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Author Topic: Sorry guys.. Bitcoin is not for our day-to-day transactions.  (Read 685 times)
Crptomagma
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January 17, 2021, 07:25:48 AM
 #81

Bitcoin as a Cryptocurrency which is also a currency can be used for our day-to-day transactions. All currencies w have always experienced one point of low value and these can be as a result of so many factors, so bitcoin will not be an exception because of the price change. We’re going to be making use of our bitcoin and wish more institutions and big business owners accepts bitcoin in their business so we can easily carry out our bitcoin transactions in almost all sectors with fair transfer charges.

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January 17, 2021, 07:58:41 AM
 #82

I think the hardcore crypto nuts believe Bitcoin can replace fiat currencies while I'm more moderate and believe that Bitcoin can exist in the form of a commodity or be used as a currency alongside currencies like USD. Day to day transactions aren't a stretch if merchants can deal with transaction fees and confirmation times. Network being overloaded is a concern, but presumably that's something that could be hashed out once mainstream adoption is wide enough that *everyone* is using BTC.
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January 17, 2021, 12:04:12 PM
 #83

I think that you aren't talking about direct transactions from your bitcoin wallet because it's very unprofitable to do transactions daily via bitcoin wallet. If you want to send $30, you'll have to pay almost half of this (if not more).
So, I think that you are using bitcoin debit card, right? Then, without a doubt, it's amazing, especially if you own Binance card, they offer cashback on each payment (but at the same time this service comes with a lot of problems as I see).

Btw I agree with the OP, bitcoin isn't for day-to-day transactions and it was never meant for massive usage, that's why we implemented segwit but somehow businesses don't even try to offer segwit payments.

Actually, I am talking about direct transactions from my Bitcoin wallet. Where else can I get cheap transaction fees? Most online wallet services charge a flat (and expensive fee).

In general, I'm still able to spend the min fee (1 sat/byte) for almost all my transactions, since the people I send to don't mind the wait. Even at $40k BTC, that's still less than 10 cents. And as I pointed out, with Lightning soon people will be opening channels with each other, paying multiple times with virtually no charge.

Debit card? Fees are ridiculously high (or spreads ridiculously wide).

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bryant.coleman
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January 17, 2021, 12:21:10 PM
 #84

I think the hardcore crypto nuts believe Bitcoin can replace fiat currencies while I'm more moderate and believe that Bitcoin can exist in the form of a commodity or be used as a currency alongside currencies like USD. Day to day transactions aren't a stretch if merchants can deal with transaction fees and confirmation times. Network being overloaded is a concern, but presumably that's something that could be hashed out once mainstream adoption is wide enough that *everyone* is using BTC.

It will be very hard to get *everyone* using Bitcoin. I will be happy, if a simple majority of the world population approves the usage of Bitcoin. But we have a long way to go before we reach that level. Right now the user base is around 100 million, and that needs to be increased by 40x or 50x before we can claim world-wide acceptability. And as you said, scalability is a concern, but hopefully a few hard forks can resolve it.
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