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Author Topic: Should we use Bitcoin for regular transaction now?  (Read 546 times)
Ebede
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April 26, 2021, 07:41:57 AM
 #61

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?

It depends on what you consider as a regular transaction.
If the transaction fee is too high for you, you are free to use alternative methods. And whether it's too much or not is a matter of opinion. Everyone has their own way of doing things.
You are right because I understand that it depends on the method you are using personally and if such thing occur you have apply another method to sort it, I think everybody has it way to overcome it difficulty during transaction, so in a null shell it depends.

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April 26, 2021, 08:04:53 AM
 #62

using bitcoin today for daily activities is impossible and it is better not to use it for transactions. Cheap transaction fees have disappeared, we may not be able to use it at this time before there is a solution that allows transactions to be very cheap and time consuming. Currently, Bitcoin is used as a store of assets better than using it to buy coffee or some burgers.

LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

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April 27, 2021, 01:53:58 PM
 #63

-cut-
LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

I'm not sure what you meant by this, but I'm sure you're mistaken.  Wink

There are many cryptocurrencies with significantly lower transaction fees and faster confirmations, not just LTC.
Although I like Litecoin in general, I really wouldn't label it "the only alternative cryptocurrency capable of handling high network transaction fees."

Here are just a few examples: [source]
Nano: $0 fees, 0.14 seconds for confirmation
Digibyte: $ 0.0005 fee, 5 minutes to confirm
XRP: $0.00078 fee, 4 seconds to confirm
BCH: $0.0024 fee, 2.5 hours to confirm
Stellar: $0.004 fee, 4 seconds to confirm
Dash: $0.0043 fee, 15 minutes to confirm

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April 27, 2021, 01:58:26 PM
 #64

Unfortunately, not yet, but I hope that in the near future everything will be exactly like this.

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April 27, 2021, 03:11:03 PM
 #65

Unfortunately, not yet, but I hope that in the near future everything will be exactly like this.
I do agree with you that we should be used Bitcoin for regular transactions in the near future. In fact, I've known Bitcoin as digital wallet where we can transfer money to other people, sell things, let other people pay with Bitcoins and etc. It will be useful to use Bitcoin especially now what is happening in the world or in our pandemic life. It will minimize to get interact to a lot of people and it means lessen the chances to get infected. I also hope in the near future to use it for regular transactions.
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April 27, 2021, 03:25:47 PM
 #66

using bitcoin today for daily activities is impossible and it is better not to use it for transactions. Cheap transaction fees have disappeared, we may not be able to use it at this time before there is a solution that allows transactions to be very cheap and time consuming. Currently, Bitcoin is used as a store of assets better than using it to buy coffee or some burgers.

LTC is the only alternative cryptocurrency capable of handling high network transaction fees. LTC can be used more for daily transactions than Bitcoin.

Actually it is difficult to use bitcoin for a regular transactions today because like here in our country it was not yet really accepted in any business establishments. Well maybe I haven't encountered some but how I wish there might be some store or establishments that accepted it. But in case in future here in our country bitcoin will now be usung as a mode of payment or any transaction then this might be the easy way for me to pay bills, over the counter payment in groceries, restaurants and many more.
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April 27, 2021, 04:12:03 PM
 #67

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?
It is still not ideal to use bitcoin for regular transactions considering the expensiveness of the transaction fee. I've seen someone here in the forum who was asking why is the fee so high cause he was trying to send $75 on what I can remember but the fee was at $50 or higher and the amount he is sending is now much lower than the fee. Maybe it would be best if we will only send money that has high value so that the fee wouldn't be much of a burden and we are doing it in one go. Maybe in the future, transaction fees may start going down or become completely gone, who knows.
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April 27, 2021, 06:55:31 PM
 #68

Should we use Bitcoin for regular transaction now? While mempool is overloaded
So average transaction fee right now is about 16 bucks. Is it to much?
We can use it and this mempool issue is just a temporary thing that can be resolved in a week or two so why we need to consider for an alternative. I can see a good increase in the mining operations today but not sure the Chinese miners were back into action or not. Surely the fee is getting reduced gradually compared to previous days.
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