Bitcoin is useless or is it?

[mamaya]

Yeah bitcoin is currently failing as a currency, however for remittances it is still cheap. 1$ for a remittance is cheaper than you will find anywhere else, especially for cross border remittances. And bitcoins price has always been based on speculation, its worth what its worth because people are willing to pay that price, not because they are buying anything tangible.

[gentlemand]

The company to look to when it comes to actual usage is Bitpay. And by the sounds of it they're busier than ever. It does look like they're moving more into B2B type stuff than retail. If you compare the options for businesses looking for international transfers Bitcoin would still be the best option if fees were $30-40. I hope it doesn't get to that stage though.

[White Christmas]

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.

Yes, high fees right now is just a problem in bitcoin but when it solved i am sure that naby people will say that its not useless instead they are going to say that bitcoin is very useful. Time will come that high fees will turn in to low.

[DoublerHunter]

Bitcoin will not be useless because of its reputation that is already built and also a lot of people using bitcoin and they believe to the things that bitcoin can do like being widely accepted and also use as a daily basis currency. Bitcoin is very useful in a lot of ways like being a source of income, savings and also investment at the same time.

[Xester]

Yeah bitcoin is currently failing as a currency, however for remittances it is still cheap. 1$ for a remittance is cheaper than you will find anywhere else, especially for cross border remittances. And bitcoins price has always been based on speculation, its worth what its worth because people are willing to pay that price, not because they are buying anything tangible.

Bitcoin is no longer cheap since the fees per transaction have rose up to three dollars (3 $). But it does not mean that bitcoin is useless it is still useful. Another factor causing the fees to rise up is the increased in value and the increased in the blockchain traffic. Nevertheless we can see bitcoin going up in value and let us just make bigger transactions if small transactions has also large fees the same with huge transactions.

[JanpriX]

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.

Fees are indeed above $1 if you want your transaction to get confirmed easily but don't forget that BTC's price is sky high right now. The $1 fee is still cheap if you will compare it to BTC's price as of the moment. It is not officially dead and will not be. People recognizes BTC as a real currency now and it is being adopted by many people day by day. Also, I'm always willing to pay high fees because at least, I have full control on my money (in BTC) compared to what I have in a centralized banking system. 

[ilovefeetsmell]

For me, Bitcoin is very useful. I can use it in every transactions and payment. This is one of the best things I've ever known in bitcoin. There are no transaction fees and no need to give your real name. In bitcoin transactions, banks are not involved. Bitcoin solely stands on its own.

[naughty1]

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.

Fees are not the same thing that makes people not using bitcoin, fees are always proportional to the value, so do not complain about it. However, bitcoin needs changes to suit the needs of the user. At present, transactions need to be processed faster.

[susila_bai]

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.

Fees are not the same thing that makes people not using bitcoin, fees are always proportional to the value, so do not complain about it. However, bitcoin needs changes to suit the needs of the user. At present, transactions need to be processed faster.

I agree with you fees was never a problem because everyone knows that the miner's expenses are going high as the price of bitcoin goes high and the difficult level is also going high. now only matters is the confirmation of transaction which is taking very long time even when high fees is paid. I have sent the bitcoins to the exchange to sell my bitcoins with Transaction fees of 99.265 sat/byte even then it is more then 24 hrs and still not got confirmed , then think what will happen when a merchant sells the goods and if it takes such long time then how will he have faith on bitcoin if the transaction got cancel then he will be in loss as the buyer have purchased the product and gone.

[Yutikas_11920]

To say the transaction fees is not a matter for concern will be an understatement because the cost these days is definitely on the high side but I still don't believe its what makes bitcoin useless as we still have other advantages that will still work for to the favour of bitcoin like the anonymity and the convenience is something that means a lot.

Exactly once. An intelligent thought is very helpful to be able to get a good profit. Because of the various facets of the overall total of bitcoin surely bad enough, because it is the most important thing for a technology is the introduction or a crowd of people. for if more and more used by people the many advantages and developed technology. Unlike the bitcoin, where many people use it because doing an investment
 

[Hutalar]

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.

I know that the transaction rate has increased but you can also see that still the rate is very lower compared to all other payment processors where you will pay more than 3 or 4 dollars for a smaller amount while for bitcoin transaction you will need to pay around one dollar for a huge amount of money even for international transactions.

[Hazir]

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.

Satoshi was a genius and visionary, way beyond our level of comprehension, but he wasn't a clairvoyant.
He could only speculate, hope and expect what path bitcoin will follow. It's true he aimed to create p2p currency and payment method.
But I am sure that after 7 years of bitcoin existence, evolving and testing he would change his mind about many things: including scaling solution or bitcoin main purpose.

[HEWRA]

It is not useless at all, you can invest it in many place or hold it for investing purposes.
You can also simply pay with it, so it is very useful!

[pressureonme]

Oh my god... An asset with almost 30 billion dollars and you're asking whether or not it's useless. 

[stompix]

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.

I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices

False, for the n time.. there is no link between the tx fee and the price of bitcoin.
Bitcoin could reach 100k but if there are no transactions or under 200k /day you could still send payments with 1 satoshi per kb.(and get confirmed)

Also, even if the price drops back to 1000 but we experience 10x more transactions get ready for fees up to 3$ for input .

[jtipt]

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.

The simple explanation is, bitcoin is valued because people are ready to accept it as an exchange for good(like any other fiat currency). So as along as that stays in place and people accept bitcoin, no matter how much the fees is, bitcoin will have value and be used. And 1$ fees is not that big a deal, the avg fees has become 1$ right now only because of rise in BTC's price but in BTC terms it's the same 180sat/byte which is not too much.

[johnwest]

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.

I dont think there is any credibility in this thread. The whole cryptocurrencies world is standing on BTC and without it, there will be nothing. If you compare the price of BTC then the fees are nothing. Look at the impact BTC is doing on the planet. It is necessary for system to continue.

[emezh10]

It not useless and not dieing at all its normal for the price to go up and down in many times but ee all since the bitcoin success in passing years and become the most successful cryptocurrency we cant expect it to die easily.

[iluvpie60]

Bitcoin is still useful. We just need to be smarter about spending it. Use purse.io to save money. Easily mitigates that transaction fee. Just a thkught!!

[richsoon]

Oh my god... An asset with almost 30 billion dollars and you're asking whether or not it's useless. 

Yeah I think useless is the wrong term for what he was trying to express, I guess you could say its becoming irrelevant as a currency used for transactions but is still very useful as an asset.