i think bitcoin will not be common for small transcitions

[Sarah08]

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up



what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

For me i guess it is just one of there strategy to take advantage to all people and get a lot of fees because they know that bitcoin price is increasing rapidly in the market so they have a reason to  take advantage and go for a higher fees in the transaction so i guess we can do anything about it.

[Yakamoto]

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up



what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

It all depends on what ends up happening with the network in the near future. While I share the idea that Bitcoin is more of a storage of wealth and less of a daily currency to use (which makes sense given the context that Bitcoin was created in, something a ton of people seem to forget), bigger blocks and potentially faster block time might make it into something more viable for everyday use.

[szpalata]

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up



what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

For me i guess it is just one of there strategy to take advantage to all people and get a lot of fees because they know that bitcoin price is increasing rapidly in the market so they have a reason to  take advantage and go for a higher fees in the transaction so i guess we can do anything about it.

Bitcoin's transaction fees are meant to go up if the prices of Bitcoin goes up, it's just about how it was created to function. The prices are directly proportional to the transactions fees so as one increases the other must also increase and that's why I agree with the OP that with time it wouldn't be usable for small transactions.

[socks435]

I think for now bitcoin transaction fee still small and cheap so its still be worth since bitcoin price also increasing..
Hoping that it will not be the same as paypal asking for high fee to transact and they should solve the issue of increasing miners fee everytime the price of bitcoin is increase..

[spngebob]

What you think ?
as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up
what you think, how could it be solved?
I THINk people will use other currencies for small transitions, and bitcoin for main balance

Unfortunately, but that is reality. Fee's are just damn too high to send small transaction.
We can send transaction with small fee and use free accelerators - but that is definitely not solution.
Bigger block size is solution for us - but not for miners, they like high fees. IMO that is only problem.

[Silberman]

What you think ?

as prices of bitcoin raises up, the ability to do minimum fees transaction also goes up



what you think, how could it be solved?

I THINk people will use other currencies for small transitions, and bitcoin for main balance

Maybe I misunderstood your point but this doesn't seem like an issue to me. You can use indefinitely small fractions of bitcoins for transactions so it doesn't seem like a problem.

The issue is not the price of bitcoin but the fees that the miners charge, even at this moment the fee is too high if you are trying to send a transaction of just a few dollars, can you imagine what it is going to be the fee with a bigger price for bitcoin and if segwit does not get approved? I think the op is right we are going to see other coins being used for those small transactions instead of bitcoin.

[nuela]

Bitcoin is internet gold and as we know it today, we can not do small transactions and micro transactions with gold. Therefore, now we will do another crypto ride and become a good online payment for micro transactions etc.

[coiner2048]

From my perspective, bitcoin is an internet gold and as we know, we can not make small transactions, micro transactions with gold. Therefore, it is time for other cryptos to rise and become a good online payment for micro transactions

This. There is a good place in the crypto world right now for altcoins, many of which (DOGE comes to mind but there are many others that can fill the need) can transact small amounts for a very reasonable fee (much lower than traditional CC transactions that are constantly accepted as the price of doing business for convenience stores, etc). All we need is for large-transaction merchants to deal in Bitcoin with the possible addition of smaller cap cryptos, and small-transaction merchants to embrace a range of the more popular small-cap cryptos. Would I gladly pay a DOGE in fees to buy a soda? Sure. Would I pay the equivilant of USD$20 to make my soda purchase happen fast in BTC? No way.

There is a symbiotic relationship between BTC, the larger altcoins, and the smaller altcoins. Certainly, not all coins in circulation today have a future, but there is a place for a number of cryptocurrencies in the financial world of the future.

[rickadone]

Yeah exactly looking at the high transaction fees of the bitcoin and not only the fees is the issue the confirmation of the transaction is also an issue that currently the Bitcoin is facing what is gonna make people search for some other better options. As discussed the prices there is inflation in the prices and it is a panic for those with the small transactions, so people might find a new way for them.

[Baofeng]

Yeah exactly looking at the high transaction fees of the bitcoin and not only the fees is the issue the confirmation of the transaction is also an issue that currently the Bitcoin is facing what is gonna make people search for some other better options. As discussed the prices there is inflation in the prices and it is a panic for those with the small transactions, so people might find a new way for them.

