Comparison of buying a cup of coffee with crypto

[motoprose]

This is for experimental purposes and do not prefer using one over the other.
But it does show bitcoin to cost the most and take the longest amount of time to complete a transaction.
These statistics were tallied durin the month of February this year when the blockchain was overly congested and transaction fees were at its all time high.

Do not know what the numbers of the other two they compared them too are at now after lightening network has been implemented. Causing transaction costs to be 2000x less for bitcoin.

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[ManaMan]

This is for experimental purposes and do not prefer using one over the other.
But it does show bitcoin to cost the most and take the longest amount of time to complete a transaction.
These statistics were tallied durin the month of February this year when the blockchain was overly congested and transaction fees were at its all time high.

Do not know what the numbers of the other two they compared them too are at now after lightening network has been implemented. Causing transaction costs to be 2000x less for bitcoin.

Bitcoin has limit on block size and it is most used network a side from ethereum which has a lot of transactions due to smart contracts etc. But all in all SegWit and Lightning network doesn't mean a thing if they are activated as long as majority don't care to use them. As you have many altcoins that are faster with less network activity fees are way cheaper, yet you have even crypto such as IOTA, NANAO that offer free less transactions.

[Welsh]

It's not a fair comparison if you take one payment system when it's performing fine, and then pick the worst time of another payment system and compare the two. Both should be compared when both are operating at their "normal" rates.

Plus, it's up to the sender to include what ever fees they want. Fees aren't absolutely mandatory.

[richan]

Bitcoin and altcoins can't do anything that your normal payment system does. Why would a rational consumer send money to buy crypto that needs network block confirmation to verify it and in the process takes time, before you purchase a $2.00 coffee? With these comparison , Bitcoins will cost higher than other altcoins for the same quantity of coffee .

[mk4]

This is BS. $4 fees for 10 min transactions? This was in the past. With segwit adoption increasing and lightning network coming, this image is irrelevant. Also, speed is not everything. I'd prefer a slower coin than a coin that is significantly more centralized and cryptographically insecure.

[Sudarmoon]

It is true that bitcoins experience delays in transactions or transfer in comparison with other crypts that have a fairly fast acceleration.

[mk4]

It is true that bitcoins experience delays in transactions or transfer in comparison with other crypts that have a fairly fast acceleration.

Bitcoin has been pretty fast and cheap since a few months already, due to the increase in segwit adoption and batching. Bitcoin was just slow and expensive last December-February. Everything is getting better now, as more and more bitcoin services are using segwit addresses.

[Lucius]

Paying for some small and low value things with crypto for the time being, was not the happiest option. The problem may be in high fee or long confirmation time, but again it depends on the moment and on coin which is used. OP is posted something which was valid few months ago, now you can pay even 1 satoshi/byte (225 satoshi) and get confirmation in next block.

So if you want to buy coffee with BTC in your favorite coffee shop, you will not need more then 4.5 $, and by the time you finish that coffee transaction will be confirmed. With time such problems will be solved, so buying coffee, ice cream or paying for bus ticket with crypto will become a common thing.

[Bervelukan]

It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.

[motoprose]

It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.

But ethereum was not created to make payments.
It was made for the purpose of a creating smart contracts and some place to hold them.
It just holds value because people are using it and its value increases.
Atleast this is how I see it. A place holder in a sense.
Once casper is initiated who knows what will happen to the price at this point.
Going all out staking might make it plummet or pump it.
Only time will tell as with all crypto.

[VitKoyn]

This is outdated comparison, transacting Bitcoin won't cost you $4 if you will do it right now. I understand that even transaction fees drastically dropped this past few month Bitcoin has still slow transaction time compared to other alternative cryptocurrencies but this is still not a good comparison, lets say that those coins have the same demand, volume and adoption as Bitcoin have, do you think that the transaction fees of those altcoin will be the same? I don't think so, they are faster and cheaper because there are still few demand from them, and only few are using them to transact compared to Bitcoin's volume, only traders use them to gain more money.

