Bitcoin is useless or is it?

[stompix]

Bitcoin was never advertised or designed to be micropayment solution. Flat TX fee is better suited to transfer a large sum of money.
It is still viable remittance option as you send rather large amount of money at once.

Oh really...
Satoshi said something else:

https://bitcoin.org/bitcoin.pdf

He never saw bitcoin as an investment., unlike % of the current users.

[Rufsilf]

Bitcoin is not useless because it is one of the currency that helping the people to earn money online and have a back up investment because of their holdings and a lot of people already trusted bitcoin and that is enough to say that bitcoin is not useless.

[paul gatt]

Bitcoin is not useless because it is one of the currency that helping the people to earn money online and have a back up investment because of their holdings and a lot of people already trusted bitcoin and that is enough to say that bitcoin is not useless.

I can assert that bitcoin brings a lot of benefits to the community, which simplifies all transactions in the world.

[mobnepal]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

- Paying around 5$ when sending more than 1000$ worth of bitcoin looks expensive?
- Usual remittance service take anything between 20-50$ for one transaction and it keep increasing with amount you want to transfer. So bitcoin remittance is still cheaper.
- Bitcoin is profitable asset to invest rather than just another payment gateway.
- Bitcoin is way stronger and still cheaper for transactions compared to other methods.

[shinratensei_]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

That means bitcoin is going out from the micropayment transaction. The rising of bitcoin fees is really hurting the bitcoin itself.
As long as those needed it and I can't say if bitcoin will be useless, But it will die as a micropayment method.

The people must recognize to send a higher fee for every transaction.

And this destructs the purpose of bitcoin to be a micropayment method I suppose.

As far as I know this is too far from the Satoshi nakamoto's speculation.

[Boseda]

- Paying around 5$ when sending more than 1000$ worth of bitcoin looks expensive?

Well, it isn't cheap at all. Also consider not everyone can afford to send large amount of money, most of us want to use it as a micropayment service too, not just to send large amount of money.

Don't compare to bank wires, because banks suck. Bitcoin should be far better than this...

[Doms]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

That means bitcoin is going out from the micropayment transaction. The rising of bitcoin fees is really hurting the bitcoin itself.
As long as those needed it and I can't say if bitcoin will be useless, But it will die as a micropayment method.

The people must recognize to send a higher fee for every transaction.

And this destructs the purpose of bitcoin to be a micropayment method I suppose.

As far as I know this is too far from the Satoshi nakamoto's speculation.

The miners are in here for the business and oh boy,  business looks pretty damn good for them right now. They just say that they have all these 24/7 maintenance and on call people that cost them a lot but they are also earning tons of money 24/7. Whichever way they put it, they are doing bitcoin more harm than good with all these escalating fees.

[Gens09]

Yes but still not really useless since the bitcoin price is high good enough for people whos having a bounty or signature campaign here that have a bitcoin payout and when you converted the bitcoin is cash that will cost a big amount also.

[deisik]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

And about what are you going to debate?

What are your points? You claim that "Bitcoin is officially dead", but that's bullshit bordering on outright trolling and shilling. So what is point really, trolling and shilling? Bitcoin main utility as of now is and will certainly remain for the time being that of speculation. If you keep your bitcoins either in your home wallet or in an exchange account, you basically don't care about transaction fees. Further, Bitcoin prices rising multifold (say, to 10k dollars) may give it a strong boost toward making transactions cheap, for example, via payment channels or other off-chain solutions like web wallets and similar account-settling services

[Sifat33]

Bitcoin is very useful for us.We must use bitcoin..

[fikihafana]

Bitcoin is very useful for us.We must use bitcoin..

Very useful for what? I think you didnt read main statement and give us explanation with your statement.

In my opinion Bitcoin is becoming useless as a payment system, because of transaction fee also increase. But i believe bitcoin still useful for digital asset purpose

[ethereumhunter]

Even with high fees,bitcoin is still used and would be used in future also for transactions.It would be better if there is lesser fee but people will not go to altcoins for this reason.

i am agree with you because i think bitcoin is really worth now as we can see that there will be more people that wants to join into bitcoin world and many of them join here because of the price. from time to time, we can see bitcoin have strong in value and bitcoin can offers many good thing that will help people too.

[Preclus]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

- Paying around 5$ when sending more than 1000$ worth of bitcoin looks expensive?
- Usual remittance service take anything between 20-50$ for one transaction and it keep increasing with amount you want to transfer. So bitcoin remittance is still cheaper.
- Bitcoin is profitable asset to invest rather than just another payment gateway.
- Bitcoin is way stronger and still cheaper for transactions compared to other methods.