With the huge transaction fees, it has somewhat prevent people from achieving bitcoin for small based transaction. That's why is no longer a choice for most of us. Now, bitcoin became a tool for the big investors to just used it as a store of value of an investment. The casual public is searching for doge or ltc or eth as another option for making micro payment transactions.

[ShowOff]

since send bitcoin from online wallets took very long confirmation or high fees i always save my coins in market, when sending or to sell bitcoin into fiat i use dogecoin because in my local exchanger it has pair of Doge -  BTC so if the spread of price not much i use dogecoin to send my money

[jc89]

Yes, as time goes by, Bitcoin use for small transactions will be uncommon. Not just because Bitcoin's price is soaring upward, also the transaction fees needed are increasing as well. If this continues, no one will dare to have a small transaction. Going to an altcoin for small transaction is far too practical than bitcoin.

I do not know any solution for this for this are inevitable. Segwit on August first is a proposed solution but I do not know if it is a solution or not.

[FiiNALiZE]

Yeah exactly looking at the high transaction fees of the bitcoin and not only the fees is the issue the confirmation of the transaction is also an issue that currently the Bitcoin is facing what is gonna make people search for some other better options. As discussed the prices there is inflation in the prices and it is a panic for those with the small transactions, so people might find a new way for them.

That’s why people shouldn’t sell or trade Bitcoin once they receive it because once they send Bitcoins from their account to another person’s account the amount of Bitcoin they have gets smaller than what they’ve started with. Bitcoin is more of a thing to hold instead of spending it, once people learn that they could make more money by holding the coin then they would be able to cash out once and have more money than they would compared to just cashing out multiple amounts of times.

[Superzpay]

Suppose if a person will transact about $1 then for that transaction he will not be willing to pay more than 2 dollars of fees so for that type of transactions I am sure that no one will use bitcoin. But if in the future they reduced the fees for smaller transactions then they will use bitcoin even for that.

Hope you know the reason why you are forced to give higher fees,it is simply because someone is happy to give a competitive price to get his or hers transaction as fast as possible and if you think that bitcoin is too much to handle then you can very well step away from it. it cannot be used for micro transactions for several months now and i do not think that we will see a change for some time now unless we see some sort of scaling solution.

I know well that it is because of competition of the fees paid by the people who want faster transactions and that is the reason people will find it hard to transact smaller amount of bitcoin. Yesterday I found an exchange which accept smaller fees of 0.0002 so I think that will help for people who want to do smaller transactions.

[kurniawaN]

I agree if the transaction fee is larger than the value of transaction, it won't work for small transaction.
For example I need to pay the game at Steam using Bitcoin valued $10, while the transaction fee is almost 0.001 BTC almost equal to the value for bought product.

I wish this high transaction fee problem could be resolved or the use of bitcoin mostly will be used as asset or securities only

[lady Royal]

The issue will be resolved soon in September I guess.
What I want to see if the price of Bitcoin is raised like now its on 3000$ the transaction should be very low every satoshis price is increased by some factors.
But for small transactions if we pay high fee we may have to pay more fee than our real output. So this has to be fixed because we will be actually losing our money in transacting bitcoins.

[HaXX0R1337]

Maybe I misunderstood your point but this doesn't seem like an issue to me. You can use indefinitely small fractions of bitcoins for transactions so it doesn't seem like a problem.

It is a problem when you are dealing with small changes as the transaction fees are as high as two dollar and rising small transactions amounting to twenty or lower is not at all profitable if you are planning to do a higher number of transaction and the possibility of sending money to multiple accounts with a web wallet is yet another taunting task as you will be loosing more money as transaction charges.

[Heartilly]

what is segwit could you please explain to me ?

Google can helped you that. I will give you one of the result from it.

https://www.cryptocompare.com/coins/guides/what-is-segwit/

Yesterday I found an exchange which accept smaller fees of 0.0002 so I think that will help for people who want to do smaller transactions.

What exchange is that? May I know so that I can check? Anyway 20.000 satoshis as a transaction fees will get their transaction unconfirmed forever (Sarcastic). Just do transactions whenever it need to save transaction fees.

[Scorpion]

I think you're wrong - look up SegWit and the Lightening Network.

[BitFinnese]

I do agree if the current scaling is not solved and the current situation is untouched, it wil not be common for bitcoin to do a small transaction.  This is what segwit ng lightning network trying to solve but there was some arguments about them not solving the issue. Some pushed a block increase where they think the problem with scaling is solved but the question is, will it solve the ever increasing transaction fee?