Bitcoin Forum

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.

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.

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.

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.

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

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.

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.

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.

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.

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 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.

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://bitcointalk.org/index.php?topic=5250677.0

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.

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. 

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

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.

Try to rebroadcast your transaction.

I think the trend is changing now because of the bitcoin price is starting to drops down badly (Hopefully it will happen ASAP)
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 .

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 ...

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.

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.

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.

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.


that's right. not practical to pay btc for small transactions. unless, you are out of options.

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.

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.

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.

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.

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.

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.

So, I have LTC with fee as low as 0.01 LTC which is what around 1-3 bucks per transaction plus added advantage of the lightening network?
Oh, hell no, BTC stays as an asset just to book some profits for the future. Unfortunately it's still way too loaded and higher fees. Man, just to transfer 150 bucks I need to pay 27 USD with no gaurantee that it will get confirmed instantly.

I have decided that BTC to be kept as storing asset as a future investment. If I start using BTC for regular transaction then I will end up loosing 150 bucks for every 10 transaction that I may make in couple of days?

1500 bucks for every 100 transactions. Lolz. That's my current salary in India.

By the year end I will be broke completely. So hell no!

First of all, Bitcoin was never meant for instant payments. The average time interval between the blocks is 10 minutes, so instant payments are not possible (unless the vendor doesn't ask for confirmations) even if the Mempool is largely empty. It is useful for large payments, which doesn't need immediate confirmation. An international wire transfer takes many days (or even weeks) to get confirmed, so compared to that Bitcoin transactions are relatively faster and cheaper. And now the Mempool size has started to decrease once again, and the median transaction fee is around $4.50.

I guess when everyone uses segwit addresses, they might be able to used for daily transactions now.
Considering that back then when I didn't use one, the fee was double amount of how much I wanted to send.

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.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 answe...

I think no!. Bitcoin is still very expensive. And i think every transaction cost is 20 to 30$, that is still very high for a small trader. But now there are many good coins that have their own block chains and their transaction fees are very low. So use these coins for making transactions.

No guarantee indeed. I really needed to sell some BTC for fiat, and my $150 transaction cost me $33, but it was also stuck for hours even though I paid so much for it!
$14 that the op's talking about sounds very good right now, to be honest. Luckily, the fees are now starting to drop, but they're still extremely high even for quite pricey transactions as for me. I won't be doing anything with my coins for now unless I absolutely have to till the fees get reasonable. I guess I'm fine with paying more for BTC transactions than for other transactions because the price growth also means great profits if you're hodling even a little BTC, but $50 for a transaction is just too much.

Should we use bitcoin for transactions now, in my opinion it depends on your needs, if you are going to pay for small purchases, in my opinion it is impractical to pay using bitcoins, you should just save your bitcoins, and use bitcoins for large transactions ,,

Actually you should have a try of exchange with less withdrew fee.Inorder to do that, you need to convert the holding bitcoin into usdt.The maximum transaction fee for the usdt is 1$.After withdrew of usdt to less bitcoin fee exchange, you need to hold your bitcoin for two days. After it reach some pump, you should further convert to btc.Likewise process is huge in withdrew of bitcoin.

In my opinion, bitcoin can be used however you like. But if such problems arise, it would really be logical to have a variety in the asset so that you can more flexibly approach the process of paying for goods and services. If we are talking about a large amount, it is easier, of course, to pay with bitcoins. Etherium can also be suitable for medium transactions, so that you do not have to pay every $ 16 from a bitcoin wallet. Sounds reasonable.

I agree with you. The fees are too high at the moment for regular transaction. No one wants to waste their money for a nonsense fee like this.

Segwit/lighting network wallets are proven to provide us faster transactions with cheaper fees but I have not used it.

How you choose to use your bitcoin is always up to you. Its a currency  and should you find a merchant that accepts payment in bitcoin and its most convenient for you, then you could go with it. But, its best you recall that bitcoin is no like any other currency,  not like your regular fiat, its also an asset and as an asset, you don't just do away with it just because its a payment option available to you. Its value puts it above all that and as such, you should view it as an investment and for every bitcoin  you spend, you stand to loose something and that is, your return on investment.

So, I say again, its always up to you on how you choose to manage your crypto or bitcoin affairs. At this stage that bitcoin is still evolving, hoarding has been one way to utilise it the most.

Given the fees, I think it's not ideal to initiate a regular transaction because of the high fees. Recently, I had a transaction with my friend using Bitcoin with the same centralized wallet. There are no fees when transferring from wallet to the other. However, if we are to use a different wallet or a decentralized one, expect that the fees would be high. Like for example, I want to use a service with Bitcoin, but I just realized that on top of the original price, the transaction fee was very high. To me, I think it's not ideal for us to keep using Bitcoin in our regular transactions unless there is a way that it can reduce fees like the Lightning or something.

