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Author Topic: The reason that keeps me from investing in bitcoin  (Read 9008 times)
Gouverne
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June 29, 2017, 08:52:16 AM
 #1

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley
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June 29, 2017, 08:55:17 AM
 #2

Bitcoin is actually more suited to be an investment rather than a day to day currency. I still suggest you to buy some and hold them instead of using them, and treat them as 'gold'.

If services like fast food restaurants decides to use Bitcoin as a payment method, maybe they can come out with a method that allows for no fees between accounts, but this is just a suggestion.

Existing methods including Bitcoinpay, but it still charges a fee of 0.8%, not completely free. Undecided
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June 29, 2017, 09:02:10 AM
 #3

the fee issue will be fixed, if you are really buying for the future than you should not worry in 2-3 years by will be different and better

for now if you really want to use bitcoin use it to buy expensive stuff in this way you will not feel the fee

also besides this bitcoin still hold other advantages against fiat, first one us the control and the no-one restriction you have over your money

another one is that by holding Bitcoin your chance to have a fortune in the near future is very high, compare this to fiat where you only lose money..
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June 29, 2017, 10:14:13 AM
 #4

things you say don't make sense in the same sentence!
which is why i have been trying to decide whether you are just trolling or is this an honest question, and i will give you the benefit of the doubt.

lets review.
you say you want to invest in bitcoin.
as an investment a logical move is to pay attention to the performance of what you are investing in. lets look at the performance then.
bitcoin has been constantly rising over the past 8 years from 1 cent to >$2500.
we have had one exception which was a manipulation by Mt Gox that led to a bubble and their scam led to a downtime.
other than that profit each year has been higher than 150%.
as an investor this is what you should look at.

now you are talking about fees.
bitcoin is a decentralized cryptocurrency that no one can control. you can use it however you like, no taxes, no bank shenanigans, no invasion of your privacy, no charge back scam, no credit card fraud, nobody can steal your bitcoins if you make a safe wallet, ....
in the past 8 years bitcoin transactions have been practically free. all the befits you could get with practically no fee. in the past 6 months fees have gone up and still aren't as much as credit cards or paypal etc. and it will also pass and be solved sooner than later.
again although this has nothing to do with investing in bitcoin, it is not of any concern.














 

 

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June 29, 2017, 10:23:33 AM
 #5

yeah burger king is willing to accept bitcoin in russia.

No, they searching a exchanger with payment processor. It will made this fast food more expensive, due to exchange rate + fee.
All payments in Russia are in local currency.

Substitutionality for electronic Money is reflected in prepared proposals for the Russian Government.
The main request is full tax and Personal identification of anyone who cash out on Russian Territory.

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talkbitcoin
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June 29, 2017, 10:30:33 AM
 #6

yeah burger king is willing to accept bitcoin in russia.

No, they searching a exchanger with payment processor. It will made this fast food more expensive, due to exchange rate + fee.
All payments in Russia are in local currency.

no it won't it actually will make it cheaper and maybe even much cheaper than anything else.

you buy bitcoin at lets say $2000 and according to google Chicken Nuggets is $5.99 and that is 0.002995 BTC by the time you bought bitcoin.

but you don't buy $6 worth of bitcoin you buy more and when you purchase another meal it will be cheapr because bitcoin price has gone up to $2900 and you will only pay 0.0020655 BTC

and fees in both cases are 0.0008 BTC

and this is not to mention the gift cards that you can buy at much cheaper prices and save up on a lot of money.

p.s. all that aside there has been a demand for bitcoin payment that they added it. whether you think it is expensive or not is irrelevant!














 

 

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magneto
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June 29, 2017, 10:35:07 AM
 #7

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley

Scaling is something that will be prone to every single decentralized system.

And high bitcoin transaction fees are obviously a direct result of the scaling issues that are surrounding bitcoin at the moment. But bitcoin is not alone - the Ethereum network is basically defunct after the Bancor ICO or some other ICO, it's essentially broken and really hard to use for a day.

The point of bitcoin is not to process micropayments, at least not now. Obviously, if we have the ability to process microtransactions that would be even better. But investing in bitcoin means that you're pulling out of the fiat scam, and investing in a long term store of value. And when you have a bitcoin, fees are miniscule in percentage terms, it's less than 0.1%, compared to skrill and neteller's 1.9% which is considered "low".

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June 29, 2017, 10:35:09 AM
 #8

Fee's are being worked on as we speak and we'll surely see a fix very soon.

Just last year the fee's were a few cents for sending any emount anywhere. That's pretty neat and how it should be. But then again if you are looking to invest you should be getting in to BTC. If it's money that you don't need for the next 2 or 3 years I don't see why fee's are an issue for you. Buy BTC, secure it and then forget about it for 3 years. I am very certain that you'll be rich after those 3 years.

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Adbitco
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June 29, 2017, 10:40:07 AM
 #9

Seems like you aren't fully convinced at the moment about what you really want to do. Like other senior members said fee isn't something which should stop you from making an investment in bitcoin. The fee issue will definitely be solved soon and it's not going to be like this forever. Bitcoin has lots of advantages already mentioned by other members over fiat currencies so my advice to you is invest in bitcoin now else you might be regretting having missed out on the golden opportunity and reaping the fruits of your today's investment in the coming future. Another thing is your investment can't be matched with the burger king who you mentioned in your post there's or many more like them investment is much more bigger than yours and if there were no huge gains by making an investment in bitcoin why would all of them invest in it. Of course they see a huge profits opportunities in bitcoin and that's only why they are embracing this digital currency called bitcoin.

