Is the high fee affecting the rate of adoption of Bitcoin?

[Jegileman]

As these challenges persist, there's a growing worry that Bitcoin may be viewed more as a store of value than the revolutionary payment system envisioned by Satoshi Nakamoto. If high fees become a recurring issue, the risk of hindering Bitcoin's adoption as a medium of exchange is a real concern. I'd love to hear your thoughts on whether you believe the increase in Bitcoin fees has affected its adoption negatively or enhanced it rather.

The price increase have had a very strong impact on the adoption of bitcoin because even in the forum, it has become a topic of discussion with many members showing dissatisfaction about it. When you look at this case, you’ll notice that the holders of bitcoin that have embraced its use and understand its function don’t look remorseful to leave the system.

If you understand the system better and how it functions, the high transaction fees will only be a negligible concern for you. If bitcoin should be seen more as a store of value, it is still okay and those that can still use it for exchange, they’re very much in cool with that too. What is important the most is that the adoption should not stop and people should come and embrace this new technology that will make you financially independent.

[thecodebear]

I've been trying to understand the situation better here, and I think I have figured it out.

1. Crypto's lack of suitability as a mainstream currency has never been an impediment to crypto investors, who simply don't use the product that way.

2. But crypto's story involved Bitcoin et. al. being a "real currency" that can be used like traditional ones.

3. Hence the reality that it's never going to be a mainstream currency seems to detract from the mythos around crypto for many people.

4. People think of the "myth" about crypto dies, then, I guess, they think fewer people will buy Bitcoin, and... the price will go down.

If that's what people are holding onto, I would advise them to drop it, and to get real. Treat Bitcoin and the rest of the cryptos for what they really are, and celebrate that rather than hiding from it.

Bitcoin and the rest of the cryptocurrencies are "meme tokens". There's nothing wrong with that, and it's a new thing in the history of capitalism that we can invest in pure memes, and this idea is not going away.

Stop trying to pretend that cryptos are something they are not...

Uhh I don't think you have a very good grasp on what Bitcoin is if you're calling it a meme token lol. Bitcoin is a hard currency, plain and simple. There are plenty of meme tokens out there, they're a dime a dozen, and that's completely different than what Bitcoin is. If you can't tell the difference between a meme token and Bitcoin you probably shouldn't be in this space until you learn A LOT more about bitcoin tbh

[legiteum]

Uhh I don't think you have a very good grasp on what Bitcoin is if you're calling it a meme token lol. Bitcoin is a hard currency, plain and simple. There are plenty of meme tokens out there, they're a dime a dozen, and that's completely different than what Bitcoin is. If you can't tell the difference between a meme token and Bitcoin you probably shouldn't be in this space until you learn A LOT more about bitcoin tbh

Well, maybe "memecoin" wasn't the word I was looking for. You can call it whatever you want, but it's not used as a mainstream means of transactions and never will be, based on its technical limitations. That means cryptocurrencies will be solely used as investment instruments and since there's no other tangible value associated with them it will come down to their name/brand/meme/reputation/etc. Bitcoin has obviously got the biggest brand name in crypto, followed by Ethereum, etc. etc. and their market caps reflect that.

This entire thread, to me, seems to be mostly about people worrying about a problem with Bitcoin and crypto generally that nobody actually cares about, and nobody has any reason to care about. Bitcoin is slow and expensive to transact in, and with a $860B market cap, I think it's safe to say that this is unimportant to investors, that's all.