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Author Topic: Bitcoin transaction fees are too high, obstacle for adoption and in general  (Read 315 times)
bayu7adi
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June 08, 2023, 02:36:28 PM
 #41

The high fees are actually a barrier to entry and discourage some individuals from accepting Bitcoin. While Bitcoin's transaction fees are high at certain times, it is worth noting that fees are not fixed and can change depending on network conditions. During times of low network activity, fees can be significantly lower. Additionally, using certain strategies, such as optimizing transaction settings, choosing the right fees, or using second-layer scaling solutions like the Lightning Network, can help reduce fees. In the meantime, you should consider alternative cryptocurrencies for specific use cases where fees are lower or transaction times are faster.
When Bitcoin emerged with all its advantages, many rallied behind it and reaped its benefits. When Bitcoin encounters new challenges, shifting to altcoins isn't the ideal solution to fully embrace Bitcoin. It's okay to wait a little longer for transactions, as it gives you some time to rest or enjoy other pleasant activities. Just don't focus on time, but rather think about other positive aspects of loyalty.

Regarding the issue of mass adoption hindered by high fees, you can explain that this is an inherent characteristic that occurs infrequently in time intensity. So, it's just a matter of time, and it will normalize again in the near future.
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June 08, 2023, 03:06:18 PM
 #42

Bitcoin's benefits, such as decentralization, security, and the potential for financial sovereignty, continue to attract users despite transaction fees. As more individuals and businesses realize the advantages of Bitcoin and its potential for different use cases, they may be willing to accept fees as a necessary aspect of using the network. Furthermore, the continued evolution of scaling solutions, layer 2 protocols, and advances in technology can help mitigate the impact of high fees. These improvements aim to improve efficiency and reduce transaction costs, ultimately making Bitcoin more accessible and user-friendly.
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June 08, 2023, 04:31:36 PM
 #43

High transaction fee on Bitcoin is not an obsolete for adoption, there is demand and there is value, the higher the value of Bitcoin drives up, the higher the transaction will go up too, lets use other crypto projects like Tron for example.

Do you know that people prefer using Tron because of TRC20 USDT? It's cheaper to move fund with Tron, but mind you, the transaction fee of Tron is not the same when we are in a bull market, the fee goes up too, but it's unnoticeable to many because the value of Tron itself isn't even up to 1$, the highest I have seen Tron at was 0.22$.

Let's assume that Tron climb up to 50$ some day, the transaction fee will be way higher too, because you are using Tron itself to pay as the gas fee.
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June 08, 2023, 04:59:06 PM
 #44

Bitcoin's benefits, such as decentralization, security, and the potential for financial sovereignty, continue to attract users despite transaction fees. As more individuals and businesses realize the advantages of Bitcoin and its potential for different use cases, they may be willing to accept fees as a necessary aspect of using the network. Furthermore, the continued evolution of scaling solutions, layer 2 protocols, and advances in technology can help mitigate the impact of high fees. These improvements aim to improve efficiency and reduce transaction costs, ultimately making Bitcoin more accessible and user-friendly.

But most of the people despite of the many benefits of one thing to people, they are always finding some cons to it to make it consider as not bearable to use. It's like they are validating themselves to not encourage the use of Bitcoin since there's also a negative side. That's why people with the mindset of trying new things to explore and not scared to risk something is the one could get successful one day.

What you've said is actually true, if one thing doesn't have their own fee they wouldn't even last like in the business. Since we're in the era of having a solutions to problems then of course they are already providing solution to that issue about the fees to make it more convenient to use.

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June 08, 2023, 07:37:31 PM
 #45

Bitcoin's benefits, such as decentralization, security, and the potential for financial sovereignty, continue to attract users despite transaction fees. As more individuals and businesses realize the advantages of Bitcoin and its potential for different use cases, they may be willing to accept fees as a necessary aspect of using the network.

But most of the people despite of the many benefits of one thing to people, they are always finding some cons to it to make it consider as not bearable to use. It's like they are validating themselves to not encourage the use of Bitcoin since there's also a negative side. That's why people with the mindset of trying new things to explore and not scared to risk something is the one could get successful one day.

the whole fee market is not about pros and cons.. its about a divergence of poor vs wealthy
the big businesses moving large amounts dont care about fee's because they push their customers to pay fees on withdrawals. however users in 3rd world countries wont like using bitcoin and will instead be pushed into using insecure centralised services/systems..

and yes subnetworks are less secure and more centralised. even now certain ones are starting to require "federations" and "factories" (custodians) to manage users funds of small payments.. pretending these other networks "are bitcoin" when clearly they are not becasue they dont even use the bitcoin blockchain for day to day stuff. heck they dont even want people to close their account channel daily/weekly. the average channel/account lifetime is well over a year on these subnetworks.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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