Here is why btc will die as a crypto

[smartcontracts100]

Here is why btc will die as a crypto



.7028 btc fee to send .2191 btc

[bitmover]

If you think the reason why bitcoin exist is to make fast and cheap transactions, you don't understand what cryptocurrency is about.

Bitcoin is not about sending money fast or cheap, but about sending it freely: Immutability, censorship-resistance, and permissionless.

All "fast" blockchains are just centralized and slower than visa. If you don't care about decentralization and just want to make fast transfers, you should use Visa.

Edit:
I just checked the mempool, it is completely empty. You should have used 1 sat/byte and paid less than 0.01 usd.
Next time, check the mempool before sending
You can do it here

[jaysabi]

Bitcoin is not about sending money fast or cheap, but about sending it freely: Immutability, censorship-resistance, and permissionless.

All "fast" blockchains are just centralized and slower than visa. If you don't care about decentralization and just want to make fast transfers, you should use Visa.

A lot of the early use-case for bitcoin was absolutely that it was fast and cheap. I remember because I was constantly arguing with those people that bitcoin was neither faster nor cheaper than centralized transfer methods. The only "improvement," as you pointed out, is the immutability of transactions. But I put that in quotes because I don't really consider that to be an improvement. Bottom line is that Bitcoin is pretty trash as a currency, I'm not decided on it's future as a long-term store of value but it's certainly a lot brighter there than as a currency.

[eaLiTy]

Here is why btc will die as a crypto
.7028 btc fee to send .2191 btc

There was a delay in confirmation for a while but the mempool is not full and you can make a successful transaction with just 14 sat/B within 10 to 20 minutes and if you are interested in that and you want a much lesser fees 3 sat/B can confirm within an hour or two.

If you think the reason why bitcoin exist is to make fast and cheap transactions, you don't understand what cryptocurrency is about.

Bitcoin is not about sending money fast or cheap, but about sending it freely: Immutability, censorship-resistance, and permissionless.

In the beginning BTCitcoin was all about sending money fast and cheap but things changed after 2015.

Bottom line is that Bitcoin is pretty trash as a currency, I'm not decided on it's future as a long-term store of value but it's certainly a lot brighter there than as a currency.

I understand what you are saying but we are still young as a currency and we will sort out the shortcomings, right now the only problem is micro transactions and lightning is a solution and we will see more upgrades in the future.

[HabBear]

Here is why btc will die as a crypto

.7028 btc fee to send .2191 btc

This has to be anomaly, but i'll confess i've been out of the system for a while and things change quick so maybe i'm just naive to what's typical these days.

Most importantly, higher fees aren't going to kill bitcoin because the market has determined that bitcoin is not a currency, it's an commodity asset for investment.

So when there's research to be done about bitcoin transactions, we gotta start at the source - blockchain.info charts on average transaction fee.

The average transaction fee has been increasing over the last year, which everyone has expected as block sizes decrease and the price of bitcoin increases. However the average still remains lower than $100 per transaction. The chart I linked doesn't specify average transaction size but that chart's data alone doesn't support any reality that transaction fees would equal a fee that's 3x the transaction itself.

Stop spreading FUD, friend.

[Poker Player]

If you think the reason why bitcoin exist is to make fast and cheap transactions, you don't understand what cryptocurrency is about.

Bitcoin is not about sending money fast or cheap, but about sending it freely: Immutability, censorship-resistance, and permissionless.

All "fast" blockchains are just centralized and slower than visa. If you don't care about decentralization and just want to make fast transfers, you should use Visa.

Edit:
I just checked the mempool, it is completely empty. You should have used 1 sat/byte and paid less than 0.01 usd.
Next time, check the mempool before sending
You can do it here

Although what you say is true, I think he's got a point: bitcoin was coinceived as P2P electronic cash system.

However, I think that its greatest success comes from being a P2P store of value system. The best store of value actually. This was not Satoshi's original idea but a creation often goes beyond the original idea of its creator.

[Oshosondy]

I think you are getting this wrong entirely, there are many use case bitcoin is a good alternative even while using it to send funds, especially for cross border payments which is very easy and low fee if compared to fiats. Also people can still find ways to make use of bitcoin to send as low as less than $1. With what the OP is saying, he is very wrong, with the fee, people still buying bitcoin and its value is getting stronger daily, and bitcoin fee can be very low because its transactions is not in percentage of amount transferred, like if sending millions of bitcoin, the fee will still be the same as normal bitcoin fee.

[Paycoinzzz]

Bitcoin is not about sending money fast or cheap, but about sending it freely: Immutability, censorship-resistance, and permissionless.

All "fast" blockchains are just centralized and slower than visa. If you don't care about decentralization and just want to make fast transfers, you should use Visa.

A lot of the early use-case for bitcoin was absolutely that it was fast and cheap. I remember because I was constantly arguing with those people that bitcoin was neither faster nor cheaper than centralized transfer methods. The only "improvement," as you pointed out, is the immutability of transactions. But I put that in quotes because I don't really consider that to be an improvement. Bottom line is that Bitcoin is pretty trash as a currency, I'm not decided on it's future as a long-term store of value but it's certainly a lot brighter there than as a currency.

The problem lies only with the foundation of Bitcoin, since there is no one to manage it, so it cannot be upgraded. But also because no one is managing it, it is the type of asset being held by many large financial funds. In general, it's quite similar to gold, and it makes sense to be expensive to exchange.
So don't complain about BTC, there is a reason for whatever happens. We should pay attention to the value of Bitcoin instead of criticizing its technology.