It does depend on the situation. Just like you said, same wallet app, no fees at all.
But if you are dealing with different platforms, the fees are getting expensive.
So if you feel you are in the situation that you can take advantage of low fees, why not?
But if not, look for alternatives as it is not practical to pay high fees for small transactions.
It is your prerogative if you will use your btc in your regular transaction or not.
But you can always use it if you want, it will just incur you heavy fees if not handled properly.

I don't think we can use bitcoin for regular transactions because of its high fees. There are many cryptocurrencieswhich are very cheap and low transaction fees like trx, Dgb We can use them to pay anywhere. Making regular transactions with bitcoin we loss our too much. If bitcoin fees will be down then btc is best currency to transact. Bitcoin price is too high to buy so we can not give them for payment easily.

I guess we should but at the end of the day people still use physical money in the real world since not everyone use phone. I think this might happen further in the future. And it could entirely change the way some people sees bitcoin. If ever it is used as a payment for everything it would probably not be as volatile as it should be and more like a stable currency but a digital or virtual one. Some may benefit from it some may not but for me it is a good thing.

Low priority transactions with fee of around 25 Sat/Byte got confirmed during last hour. So the median fee for low priority transactions stand at around $2 right now. So in case you can wait for 1-2 hours to get your confirmation, you can input a fee of 20-30 Sat/Byte. The Mempool size is still a concern for me. It is still above 200 MB, which is almost 3 times higher than the average size. It will take a few days, or even weeks to clear the backlog.

For me i would say a big no. I can't transact with bitcoin because Its fee is way too much. I rather transact with altcoin considering the low fee cost.
However accepting bitcoin as means of payment could be considered thereafter converting it to altcoins.

Thats too much man, many people believed in bitcoin to be the future of money but this fees I dont think so I will never use btc for a payment transaction which fees is totally ridiculous much better to use Doge when paying to others more cheaper than btc and less stress since its fast. 

Because of transaction fees and confirmation time, most of people like to trade in exchanges instead of daily payments.
I also have the question, what other use cases arise in addition to trading ?!

That' s exactly what I had in mind.
High transaction fees are paid by users who want their transaction confirmed by ASAP. I still try to plan ahead and use low priority transactions with a small fee because I don't mind waiting a few hours or even a whole day for the transaction to be verified.
There is no reason to pay high fees if there is no urgency in your transaction.

I think we can’t still use Bitcoin as payment for regular transactions as the processing still takes time. Should be instant just like credit card transactions. If Bitcoin and blockchain can verify thousands of transactions in a second, I think we can all pay using Bitcoin instantly and conveniently.

That's too much, money is everything and if you needed it for your daily living 16 bucks is really worth it. Don't waste your money just for it without thinking for any other priorities for your transactions. Use bitcoin wisely, and there's other alternatives which you can avoid higher tx fees, buying other low cost coins like xrp or trx for transfers can be a good diversions.

The transaction is way too high now to make transactions, while it is convenient to pay thru crypto and adoption is increasing from stores accepting it, companies uses these as a method too  in choices for checkout but I'd rather save my BTC now till the price goes high or for future use. I might only use BTC in terms of emergency.

I think for large transactions it is okay to lose $ 16, but for small transactions you can try to think first because $ 16 transactions are actually big, but for those of you who don't think about gas costs you usually stick to bitcoin and will get used to it.

Let's be honest around 15$ in a normal transaction was pretty high you could be making up to 5 transactions per day that would cost you 75$ which is ridiculous, I think with the number of users the fee where I'm comfortable paying is in the range of 5$ per transaction.

Still, it solves one of the biggest problems in the world that is why it is still the best and number one cryptocurrency in the market, Ethereum has almost double or triple that fees sometimes.

At this time more people are just sticking for investment when it comes to bitcoin, well transactions let's be honest bitcoin is pretty slow compared to other networks and Ethereum which is pretty fast but around 1.5million transactions daily.

I suppose by regular transactions you mean daily transactions we need to execute several times per day for different purposes. So no, it doesn't worth to use bitcoin this way, even if the fees were cheap, because in the end you will have a sum of taxes paid from several transactions, reaching to a considerable amount that you will miss later. Compared to fiat, your transactions will be much more expensive, decreasing your purchasing power.
Bitcoin fits better for sporadic transactions, to purchase a special good or gift once in a while, for an example, with the possibility of setting low fees and waiting more time to have the transaction completed.

