Bitcoin is useless or is it?

[cpfreeplz]

Lol the fee can be as big or small as you want. This is a non issue if you're sending money to someone who can wait a few days and you want to cheap out in the fee.

[ufaiz50]

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.

bitcoin is still useful because it has features in addition to side of transactions that make it easy for users. just because 1 missing feature doesn't mean other features are also dead and many gambling sites or ico investments through bitcoin it shows that bitcoin is still useful.

[cryp24x]

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.

If you feel like bitcoin is useless, just send me your bitcoins and I will agree with you.   Having this kind of argument and still holding bitcoin is annoying.  And besides why are you still here in the forum if you feel that Bitcoin is useless?  Most people who do feel that bitcoin does not do them good just quit and get out of this forum unless you are trying to do some convincing and make people sell their bitcoin at a cheaper price.

[Zicadis]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead.

You have to accept that the cost of doing business has increased and miners need to cope with the ever growing demand, i feel rising costs are also good to prevent network spam .

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.

Believe is or Bitcoin use is popular among gamblers and traders and i have seen the trend slow down, it might be expensive but all whats needed is a little adjustment.

FYI Bitcoin is still a young currency to be declared useless with a lot of potential to change financial system around the world.

[romero121]

If it is useless how could it get such an increased adoption as well acceptance from users around the globe. Also this could have went out of usage as most other digital currencies. Countries too won't officially support bitcoin acceptance if it has negative impacts or not a good thing for development.

[xuan87]

I don't think it is useless but the fee is a bit high for the moment, but it still a good investment and there are still many usage especially for gambling purpose and I still like the anonymous feature from bitcoin to do transaction, so bitcoin still useful for me

[megynacuna]

I beg to differ with OP, on the contrary Bitcoin is very useful now than ever. It's been so in demand and since countries and banks have started adopting it tells the whole positive story. The fees were never made to be constant and so it will adjust as and when Bitcoin gains more value or devalue. This is the reason why I don't agree with the OP to call it useless.

[Amph]

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.

because the market don't care about the fee, the value you are seeing on the market is based on trading on exchange, which don't need to move any bitcoin, they are always there on the exchange and changed for fiat or changed back to bitcoin all the time

therefore it doesn't matter what fee there is they don't need to move their bitcoin too much, the fee will onyl prevent the so called average joe to use bitcoin, in the future if nop fix will be reached

[deisik]

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.

because the market don't care about the fee, the value you are seeing on the market is based on trading on exchange, which don't need to move any bitcoin, they are always there on the exchange and changed for fiat or changed back to bitcoin all the time

I tell essentially the same all the time

And many traders still move their coins in and out of exchanges, though they certainly prefer not to use the blockchain and thus not to depend on miners and how soon, or rather late, their transactions are going to be confirmed. Whenever there is a possibility I, for one, prefer to use payment vouchers which are close to instant and pretty cheap (at times, you even get paid some dust for using a specific payment channel)

[Russlenat]

for me it is not useless and bitcoin now is proven its function in digital world and used in every country
bitcoin and other cryptocurrencies are now known globally and now increasingly is value.

[bearex]

Every time i end up using Bitcoin, i am dissapointed. If you dont put a fee of at least 60 cents, it takes like forever. This is outrageous! If i pay from my bank with wire payment, the fee is 42 cents up to something like 10k$ ! But when i send Bitcoins, i pay a 60 cent fee on a $20 payment.
This is way too much.
But if you send a fee of like 20 cents, which is still a rather high fee, when paying small amounts, the transaction takes forever and you are left in fear of the transaction never confirming. Sure, the more you send the cheaper (in percents) the fee gets.

But other than the high fee, it works great! I really like to use it as a payment option.

[Reid]

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.

because the market don't care about the fee, the value you are seeing on the market is based on trading on exchange, which don't need to move any bitcoin, they are always there on the exchange and changed for fiat or changed back to bitcoin all the time

I tell essentially the same all the time

And many traders still move their coins in and out of exchanges, though they certainly prefer not to use the blockchain and thus not to depend on miners and how soon, or rather late their transactions are going to be confirmed. Whenever there is a possibility I, for one, prefer to use payment vouchers which are close to instant and pretty cheap (at times, you even get paid some dust for using a specific payment channel)

I will just go with wallet exchanges. We pay the same and yet they make it faster rather than blockchain.
I dont know what is wrong with the blockchain but it is seems like there are a lot more transactions that are being made there.
Coinbase does have a faster one with a 59k sats fee.
It is okay for me if everything will be done smoothly.
The only problem is country restrictions and unsupported ones.