[raidarksword]

I don't think bitcoin will die with just that huge fee issues and besides bitcoin not  stands out only on that fees but also it integrates with so many functionalities wherein you can send bitcoin to anyone else, being anonymous, secured and well encrypted payment transactions. Bitcoin's adoption and ideology were already far wide all over the world that people continue using it whatever they are needed to do about it and with that alone bitcoin continues to prosper even more. Even price is going strong day by day, so that's why I believe bitcoin will never fade and will stay forever.

[mich]

Not to go against you, but I do not think btc will die for any reason and not because of high fees.
These fees are way too much but there are ways to avoid paying such high fees. 
Learn how to read the mempool and dont pay more for fees then you must.

[shinratensei_]

Crypto is not only about how scalable it was but bitcoin is not suitable anymore to be used as a payment system.
Crypto is about how you can manage your finances without getting disrupted by another party. Bitcoin is dead as a payment system.

I guess you are seeing crypto from how fast the tx that can be performed by the blockchain. what about segwit?

[amishmanish]

Its not BTC that will die because of this. It is people who are stupid and are unable to take decisions regarding how they transfer value to others. Bitcoin fees can be managed. It scales really well as the value of your transaction increases unlike the current system where transaction fees will increase with value of transaction. People who can manage the risk and find proper use case will end up making more money than those that don't want to learn.

[bitbollo]

this is why btc will survive. if there isn't any economic advantage for miners no one will produce blocks.
if no one wants pay a fee it means the blockchain (or the right to wright on chain) has less value, less interest for all of us. If you change your inputs and adapt sat/byte expense, you are going to pay normal fees, maybe it will not be processed faster but just matter of time.

[TGD]

-snip

.7028 btc fee to send .2191 btc

There's a typo it should be in mbtc unit. And yes, this the only weakness of BTC, the mempool can easily be flooded on the current user so what's if mass adoption occur. Maybe x10 fee or more than the sample. Scalability is still the issue on BTC blockchain and most of its competitors like ETH are striving to solve it with the upcoming V2.0. They will resolve it too but I believe there competitors are already ahead. I'm just holding some BTC for my future investment but I don't use it regularly on my casual transaction since the fee is bloody high.

[mnporter2001]

Hmm .. where did you trade Bitcoin? Why is the fee so high?
I currently trade Bitcoin on normal app wallets and the fee is quite low. If Bitcoin's platform has such a high fee, why not try to use the Wallet apps? Coinbase, Blockchain, Trust wallet are all reputable apps to keep your Bitcoin there and Deposit or Withdraw is very fast and fee is extremely cheap, especially at Coinbase.

[fiulpro]

Everyone using Bitcoins is very well aware of the fact that these transactions do take time and therefore whenever we are doing them we usually prefer to take that into account

 At the same time mempool have been quite busy now a days because the price is rising and the trade volume is also, therefore it is now actually taking quite a while for the transactions which are normally supposed to happen fast.

So there are quite a few things you can do:
First change that trading platform
Use other methods
Use a platform where you can increase the fee if the transaction is congested
Use good local wallets

Even if it die as a crypto , it would be quite beneficial for us since HODL will never be old.

[Fortify]

Bitcoin will not die as a currency, it will just become a currency for rich people to move funds across borders. The fees have a tendency to spike during periods of huge interest and this can give a distorted view of the standard transaction pricing at that moment in time. There are so many factors involved in determining what price will keep bitcoin workable, however there will tend to form a "sticky" point of value. A trade-off value between the fees and the convenience of not involving banks - that have their own sets of fees and timescales which can sometimes be very inconvenient in different circumstances. Ultimately bitcoin has two factors to it - usage as a currency and the rarity factor which can make it an investable asset.

[btc_angela]

Not to go against you, but I do not think btc will die for any reason and not because of high fees.
These fees are way too much but there are ways to avoid paying such high fees. 
Learn how to read the mempool and dont pay more for fees then you must.

Exactly, just because someone made a mistake in calculating transaction fee is already a death sentence for bitcoin. And to be fair, it has made a lot of gains in the last 10 years that we won't see it  dying anytime soon. Although I would agree that it was conceived by Satoshi to be a payment method, it has evolved so much that not it has become a store of value and as an investment. But it doesn't mean it will die , its the prime mover crypto and will remain like that in the next 10 years.

[PonZZ]

Is this the only reason why Bitcoin will die? Every system has some bugs, Bitcoin isn't perfect, but the problem of high transaction fees can be fixed.

[bitmover]

You guys read too much bullshit from Roger Ver and Faketoshi.

In the beginning BTCitcoin was all about sending money fast and cheap but things changed after 2015.

The only "improvement," as you pointed out, is the immutability of transactions. But I put that in quotes because I don't really consider that to be an improvement. Bottom line is that Bitcoin is pretty trash as a currency, I'm not decided on it's future as a long-term store of value but it's certainly a lot brighter there than as a currency.

Being able to send money to whoever you like, without a banker says if you are allowed to, isn't an improvement?

Remove the power from governments to print money, isn't an improvement?

In the beginning BTCitcoin was all about sending money fast and cheap but things changed after 2015.

However, I think that its greatest success comes from being a P2P store of value system. The best store of value actually. This was not Satoshi's original idea but a creation often goes beyond the original idea of its creator.

Another faketoshi reader 

Bitcoin was intented as a store of value since the genesis block. This is a clear message criticizing central banks worldwide and showing bitcoin as an alternative.

"Chancellor on Brink of Second Bailout for Banks’’.

Additionally, what all you guys say is "technology" is just a design choice. 10 minutes blocktime is a design choice due to limitations taht a smaller blocktime would case, jsut as like blocksize.

Reducing a parameter to a smaller blocktime or a bigger block wouldn't make it a new tech.