[Welsh]

This is BS. $4 fees for 10 min transactions? This was in the past. With segwit adoption increasing and lightning network coming, this image is irrelevant. Also, speed is not everything. I'd prefer a slower coin than a coin that is significantly more centralized and cryptographically insecure.

It's taking it completely out of context. It's like comparing Bitcoin with a bank order which takes several days to clear. Bitcoin shouldn't really be compared to any payment methods used by fiat currencies. You can compare Bitcoin to Cash at a fundamental level if you want, but comparing it with payment processors/methods isn't something that should happen.

[pitiflin]

Why would you want to buy coffee with crypto? And the fees are horribly wrong. The fees is like 0.85 cents to a dollar. Crypto is not meant for buying coffee. That's why they are not used for buying coffee. The purpose of crypto shouldn't be mixed with that of fiat. Because they both have totally different nature.

[pocket_lck]

It is true that bitcoin has a very expensive cost and a long time, and if the transaction can be accelerated it would make a lot of people happy and increase the number of transactions.

[pooya87]

this is the wrongest photo that anybody could have created because it is misleading, possibly on purpose to advertise Dash!
first of all it is obvious (as others said) the fees are a lie. fees for bitcoin went up for a little while and came down.
second it is intentionally ignoring the fact that if you are worried about confirmation then you have to worry about it properly. this means 1 confirmation for bitcoin is 100 times safer compared to 1 confirmation in Dash and 4 times safer compared to 1 confirmation in LTC. in other words you have to wait 1-3 conf. for BTC, 4-12 conf. for LTC and 100 for Dash. otherwise the risk that you are worrying about is still there, someone can scam you using Dash with 1 conf.
and finally if the fees are the only thing that you think about all day long then go use one of the "free" coins like NANO since it has no fees to begin with!

you see this is why i say it is advertising Dash, it has nothing to do with bitcoin fees or buying coffee even.

[cissrawk]

$4 for transaction fee? I just check from bitcoinfees and the recommended fee its just about 3.375 satoshi (about $0.3). Maybe you calculate it when bitcoin network are crowd.

[HSRP]

But if the passcode is used to pay for everyday goods, it will be more difficult for some users to use the technology. This will make it difficult for them. In my opinion, Crypto should only be limited to investment in capital mobilization and cross-border payment, and domestic use of domestic sales and services should be more convenient.

[Chaelbrin]

This is obsolete correlation, executing Bitcoin won't cost you $4 on the off chance that you will do it at the present time. I comprehend that even exchange expenses radically dropped this previous couple of month Bitcoin has still ease back exchange time contrasted with other elective cryptographic forms of money however this is as yet not a decent examination, lets say that those coins have a similar request, volume and reception as Bitcoin have, do you feel that the exchange charges of those altcoin will be the same? I don't think in this way, they are quicker and less expensive in light of the fact that there are as yet few request from them, and just few are utilizing them to execute contrasted with Bitcoin's volume, just brokers utilize them to acquire cash.

[Crypdon]

You're missing the other comparison which is a standard cash/credit card purchase! These are the quickest and easiest so we need bitcoin to be equally fast and efficient. Let's see if the lightning network can improve on those figures to get bitcoin purchases into coffee shops.

[Xester]

This is for experimental purposes and do not prefer using one over the other.
But it does show bitcoin to cost the most and take the longest amount of time to complete a transaction.
These statistics were tallied durin the month of February this year when the blockchain was overly congested and transaction fees were at its all time high.

Do not know what the numbers of the other two they compared them too are at now after lightening network has been implemented. Causing transaction costs to be 2000x less for bitcoin.

We cannot deny that bitcoin really have a high transaction fee compared to the other coin. The reason for this is that the bitcoin community have already increased too much and this caused the mempool to have a large volume of traffic in transactions. This have resulted to higher fees and a long confirmations of transaction. But this is just a sign that bitcoin today uses a code must need to upgrade due to the number of its members. And so we are waiting for the  implementation of the lightning network so it can be implemented.