I had to pay someone from Eastern Europe last week. I wrote a check in the US to their US bank account. It cost me zero in fees. I bought something from EBay UK last week. I used a credit card. I paid no fees and, in fact, I got 3% cash back. The bank paid me to perform the transaction.

Now, you may say "but the vendor had to pay fees" when I used a credit card. Yes, that is true. But I don't see that fee, it is the same price whether I buy with credit card or some other payment system. I want to use the cheapest payment method so I use my credit card which pays me to make the transaction.

When I send people money in dollars that is transferred into their local currency, I use Transferwise. It costs me $3 to send any amount under $300 and I sent in my local currency and they get the money in their local currency (24 hour rate lock of mid market rate).

Now, I can send bitcoin to them with a lower bitcoin transfer fee but they can only use the bitcoin without fees if they use the bitcoin directly. If they don't use the bitcoin directly and want to convert it to local currency, they pay additional fees. Also, I don't get paid in bitcoin by my employer so to buy bitcoin in the first place, I incur purchasing fees. Looking at all the various fees, Transferwise is much cheaper and easier to use to send amounts like that internationally. Also, there is a legal trail to the transfer so if I get ripped off, I have proof of the transfer. If bitcoin was cheaper, I would use it. But it isn't cheaper for anything, including international payments.

[stripykitteh]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

State what you want, in my opinion Bitcoin is not useless because whatever transaction fee I put the transaction will get confirmed without any issues eventually.
If I wanted to send a transaction, it would cost a little bit of money, not $1. How are people getting the $1 fee? It kind of makes me question if any of the user's on this forum actually send their Bitcoins or they are just repeating what the other person posts.

[btcforall777]

If bitcoin is useless, then explain why literally billions of dollars are flowing into it.  The market determines the value. The market has spoken. You are wrong.

[mrcash02]

It's not worthless because at any time a solution can appear and the improvement be done on Blockchain, so everything can back the good functionality again. It's really sad to have transactions delaying and high fees, but it's a part of the process, we must find the fails and fix it. Also, there are many investors at this moment buying BTCs, if it was so bad like you say, people would be selling all their BTCs and investing in another currencies.

[deisik]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

- Paying around 5$ when sending more than 1000$ worth of bitcoin looks expensive?
- Usual remittance service take anything between 20-50$ for one transaction and it keep increasing with amount you want to transfer. So bitcoin remittance is still cheaper.
- Bitcoin is profitable asset to invest rather than just another payment gateway.
- Bitcoin is way stronger and still cheaper for transactions compared to other methods.

I had to pay someone from Eastern Europe last week. I wrote a check in the US to their US bank account. It cost me zero in fees. I bought something from EBay UK last week. I used a credit card. I paid no fees and, in fact, I got 3% cash back. The bank paid me to perform the transaction

It is basically the same here

You should just pick up the right bank to minimize your expenses in regard to remittances. I guess it is not so easy to choose a miner that would agree to confirm your transactions with low or no fees at all (unless you are that miner, of course). Further, most banks (even the greediest of them) set up an upper limit on the fees you are to pay, and after you reach that limit the amount of fees remains the same no matter how much you are going to  transfer

[Prohodimec]

It's not worthless because at any time a solution can appear and the improvement be done on Blockchain, so everything can back the good functionality again. It's really sad to have transactions delaying and high fees, but it's a part of the process, we must find the fails and fix it. Also, there are many investors at this moment buying BTCs, if it was so bad like you say, people would be selling all their BTCs and investing in another currencies.

If one does not go deep into those deep high technologies in the field of cryptography, then in reality it can be said that Bitcoin's minimum benefit is the earnings for the user, of course others are looking for  Special preferences and passion for Bitcoin, but for me, first of all, this product with the help of which I get real money.

[oktana]

It's not worthless because at any time a solution can appear and the improvement be done on Blockchain, so everything can back the good functionality again. It's really sad to have transactions delaying and high fees, but it's a part of the process, we must find the fails and fix it. Also, there are many investors at this moment buying BTCs, if it was so bad like you say, people would be selling all their BTCs and investing in another currencies.

If this pending transaction problem is not resolved in the future, the growing number of users with millions of traffic in bitcoin transactions will keep them in saturation, and automatically negative things you say will come true. Bitcoin will become unfit and not used anymore.

[Reid]

The rise in price made it look like it is very expensive.
There is one solution here. Lower the satoshis that are needed to make the transaction.
There is no problem with considering they will still profit the same if they convert it to US dollar.
And they are screaming about the electric bills right? There is also no problem with that just seeing how high a bitcoin is.
The miners now are really getting a lot of profits here.