Quick Bitcoin questions

[ilovealtcoins]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

People are just trying to compare bitcoin with bank transfer services to prove that it is superior and much more economical than fiat and banks. You won't see many people comparing bitcoin to altcoins in terms of transaction fees because they know bitcoin will lose the transaction fee race against altcoins. Because most people here are bitcoin maximalists.
But if we are fair to conclude, then what you say is absolutely true. Bitcoin is more suitable for a store of value like gold than for a means of payment. Many altcoins have very cheap gas fees and much faster transactions than bitcoin. And with the bitcoin network's transaction fees skyrocketing recently, but many still insist it's cheap.

[Z-tight]

People are just trying to compare bitcoin with bank transfer services to prove that it is superior and much more economical than fiat and banks. You won't see many people comparing bitcoin to altcoins in terms of transaction fees because they know bitcoin will lose the transaction fee race against altcoins. Because most people here are bitcoin maximalists.
But if we are fair to conclude, then what you say is absolutely true. Bitcoin is more suitable for a store of value like gold than for a means of payment. Many altcoins have very cheap gas fees and much faster transactions than bitcoin. And with the bitcoin network's transaction fees skyrocketing recently, but many still insist it's cheap.

BTC transaction fee is cheap, and BTC transaction is fast relative to the security the network guarantees. BTC transactions are irreversible and immutable once confirmed and added into a block, but most of the altcoins you believe have a faster transaction time are not really safe because it is possible for their transactions to be reversed after a long time.

As for tx fees, before the ordinals issue, it is possible to get your transaction confirmed with 1 sats/vbyte, and it is going to be possible again soon. BTC miners use a lot of computation power to mine BTC and protect the network, so tx fees is necessary to incentivize them to continue mining, so paying a few sats to miners shouldn't be a problem to keep the safest and fully decentralized cryptocurrency safe and running.

[Crypt0Gore]

Bitcoin is more of an asset right now and that makes it a real store of value, I find it hard to even spend my Bitcoin for any reason, because I bought them for cheap price, if I use it as means of payment right now, what makes me think that I will be able to buy back the exact same Satoshii bought and sold so soon all in the name of making payment using Bitcoin?

I am buying Bitcoin right now so that the future can be easier for me, I would rather have Bitcoin right now in my wallet than having a big ride ( car ) that will depreciate in value within now and the coming two years, and Bitcoin in the next two years will never be the same again, those who don't buy now will be swimming in the pool of regrets by then.

[Gallar]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?
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Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Even so, when compared to bitcoin with existing altcoins, the level is really much different, when viewed in terms of quality. Indeed, transaction costs using bitcoin are more expensive than some other altcoins. But if you make payment transactions using altcoins, I think there will be more risks. Maybe you already know, that altcoins have unstable volatility and they are also afraid that their liquidity will be taken by their creators. If that happens, the altcoin will definitely fall and the price will drop, it may even be worthless. Unlike bitcoin, bitcoin has the advantage of being decentralized, so you won't be afraid that the price will disappear or fall. Its volatility is also the most stable when compared to other crypto or altcoins. So just with these two advantages, I think bitcoin is indeed the most appropriate to be used as a means of payment. Even though the transaction fees are indeed more expensive than other crypto or altcoins, the security and quality in bitcoin will definitely be prioritized over the cheap transaction prices, but it does not guarantee security.

And I don't think bitcoin is just a store of value asset, it's a value adder. Because I believe the price of bitcoin will continue to rise in the future.

[yazher]

I agree, by far, bitcoin is clearly more suitable as a store of value and for investment than as a means of payment. I don't want to buy bitcoin for $50k and use it to pay when it's $25k. I'll have to spend double my money just to buy one thing, that's not acceptable. With the high volatility of bitcoin, it cannot be used for payment, if it is used, we will immediately switch to other stable currencies, so it is useless to use bitcoin for payment.

Until they haven't ie the lightning network payment method yet, we gonna always have this kind of problem bitcoins right now are not suitable for payment if you have a small business because the customers might not gonna happy with it because they cannot save anything using it. Right now whether you want it or not, the best thing to do with bitcoins is to hold them until it reaches the desired price you want to sell them because we are still in the phase where people are not gonna leave their convenience payment method for the things they are not assured if they can earn for making it one of their accepted payments.

