Bitcoin Forum

Currently, to withdraw BTC from majority exchanges is 0.001 BTC, current rate $9.68.
For any service charging under $9.68, you are paying over double the amount to receive the service.

Miner fees have now become ridiculous IMO, BTC no longer a viable option for regular payments.

Discuss...

It seems to me that a good solution to this problem was invented with the increase of block size. Bitcoin cash shows incredible speed the transaction. It seems to me that if you leave things as they are we can deal with the fact that users can pay attention to this coin. I hope the developers understand this and will solve this problem. We can only observe.

Am I right in thinking that miner influence overseeded general use?
One thing I am certain of, is that, as mainstream come in, ridiculous fees demanded, will not last for long, IMO.

Without knowing the ins and outs, main stream usage is the number one focus for all involved, IMO...

Day by day bitcoin price is keep rising.
As well as the fee transaction.
And just like you said, for withdrawals under $ 9 is not that profitable
due to its having to pay double.
I hope in the future bitcoin cash can be accepted by various companies to replace bitcoin, Because the bitcoin fees are getting crazy.

This has been going on for a while now. Bitcoin isn't viable for micro transactions. People don't care though, because very few people spend their Bitcoins anyway. It's still better for large transactions so it still has some utility.

We can't really do anything about exchange fees, because that's what they charge for their service, but we at least have some solutions upcoming for miner fees. The Lightning Network is starting to be implemented by altcoins, and they reduce fees significantly. Once this comes to Bitcoin, we're not going to have miner fee problems for a while.

True. We definitely need a scaling solution as soon as possible. We can't possibly achieve global adoption with these expensive transaction fees and extensive transaction times. As of now bitcoin is pretty much only being used as a store of value and as an investment. We are definitely in a bubble if bitcoin is not being used as what it's intended for, as a peer-to-peer payment system and NOT mainly as an investment.

Bitcoin is not useful at the moment for small purchases such as the one you mentioned. We need to wait for the developers to come up with a good scaling solution to the blockchain, hopefully it won't take them too long (it kinda already is in a way though, unfortunately).

If only people are open minded enough to look into scaling proposals. There's a few coins out there that are actually better at this than bitcoin. But because of the mentality that every new coin, especially a forked coin, is a shitcoin, people don't realize that bitcoin is lacking in a lot of aspects and it needs to be improved.

All things come to those that wait. But if your looking for the coin to do it now then go for Ether.

Yes that's true bitcoin cannot be used for small purchase. we need a currency that can do that for us because the mining fee is very high right now I have tested that when I tried to buy a domain, I still use paypal and other traditional online payment processor for my purchases online.

Yeah, of we want btc to be used as a currency we need find a solution for these high fees. As OP said right now it's completely waste to buy something cheap with btc, the fees are outrageous. At this point BTC can be used only as an investment.

No, think about bitcoin as mother of all cryptocurrency.

Imagine world bank giving loans to countries in the form of bitcoin. if the transaction is 100 Billion $, Is the transaction fee high?
It's still a payment system.

Eventually you will have Tether like system for bitcoin(BTCT) like we have tether(USDT) for USD.
It will keep Bitcoin in their distributed public wallet, keep their value tightly aligned with BTC. They will have very low transaction fee.

People will use BTCT (indirectly BTC), as regular payment exchange, with very low transaction fee.