Bitcoin expensive to use

[freakcoin]

Explain to the newbie because with the increase in the value of bitcoin grows and Commission of the network 0.001 (if I'm not mistaken) it is very expensive. Bitcoin to become like the big ingot of gold, which is a pleasure to own but it is inconvenient to use in everyday life. The community decides for ease of use, or we will move on to altcoins?

[SakinaPrincess]

Honestly its not that expensive at any price. Few months ago when bitcoin was at 2700$ I thought absolutely same thing, and after few weeks I purchased bitcoins at 5200$, Now I am almost doubling the profit. I am sure if you buy it today at 9400$, after a year or two you will have 100% profit.

[odolvlobo]

The fee is not fixed. It can be 0.001, 0.00001, 0.00054321, or even as low as 0.00000001. The amount you pay is the minimum amount that you think is enough to motivate a miner to process your transaction instead of someone else's transaction.

[freakcoin]

Honestly its not that expensive at any price. Few months ago when bitcoin was at 2700$ I thought absolutely same thing, and after few weeks I purchased bitcoins at 5200$, Now I am almost doubling the profit. I am sure if you buy it today at 9400$, after a year or two you will have 100% profit.

The question was about Commission and not about buying bitcoin, you would carefully read my question?

[SakinaPrincess]

Honestly its not that expensive at any price. Few months ago when bitcoin was at 2700$ I thought absolutely same thing, and after few weeks I purchased bitcoins at 5200$, Now I am almost doubling the profit. I am sure if you buy it today at 9400$, after a year or two you will have 100% profit.

The question was about Commission and not about buying bitcoin, you would carefully read my question?

Oops I am very sorry. Miss read the question completely. 

[nl247]

Honestly its not that expensive at any price. Few months ago when bitcoin was at 2700$ I thought absolutely same thing, and after few weeks I purchased bitcoins at 5200$, Now I am almost doubling the profit. I am sure if you buy it today at 9400$, after a year or two you will have 100% profit.

The question was about Commission and not about buying bitcoin, you would carefully read my question?

Well, the fee is one thing we have to stick with for now but I am pretty sure it won't last most especially when the scaling issue is resolved with the LN deployment. However, it is not every time we get to pay that huge amount for transaction unless the network is congested. A lot still need to be done for sure but Rome was not built in a day and over time, this transaction fee issue will be a thing of the past.

[freakcoin]

The fee is not fixed. It can be 0.001, 0.00001, 0.00054321, or even as low as 0.00000001. The amount you pay is the minimum amount that you think is enough to motivate a miner to process your transaction instead of someone else's transaction.

Weird I'm on one exchange saw a Commission of 0.001 was written there is a Commission system. See I don't understand.

[bitfon]

It grows because of the miners, their capacities, the queue of transactions and other things. As it was recently, with a traffic jam of 100,000 transactions and the transition of miners to BCH

[buxlover]

Explain to the newbie because with the increase in the value of bitcoin grows and Commission of the network 0.001 (if I'm not mistaken) it is very expensive. Bitcoin to become like the big ingot of gold, which is a pleasure to own but it is inconvenient to use in everyday life. The community decides for ease of use, or we will move on to altcoins?

Actually with the increase in the prices of bitcoin it also increases the store value of the coin as well as our profitability. So it is expensive in what way? May be you are saying that we can not use it as currency or as exchange mode in everyday life due to high fees etc. Thats true but the thing is bitcoin is just algorithm which has been to this value due to lot of investment that has been done to it and if it doesn't grow then it will not give us ROI and we may loose profits over the time. So the price increase is important. It will sustain the market of it for longer period of times.

Moving to the alt coins wouldn't be great option because they do not provide us the perfect stability as it would be there with the bitcoin here. Altcoins are volatile a way more than bitcoin. So better stick to the bitcoin and enjoy the expensive life.

[Mobilelagitrens]

Hmhnm I am not sure about this. IMO, Bitcoin may be able to partially replace fiat cash (especially for remittances and online purchases). But gold is a different type of asset altogether, which have been in use for the past many thousands of years. Replacing gold will be extremely hard for Bitcoin thanks

[Passive Coin]

I really hope that Litecoin will take the role for micro-transactions and give some relief to Bitcoin, as a payment functionality.
Bitcoin is evolving into value store medium and asset.
People start saving long-term in Bitcoin, rather than using BTC to conduct frequent transactions.
Personally, I use Ethereum and Litecoin to send money to others, less Bitcoins recently.

[9thst]

No, bitcoin still cheap. i remember when many peoplr said. if the price of bitcoin is too expensive and now you can see the price just hit above $8000

[chiggz]

The fee is not fixed. It can be 0.001, 0.00001, 0.00054321, or even as low as 0.00000001. The amount you pay is the minimum amount that you think is enough to motivate a miner to process your transaction instead of someone else's transaction.

I agree that Bitcoin is expensive for small transactions. Though most of the wallets enable you to edit fee for slower confirmation time sms don't. Today while withdrawing from Bittrex they charged 0.001 which is $9 and is a huge amount which is not even editable.

[fanbeila]

Yes,transaction fee has become the biggest issue for bitcoin and the higher transaction fee seems to make frustration among the users.Segwit was activated with an idea to provide solution for this problem.But due to some miners who started to mine empty blocks and some mining pools sending large number of spam transactions of micro amounts,fee has become very high.But i don't think that users would switch to any other altcoin just for this reason,

[freakcoin]

Hmhnm I am not sure about this. IMO, Bitcoin may be able to partially replace fiat cash (especially for remittances and online purchases). But gold is a different type of asset altogether, which have been in use for the past many thousands of years. Replacing gold will be extremely hard for Bitcoin thanks

Gold here as an allegory, so to speak a measure of wealth.

[Karpeles]

The fee is adjustable and your profits surely will be greater than your losses because of transactions fees because the price only rises over time.

You should learn and hodl  and don't move your coins unless you really have to. And when you do, plan ahead so you can afford lower fees.

[freakcoin]

I really hope that Litecoin will take the role for micro-transactions and give some relief to Bitcoin, as a payment functionality.
Bitcoin is evolving into value store medium and asset.
People start saving long-term in Bitcoin, rather than using BTC to conduct frequent transactions.
Personally, I use Ethereum and Litecoin to send money to others, less Bitcoins recently.

Here I probably agree with You. Bitcoin is like dollars in denominations of 1,000$ and litecoin as a 100$ bill.

[JuliaEnnyPen]

 :-\Is it better to buy ETH since bitcoin is so expensive?

[bitorama]

that's way Satoshidice uses BCH now

[Aleksabit]

It is really too expensive for small transactions, it is like paying double.