In Bitcoin’s early days, one of its selling points was the ability to move money globally, with little to no fees. That is no longer the case, as the cost of moving Bitcoin can sometimes exceed the costs of PayPal and Western Union. Commerce companies are struggling to use Bitcoin for its intended purpose, as a currency, even as fees erode their profit margins.
There have been instances where major retailers have moved away from Bitcoin, for their own reasons, but now there are even cases of Blockchain businesses leaving the leader cryptocurrency behind.
Social platform Yours Inc. has recently moved away from using Bitcoin as a payment method due to its high fees. Yours Inc. is a company that is built around writers receiving small payments from readers of their posts, but because of the small amounts, Bitcoin fees were killing the idea. The company switched to Litecoin for payments.
Likewise, Irish gift card company Bitcart recently abandoned Bitcoin and now accepts payments exclusively in Dash. The company complained that fees and delays were damaging their business, so they chose Dash as a less expensive, instant way to receive money.
Bitcoin fees have risen nearly 19-fold, from 13 cents per average transaction in the second quarter of 2016 to $2.40 in the same quarter of this year.Taken from this site here... I thought that this big problem with Bitcoin has already been resolved because of the hard fork in August or at least given some remedial actions before merchants are getting out of the Bitcoin bandwagon. So the problem persists and I heard of some complaints here in this forum coming from ordinary guys like me about transfer fees. Yes, I think the time it took for the transfer has already improved much but the fee is something that has to be dealt with.
This should be addressed seriously by all parties in the Bitcoin community. I think there would be a big problem if those taking the fees are already getting used to the same rate they are charging and they don't want to go back to the same level where we should be basing. They may not be realizing it but these people can be killing the goose that lays the golden eggs, so to speak.
How can we help solved this problem?