[MoonOfLife]

I agree, by far, bitcoin is clearly more suitable as a store of value and for investment than as a means of payment. I don't want to buy bitcoin for $50k and use it to pay when it's $25k. I'll have to spend double my money just to buy one thing, that's not acceptable. With the high volatility of bitcoin, it cannot be used for payment, if it is used, we will immediately switch to other stable currencies, so it is useless to use bitcoin for payment.

Until they haven't ie the lightning network payment method yet, we gonna always have this kind of problem bitcoins right now are not suitable for payment if you have a small business because the customers might not gonna happy with it because they cannot save anything using it. Right now whether you want it or not, the best thing to do with bitcoins is to hold them until it reaches the desired price you want to sell them because we are still in the phase where people are not gonna leave their convenience payment method for the things they are not assured if they can earn for making it one of their accepted payments.

Fees are just one of the problems that keep bitcoin from becoming a payment method. An even bigger obstacle is its volatility. How would a volatile asset that can lose 10, 20%, or even 30% in a day be suitable as a currency? I know bitcoin was created to be a payment method, but with current developments, it is clear that it is no longer suitable as a currency. We should accept that fact.

[ringgo96]

For transaction problems, Bitcoin is not suitable for us to use because the fees are very large and we prefer other coins to make transactions because of the cheap fees, so it is very appropriate for us to say that Bitcoin is more suitable for storing value than making payments, the second reason Bitcoin is more suitable for us to store because of its very high value and cutting transaction costs is certainly also large then this is something we do not want so choose a coin Another to make transactions so that the costs we spend are smaller.

[GideonGono]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Yes there are so many reason why people or Bitcoin user feel that way.
The transaction fee and of course the volatility of the price.
Being practical why would we choose to pay with crypto if we could do it with cash? unless of course there is a catch or a bonus for using it.
And of course most of us invested in Bitcoin to gain profit so those wouldn't really see it as a payment method.

[Oasisman]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

That's what most of the altcoins are trying to correct for. However, with the LN (lightning network) that transaction fee will greatly reduced when everybody uses this network.
Store of value and a payment solution both fits with Bitcoin. You will only realize how useful bitcoin is when doing transactions to a person overseas. It could save you transaction fees, time, and convenience. Therefore, these 2 features bitcoin has, will always come together.

[Mpamaegbu]

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

You asked penetrating questions here which I've asked myself too. For instance example, Dogecoin is one of the coins with the cheapest transaction fee and really fast to confirm but the thing against it could be that so many people still regard it as a joke, a meme sort of.

I believe what's aiding Bitcoin above others is its strong fan base as the pathfinder in this industry too. I don't think it's necessarily because of its decentralized status. After all, not all who even patronize it will know it's decentralized or know what decentralization means. For me, I see Bitcoin more of an asset than as a means of payment and I believe a lot of people do too. Otherwise, no one will be speculative of its price.

[serjent05]

Bitcoin is a great store of value, but at the same time it is not because it is highly volatile and you have to time your purchases right to avoid losses, which most stores of value like gold, silver, and oil do not need.

So is bitcoin a greater store of value than a payment solution? I don't think so, I think it does its job well as advertised.

Bitcoin is a poor store of value, one of the major reasons why financial institutions barely acknowledge it as money.  There had been a lot of debate about this feature of Bitcoin.  Although it can be a store of value due to its high volatility, it is considered to be second-rate.

Bitcoin can perform both but so I do not think that there is a need to compare its functions against each other.  I don't know the reason behind these feature-comparing threads.  If Bitcoin can perform both as a payment system and a store of value, I don't think there is a need to create a thread to demerit its other feature.

[bayu7adi]

But if we are fair to conclude, then what you say is absolutely true. Bitcoin is more suitable for a store of value like gold than for a means of payment. Many altcoins have very cheap gas fees and much faster transactions than bitcoin. And with the bitcoin network's transaction fees skyrocketing recently, but many still insist it's cheap.

Indeed, the issue of fees does favor Altcoins with lower costs. However, did you know that many Altcoin developers have abandoned their projects and their investors? Some even absconded with funds, citing obscure reasons. I need not provide specific examples, as this has become common knowledge to all.Every person has their own views on which assets suit them best, so each type of asset has its own fans.

Even when choosing between Bitcoin, Altcoins, or banks as a place to store money, rest assured that people are drawn to the unique advantages offered by each option. Debating over features alone cannot easily shake the comfort people find in their preferred choices because every product has its own market.

