With Massive Network Congestion, What’s the Value of BTC?

[Lucius]

No Bitmain spamming is as big a difference between now and then. Maybe they'll go back to it but they might be too broke or indifferent to try it again. 

Of course, I forget about Roger Ver&company spam attack on Bitcoin network, they just poured oil on the fire by saying "our coin is real Bitcoin, our fees are so low" and Bitmain is doing they dirty work. It was time when BCH reached the highest price, and some people start to wonder how will all this end up.

I really don't see it happening again, today it is already clear to most that there is only one Bitcoin, all that forks are just copies and it's actually weird that some of them manage to stay so high on cmc rank until today.

[serjent05]

Doesn't make a lot of sense to me why so many people love BTC when they can use BCH or BSV with much higher transaction rates and it's basically the same thing.

The reason I think why people love Bitcoin is the network security.  BCH and BSV network is easier to have a 51% attack.  In short Bitcoin network is far more secure.



Well with massive congestion, the value of BTC still lies on the demand of people on the exchange.  No matter how congested it is if the people wanted to buy Bitcoin for million dollar then it is its value.

[timerland]

Transaction fee is only 0.0001 btc or around USD 1, which is the far fetch to the peak during 2017, I was paying US 60 for one off send.

you must be making giant transactions with lots of inputs. maybe faucet farming results? because for normal users the transactions they make are usually smaller than that (in byte size) so they will always pay a lot less.
in other words if you have 1 to 3 transaction outputs to spend you won't be paying anything higher than a couple of cents.

with 3 legacy inputs -> 500 satoshi
with 3 SegWit inputs -> 380 satoshi

so if you are paying 10000 satoshi for transactions then you are overpaying by 1900%

No, I don't think that's the case, previously during BTC's peak of 20,000, most people, no matter what the inputs were forced to pay transactions of minimum 50 dollars. Not really an issue of how many inputs, more of a problem with the congested network and the unaffordable BTC price.

Please don't compare BTC to BCH, or BSV. They are 3 completely different coins and they each have very different goals, BTC is to change the future of money and decentralization, and BCH and BSV be a centralized copy of the coins, fueled by maniacs.

Currently, with lightning network deployed though, we see little to no congestion with fees being healthy and affordable for everyone to use.

[BitHodler]

Currently, with lightning network deployed though, we see little to no congestion with fees being healthy and affordable for everyone to use.

That's not because of the LN, but because of more hashrate being added to the network. More hashrate being added means more blocks coming through and therefore a higher transaction throughput.

We are stuck below 400k transactions per day and there doesn't seem to be much that will improve unless block space is being utilized more efficiently, or simply put, we get a block size increase to finally move beyond 400k transactions.

Another thing is that LN liquidity in BTC keeps going down more and more. It's not really a good sign because it shows that there is less interest in providing liquidity to LN because people aren't using it enough.