For regular transactions done with btc, the businesses you are paying to should have an internal bitcoin balance, so you could deposit a larger amount of coins paying an one time fee, and debting from this balance later as you make purchases daily. It could work for supermarkets, governments' agencies, gas stations and so on.

Usually it will depend on the transaction fee.  If the transaction fee is high then why should I be so dependent on Bitcoin.  So we have to look at other platforms and if the transaction fee is less then Bitcoin can be preferred.

Bitcoin is for the rich.

Everyone else will use altcoins like Doge or 3rd party offchain systems like LN.

1)You can always use Bitcoin for any transaction you want considering the fact that you are ready to pay the average fees at that time for confirmation of your transaction easily.

2)If the network is congested which means memepool is full of unconfirmed transaction then you need to pay higher fees or use RBF feature to confirm your transaction.

3)For regular transaction Bitcoin needs to be accepted by majority of people in the market because all are not buying Tesla and some other stuffs with their coins.
 
In the end it's your coins and your money and it is how you use them.

It depends on the availability of the resources if you can be able to maximize the usage of your Bitcoin to be able to make use of it for regular transaction. But as for me, I would rather consider using fiat to make up daily transactions instead of using Bitcoin due to reason (1) the price of it matters to me that I would rather make use of it on important and essential things that cannot be make up with fiat transactions (2) there is limited availability of resources where I can transact using Bitcoin here in my place. Also, if you can bare to afford spending money for transactions using Bitcoin, then do it. It is up to you on how to make good use of your Bitcoin.

I do agree that Bitcoin should be used for regular transactions, it is already been used as such but the issue is the number of places where you would be able to use it for everyday purchases and like you mentioned, I dont know when that would be when Bitcoin volatility will level out and be more stable unless it is now been regarded as a stable coin so I believe bitcoin will remain the way that it is even if it has gained a much wide adoption as a means of purchase.

You are right because I understand that it depends on the method you are using personally and if such thing occur you have apply another method to sort it, I think everybody has it way to overcome it difficulty during transaction, so in a null shell it depends.

using bitcoin today for daily activities is impossible and it is better not to use it for transactions. Cheap transaction fees have disappeared, we may not be able to use it at this time before there is a solution that allows transactions to be very cheap and time consuming. Currently, Bitcoin is used as a store of assets better than using it to buy coffee or some burgers.

LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

I'm not sure what you meant by this, but I'm sure you're mistaken.  ;)

There are many cryptocurrencies with significantly lower transaction fees and faster confirmations, not just LTC.
Although I like Litecoin in general, I really wouldn't label it "the only alternative cryptocurrency capable of handling high network transaction fees."

Here are just a few examples: ^{[source (https://medium.com/nanocurrency/cryptocurrency-fee-comparison-which-crypto-has-the-lowest-fees-4e9118590e1f)]}
Nano: $0 fees, 0.14 seconds for confirmation
Digibyte: $ 0.0005 fee, 5 minutes to confirm
XRP: $0.00078 fee, 4 seconds to confirm
BCH: $0.0024 fee, 2.5 hours to confirm
Stellar: $0.004 fee, 4 seconds to confirm
Dash: $0.0043 fee, 15 minutes to confirm

Unfortunately, not yet, but I hope that in the near future everything will be exactly like this.

I do agree with you that we should be used Bitcoin for regular transactions in the near future. In fact, I've known Bitcoin as digital wallet where we can transfer money to other people, sell things, let other people pay with Bitcoins and etc. It will be useful to use Bitcoin especially now what is happening in the world or in our pandemic life. It will minimize to get interact to a lot of people and it means lessen the chances to get infected. I also hope in the near future to use it for regular transactions.

Actually it is difficult to use bitcoin for a regular transactions today because like here in our country it was not yet really accepted in any business establishments. Well maybe I haven't encountered some but how I wish there might be some store or establishments that accepted it. But in case in future here in our country bitcoin will now be usung as a mode of payment or any transaction then this might be the easy way for me to pay bills, over the counter payment in groceries, restaurants and many more.

It is still not ideal to use bitcoin for regular transactions considering the expensiveness of the transaction fee. I've seen someone here in the forum who was asking why is the fee so high cause he was trying to send $75 on what I can remember but the fee was at $50 or higher and the amount he is sending is now much lower than the fee. Maybe it would be best if we will only send money that has high value so that the fee wouldn't be much of a burden and we are doing it in one go. Maybe in the future, transaction fees may start going down or become completely gone, who knows.

We can use it and this mempool issue is just a temporary thing that can be resolved in a week or two so why we need to consider for an alternative. I can see a good increase in the mining operations today but not sure the Chinese miners were back into action or not. Surely the fee is getting reduced gradually compared to previous days.