[loopes]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

But still many people out there who keep using bitcoin as an alternative payment methode. Your statement is not wrong that others payment transaction's cost may be cheaper but bitcoin users have their choice to do transaction with bitcoin as payment methode. As far as bitcoin payment is adopted to the merchant, bitcoin user maybe feel easier to do transaction with bitcoin as payment methode.

[Prince Malik]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Bitcoin transaction fees are higher than other networks and it's value is unstable and that's really an obstacle for Bitcoin but when we compare with fiat the transactions in crypto are cheaper and easier, Bitcoin is the most famous crypto coin and that's the reason why companies use it as a method of payment first but with the time we will definitely see more coins and more networks

[Dr.Bitcoin_Strange]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Yes, Bitcoin is a store of value, but that doesn't make it less of a payment medium. It's just based on your choice of how you want to handle your bitcoin; that's how you will handle it. For example, if I have one bitcoin and I wish to spend $200 worth of it, it's no big deal; I still have the rest to hold or I can buy back any moment I decide to. I know why you are talking about the store of value being just for you to hold without spending, but it all depends on how you choose to use your Bitcoin. Every bitcoiner has a different vision for the bitcoin they hold or the one they are yet to buy.

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Let me tell you one thing now: the cheaper might be considered better just because it's cheap, but it comes with a whole lot of conditions and centralized laws that govern the process, mostly for some financial institutions like banks. Also, for other cryptocurrencies that seem to have a cheaper fee, have you tried to check if they are really being accepted as means of payment the way Bitcoin is? Bitcoin is used in most countries around the world to buy physical goods, but most altcoins are not used because they are not really recognized the way Bitcoin is.

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Bitcoin is a digital currency, and the purpose for which it was created is for individuals to use it for easy and fast P2P transactions. So, Bitcoin can be anything to the holder based on what you choose to use it for. Other cryptocurrencies are not really recognized the way Bitcoin is, and they may not stand the test of time the way Bitcoin has, and those are the reasons why people might not consider them yet.

[umbara ardian]

High transaction fees have a major impact on Bitcoin's daily usability as a payment method. High fees can really deter people from using Bitcoin for frequent, small-value transactions, especially when alternative payment methods like bank transfers have significantly lower fees. On the other hand, the transaction price in the Bitcoin network can change depending on network congestion and the priority given to the transaction. During times of high demand, fees can increase, making smaller transactions less cost-effective. So many people worry about this problem and feel it is not suitable for their daily small trading purposes.

[Magic-Money]

Bitcoin has already make name and many companies has know about Bitcoin as a digital currency, which using Bitcoin as means of payment is highly acceptable, but the transaction fees has been a little challenge, which is other established alt-coins has a less transaction fees, but that should not be reason not to make use of Bitcoin as a means of payment.

[famososMuertos]

The fee cannot be determined in some cases only by the comparative value, that is to say $1 and another of $0.01.  Your ability to pay, or the amount I sent is what matters.

 The tendency is to think that fees greater than $1 are a lot, expensive, in reality it depends on the amount of the transaction, which in some cases is irrelevant, as is the case right now where for many they are only interested in confirming their Tx.

 In any case, if you send $100 and pay a $1 fee, it's not bad, but if you send $10 and pay a $1 fee, it's very horrible and it's not the fault of the network (Bitcoin, or whatever) you use, study the rules carefully. alternatives that exist and use them according to your possibilities and the characteristics of the means of payment.

[mendace]

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Bitcoin is often considered more suitable as a store of value than a payment solution for several reasons.  First, Bitcoin has a limited supply, with up to 21 million coins that can be mined.  This inherent scarcity is seen by many as a contributing factor to its ability to hold value over time.

 Furthermore, Bitcoin was the first cryptoasset and has gained an established reputation as a digital store of value.  It is widely recognized and accepted as a form of value retention, and has been adopted by many investors and financial institutions as part of their investment strategies.  This has helped solidify its position as a reliable store of value.

[TelolettOm]

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?
Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?

Indeed. There are some altcoins that have cheaper transaction fees than Bitcoin. TRX, XRP, SOL, XLM, and LTC have low transaction fees, sometimes people prefer to choose these coins to transfer their assets from one exchange to another exchange. Or to transfer crypto assets from one wallet to another wallet. However, these altcoins aren't as strong as Bitcoin if we consider their strength to survive. Moreover, if we consider the popularity, most people only know Bitcoin when we are talking about crypto, they don't know altcoins. So, this may be the weakness of these altcoins to be the payment solution.

https://coincodex.com/article/22831/cheapest-crypto-to-transfer/