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June 29, 2017, 10:45:29 AM
 #10

by the time you bought bitcoin.

Wow, put the math for who used "investing" at $2900 too.

And when you have a bitcoin, fees are miniscule in percentage terms, it's less than 0.1%, compared to skrill and neteller's 1.9% which is considered "low".

Make the light on "hidden fees" from BitPay and Electronic Money Credit Cards.
Other of "Fees", they use internal exchange rate, compare them to the place, where You check the $/BTC rate.

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June 29, 2017, 10:57:38 AM
 #11

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley
High fees of bitcoin transaction are reason of increasing bitcoin popularity and consequently congestion of the bitcoin network and filling 1 MB blocks with data.
This situation will be handled by scaling upgrade which is currently underway, we will have SegWit2x soon and fees should be reduced substantially.
Even despite high bitcoin fees bitcoin is still usable, for long distance/large transfer of money or can be used as a store value.
In the future with off-chain transaction bitcoin will be used to buy anything, it might not happen overnight though.

Have patience. Sometimes, you can't rush things.
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June 29, 2017, 10:58:39 AM
 #12

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley

First of all, i'd just like to congratulate you on finding bitcoin a good investment. Many skeptics blindly believe in the centralized financial institutions, and don't give bitcoin a second thought. Some people believe in precious metals, but not bitcoin, which is quite strange IMO because they're basically based on the same financial concept(truthnevertold). You're already making a huge step in the right direction.

Secondly, to address your query, fees are indeed sky high atm but in the future the btc network will scale. Once it does' fees will come down because there is excess space in blocks. So fees will be a short term, not long term issue for btc in my opinion. Besides, you don't need this money for another good 2-3 years, so fees shouldn't discourage you from using it at all, especially if you're investing a bigger amount.

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June 29, 2017, 11:03:43 AM
 #13

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley

If its truly money you won't  needing for the next two years, then I would say go for it. Also if you are concerned about the fees, I think that is just a small amount money compared to the return of investment that you would likely be getting at the end of the 3rd year but be sure its an amount that you won't miss in 3 years if the outcome is not what you expected. Finally, if you are not comfortable with the risks, just look for somewhere else to invest your funds.

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Red-Apple
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June 29, 2017, 11:10:41 AM
 #14

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest.
then go and invest some money in it!

Quote
BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?
it is already becoming mainstream. look at Japan and how many merchants have started accepting bitcoin as payment over the past months.
also i don't know where you are taking the fees and the price from but from https://bitcoinfees.21.co/ and also my wallet fees are 0.0007BTC and with $2500 price that is $1.75 and even your 1mBTC is $2.5 since price is not yet at $3000!

Quote
The only thing I see : big amount transaction
But bitcoin won't be the money you use to buy your sandwich with those fees!
then don't!

Quote
I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?
again $1.5-1.75 not $3 and apparently people wanted to pay with bitcoin so that they've added the option. these big corporations never do anything randomly

Quote
Will segwit may lower the fees?
i believe so.

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June 29, 2017, 11:14:54 AM
 #15

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley
If you can forget about that money for long period yeah its best to place it inside this investment as it will possibly turn into much bigger value after that time as you see most of the reply are positive about this system just allow yourself to explore more to understand how bitcoin will work for you. Good luck and enjoy the ride.

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Bagaji
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June 29, 2017, 11:17:27 AM
 #16

Investment in bitcoin or crypto currency with your spare money to me is the best option as compared to keeping your money in the bank without any additional intrest on your money. This is because bitcoin or crypto currency is the future in terms of investment. You can equally invest in some other currency that are at the ICO level before the lunch.

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June 29, 2017, 11:39:52 AM
 #17

OP if you are so concerned about the high fees maybe a good altcoin is better for you to invest in. Litecoin has already activated Segwit and soon the Lightning Network payment layer will follow. Look into it, maybe it is where you want to invest your money.


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Chanock
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June 29, 2017, 11:48:27 AM
 #18

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley

Investing in bitcoin is a very good idea.  As time goes by, bitcoin value continually increase its value plus the fact that more country recognize it as a new form of currency.  Even now we can't use it to buy foods in fast food chain, time will come that it will be acceptable not only in fast food chain but also in all convenience stores, banks, hotels and all establishments. 
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June 29, 2017, 11:49:36 AM
 #19

Well, just invest your bitcoin and keep it until the price is high.
You don't need to use it for daily needs, because as we know, the fee is too high, and of course we can use real money instead, why bother use bitcoin?
So just make this as long term investment. Maybe in two or three years the price will be so high, and you'll gain profits from that.
There's nothing wrong to invest btc, but there's always a risk where the price may drop suddenly.

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June 29, 2017, 12:03:25 PM
 #20

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you Smiley
Bitcoin is a good investment and that money that you don't need for about 2 to 3 years is a good range of year of investment in bitcoin because the price of bitcoin might already x3 of the price now and you already x3 your investment. The fees of bitcoin is one of the downside of bitcoin for me but i understand why it is high because of the continuous transactions that getting the network too busy and it makes the network slow so the miners need more fees so they can transact faster and i think the segwit will become the solution for the problem in the fees because it will give more block size for bitcoin which is more space and the network will become bigger.

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