fine for now.

Consolidating when fees are low is a pretty good idea. But I'd also use a wallet with Replace By Fee feature ("RBF"), e.g. Electrum.

Fees do not have to be correlated with the price. The previous periods of ridiculously high fees were largely caused by ordinals-related activities (some say the network was spammed intentionally.
If the price keeps going up, I expect the fees to go up too, but ~$50k range is not yet good enough for people to rush to exchanges to sell.

[milewilda]

When I change my wallet signature payment to external wallet, at some points I became frustrated as well with the high fees but I noticed that bitcoin has been growing weekly basis, so I just abandoned the unspent transaction outputs not until last week I noticed a drastic dropped on t the asking fees from the mempool and then I consolidated everything into a single wallet to avoid huge fees later when I want to send.

However, I'm surprised that the fees has remained low despite the fact that bitcoin has been growing lately, we are now about to cross 54k and yet the fees is just low, it has not exceeded 40 sats in the last 3 weeks. I think we are fine for now.

Consolidating when fees are low is a pretty good idea. But I'd also use a wallet with Replace By Fee feature ("RBF"), e.g. Electrum.

Fees do not have to be correlated with the price. The previous periods of ridiculously high fees were largely caused by ordinals-related activities (some say the network was spammed intentionally.
If the price keeps going up, I expect the fees to go up too, but ~$50k range is not yet good enough for people to rush to exchanges to sell.

That 69k ATH would really be purely a tough resistance and cant be easily break on which i would be seeing this to be after halving event to be reached out or would be able to have on few months later and i could say that this would really be the sweet spot for those who had been holding for too long specially on the previous cycle who do really be able to buy at the peak.
Going back in talks about failing payment method then i couldnt blame those who have said about this one considering fees are indeed high.
As of this moment on which the fees are going back to normal 1-10 sats/byte is something that we can tell that it is really good on having this way but
well those network congestions and spams are indeed part of it.

[Stompix]

Consolidating when fees are low is a pretty good idea. But I'd also use a wallet with Replace By Fee feature ("RBF"), e.g. Electrum.

If you want to truly use Bitcoin as a payment thing you might now even need to consolidate at all,  if you're looking at speeding $10 there and $30 there you might just as well use coin control and you only need one input. Consolidation is more when you have a huge number of payments received, they are of a small amount and you want to move them all at once when the right time comes, or if you're a merchant, sometimes it makes no sense moving what you have received as it will cost your more than the profit you've just made. Or if you have made already a ton of purchases and your wallet is all dust!

But looking at how mempool is emptying, it's not so much btc failing as payment method but more like not so much interest in actually using it, in the end it's a tool, everyone uses it as it wants, if somebody wants to hammer nails with a chainsaw, their choice!

[Mr. Magkaisa]

         -   At this time, I would not recommend using Bitcoin as a payment option, in case we find merchants accepting Bitcoin payments. It's not practical to do in these times, to be honest.

There is a bull coming, and you believe it will be 100k more than each of them, and then you make them pay. In these instances, anyone who has Bitcoin is something else for sure in this field of crypto space, especially if you accumulate it through DCA, even if it's just little by little in your wallet.

[DAMKAR]

         -   At this time, I would not recommend using Bitcoin as a payment option, in case we find merchants accepting Bitcoin payments. It's not practical to do in these times, to be honest.

Bitcoin can be used as payment but it is adjusted to the bitcoin rate when the transaction is made.  This seems less effective, but is almost similar to transactions in dollars.  This does not mean that Bitcoin fails as a payment, but it is prohibited in several countries