[deisik]

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.

because the market don't care about the fee, the value you are seeing on the market is based on trading on exchange, which don't need to move any bitcoin, they are always there on the exchange and changed for fiat or changed back to bitcoin all the time

I tell essentially the same all the time

And many traders still move their coins in and out of exchanges, though they certainly prefer not to use the blockchain and thus not to depend on miners and how soon, or rather late their transactions are going to be confirmed. Whenever there is a possibility I, for one, prefer to use payment vouchers which are close to instant and pretty cheap (at times, you even get paid some dust for using a specific payment channel)

I will just go with wallet exchanges. We pay the same and yet they make it faster rather than blockchain.
I dont know what is wrong with the blockchain but it is seems like there are a lot more transactions that are being made there.
Coinbase does have a faster one with a 59k sats fee.
It is okay for me if everything will be done smoothly.
The only problem is country restrictions and unsupported ones.

I don't quite understand what you refer to here

Interwallet transactions are free and they are instant because the actual coins don't move anywhere. The web wallet internal accounting has nothing to do with the blockchain. When you pay the fee, a transaction from a Coinbase wallet (or any other wallet, for that matter) hits the blockchain in the usual way, i.e. it gets confirmed by the miners as any other transaction. So there is no way how it could be faster (provided all other things, e.g. transaction fee, remain the same, of course)

[coynedterm]

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.

actually this is the competition to confirm the Bitcoin transaction speedly, usually the most of the Bitcoin paying high fee for the fast confirmation .
So here if you want confirm  your transaction of Bitcoins fast then you also need to enter in this competition of a paying high fees .
And secondly hair is nothing bad like to pay fee about $1 or more because Everything depends upon the number of inputs of the transaction and their outputs of the transaction for the particular amount of the Bitcoins that we want transfer from one wallet to another one.
Here I am saying about 0.00025 BTC( less than 1$) for the better confirmation and I am also getting the same and Never Getting disappointment with this amount of fee , so always pay the high fees during the transaction.

[L00n3y]

In my own view Bitcoin is not useless. I've decided to step up on this field because my mom is the only one supporting me. I used to work on construction and storage rooms and having sideline world on a fast food chain. Then a friend of mine told me that he is earning online through Bitcoin , that's why I decided to be here.

It's not useless to people who make Bitcoin as a sideline works especially students. Just being online and having a good internet connection is enough. Bitcoin help many people like in the third world countries. It maybe useless to the legal world money system but it's not useless to someone who desperately need money in everyday lives.

[UCHCHILD]

For me, I guess bitcoin will never be useless but will come to more and more progress because as we can see despite of having high transaction fees the volume of users still increasing and more daily it is because of its good feature and it will.never be beaten just because of having high transaction fees. It is our choice to choose if we put high or low fee but then consequence for that will follow, like putting low or zero fee leads to slow transaction but if you put higher fee you can receive it in a moment after sending it.

[SingAlong]

for me it is not useless and bitcoin now is proven its function in digital world and used in every country
bitcoin and other cryptocurrencies are now known globally and now increasingly is value.

A useless currency will not be used by everyone, so bitcoin is a very useful money for everyone, it has a great influence on the economic strength of some countries.

You can call Bitcoin useless if it doesn't have any value but since Bitcoin has been valuable even at this moment and tomorrow and the next day the value of Bitcoin is still present though the rising unconfirmed transaction pushed the users to spend more with the fee but it is a choice actually if you are in need of that money then you ought to pay a higher fee to receive it faster but if not then you can just wait for it.

[BlackMarket]

Neither bitcoin is useless now nor it will be in future as it holds a great value which makes it unique from other currencies and most of the people who knows bitcoins are making good money from it and when it comes to money it can never be useless but only will help you in different ways.

[micher143]

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 agree, it will not become useless just because of high fees. someday it will get low because of many bitcoin users who are pushing to make the fees low for a better and more transactions.

[szpalata]

How can you ridicule or rundown Bitcoin as useless because there's increase in transaction fees. I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices so why badmouth it in the first place? It is never useless and has never been to some of us.