Have you stopped using bitcoin for small transactions completely ?

[dothebeats]

During these times when bitcoin prices are high and the mempool is congested, I try to look for altcoins with minimal transaction fees that can get the job done. It may not be something that supports bitcoin as a cryptocurrency but hey, that's why altcoin exists. If you are someone who's really strong into bitcoin and won't try to use other coins for something that can't be done by bitcoin then you'll just lose money in the long run. Let's face it, bitcoin isn't suitable for microtransactions as it gets bigger. We should look for alternatives if we want to accomplish what we need to accomplish.

[lizarder]

Small transactions on bitcoin does not make any sense now at all. Like to make a $20 amount transaction, one has to pay about same amount, $20 in fees. This does not make any sense. Have you stopped using bitcoin for small transactions completely because of this reason ?

When transaction costs are high, carrying out such small transactions will require costs that are not relevant to transactions in the amount you mentioned. Lightning Network might be an alternative even though not many people can use it. My question is why do people make transactions in small amounts in bitcoin because as far as involvement in bitcoin goes I have never tried making transactions in small amounts like that?

We should not need to carry out small transactions when the mempool is congested and busy because it will result in greater costs. If you don't need it, it's better not to make transactions in small amounts because it will result in large fees for one transaction. I have considered not making transactions in that amount because it will only cost me cost.

[moneystery]

You can send transactions for a very low fee if time is not an issue. Just reserach how to set a specific sat amount for the fee.
Still this is not how it should be, but at this point I think Bitcoin has forever lost its ability to be usable for small transactions.

bitcoin has lost its ability to be used for small transactions, because just imagine you need to spend a few dollars just to buy coffee, for example. this is the issue why bitcoin cannot be used on a larger scale, such as for daily transactions, because the bitcoin network is not scalable for this purpose. so if someone hopes that they can use bitcoin for small transactions in the future, then they won't be able to find that with bitcoin.

[hd49728]

During these times when bitcoin prices are high and the mempool is congested, I try to look for altcoins with minimal transaction fees that can get the job done

High price of Bitcoin does not cause too much more expensive transaction fee. It does because transaction fee on Bitcoin blockchain paid in satoshi and when Bitcoin price is higher, satoshi price is higher too.

I mean that we have times when Bitcoin price is higher than $65,000 but transaction fees were not expensive like recent days, after the fourth Bitcoin halving and after Runes attackers did some shits on Bitcoin blockchain.

In times like these recent days, we can not use Bitcoin blockchain with small fund and if I have big fund, I will not use Bitcoin blockchain too. It raises another reminder that we need to diversify our assets to different things, Bitcoin, Gold, altcoins. We need prepare some different options when we need to move our funds.

[Z-tight]

We should look for alternatives if we want to accomplish what we need to accomplish.

It is sad, but this is the truth for many people, they go for alternatives, i do not like to point people to altcoins because of BTC's high fees, but right now there is nothing that can be done, other than that. However, people should learn to use coin control to reduce the number of inputs they add in a tx if possible, and when fees reduce, they should also consolidate their inputs, so they would save up on fees for future tx's.

[GbitG]

I love Bitcoin still. It has changed everything and was a great buy. But those fees can really hurt small purchases.  I agree with that completely. I do normal things with USDT on chains like BSC or Tron. Much faster and much cheaper. Imo, Bitcoin is the best way to invest for the long run and store value. The world of crypto changes all the time, right? We have to be able to adapt. Whatever we have, we can use it in a smart way. For example, you wouldnt use a sledgehammer to hang a picture frame, right? Dealing with various tools.

People will need to keep their small transactions on hold for now, and when we talk about buying Bitcoin in small amounts then I don't think we need to do any on-chain transactions for that, we have centralized exchanges where one can buy and store their Bitcoin and wait until the transaction fees become normal and then they can withdraw those funds to their wallets if they want to keep them in a wallet.

As you said, Bitcoin is the best way to invest for the long term, so one shouldn't even be worried about their Bitcoin that is kept in the centralized exchange they have used because it's just for a few days until transaction fees become normal and then they can withdraw them.

[Hispo]

Small transactions on bitcoin does not make any sense now at all. Like to make a $20 amount transaction, one has to pay about same amount, $20 in fees. This does not make any sense. Have you stopped using bitcoin for small transactions completely because of this reason ?

Yes, mostly.
Also, because of the congestion within the Mempool I also try to have some liquity in some centralized exchange, like Binance, so in case I need to have some little bit of money from positions, I can close them and turn them into FIAT for small amount without having to pay for those crazy fees which would take me to have my transaction mined in the next block.
Unfortunately, I think the ecosystem has reached a point where Bitcoin is looking everyday that passes by like some kind of investment asset, instead what it was originally created for by Satoshi, to be an alternative to cash which could be used in a decentralized way and with a simple internet connection.

Still, I personally believe in the Future of Bitcoin and I would rather to take this small inconveniences than completely abandon the idea of decentralization. I guess second layer solutions like the lightning network will only become more relevant as time passes and the Mempool continues to get bloated with whatever the ordinal creators want to mint for the sake of speculation.

[_Miracle]

It's been years since I've spent bitcoin directly from a wallet. I had put (what I thought to be) a high tx fee of $20 for less than $200. transaction and it took days.
Maybe it will go back to low friction transactions someday?

[The Hidebehinder]

I haven't, my clients have almost all of them done so!

It's disappointing but I had to split between running a business and my personal stand on this and switch to altcoins, with small exceptions over larger sums that are still worth in BTC and very few and little payments over LN. The cost are high for the ones paying me, the cost are high for me consolidating those $10-$15 worth of coins, we both incur costs too high to run a profitable business and why would anyone do such a thing.

[fuguebtc]

I love Bitcoin still. It has changed everything and was a great buy. But those fees can really hurt small purchases.  I agree with that completely. I do normal things with USDT on chains like BSC or Tron. Much faster and much cheaper. Imo, Bitcoin is the best way to invest for the long run and store value. The world of crypto changes all the time, right? We have to be able to adapt. Whatever we have, we can use it in a smart way. For example, you wouldnt use a sledgehammer to hang a picture frame, right? Dealing with various tools.

People will need to keep their small transactions on hold for now, and when we talk about buying Bitcoin in small amounts then I don't think we need to do any on-chain transactions for that, we have centralized exchanges where one can buy and store their Bitcoin and wait until the transaction fees become normal and then they can withdraw those funds to their wallets if they want to keep them in a wallet.

As you said, Bitcoin is the best way to invest for the long term, so one shouldn't even be worried about their Bitcoin that is kept in the centralized exchange they have used because it's just for a few days until transaction fees become normal and then they can withdraw them.

What makes you so sure that transaction fees will soon decrease and return to normal ? If trading fees continue to rise higher and continue to do so during the bull season, what will you do to dispose of your assets on those exchanges ? Personally , I believe that transaction fees will not decrease anytime soon and will even go higher if we enter bull season as demand for bitcoin continues to increase .

It would be a bad idea to store bitcoins on centralized exchanges but I think it could be an effective solution for the current situation . So, choose the most trustworthy exchanges if someone wants to implement this idea.

[Patrol69]

If you're trading $100 or less in Bitcoin and you're paying $20 or more in fees to trade that small amount, I'd say you should definitely avoid trading. If you have to pay a fee of $20 or more for a $100 transaction or a $50 transaction, you will not feel comfortable doing this transaction. Bitcoin transaction fees are not always the same if you can wait then Bitcoin transaction fees will return to normal and when Bitcoin transaction fees return to normal then Bitcoin can be traded. Hopefully, for your own good, at least wait this long so that you can complete the transaction with a relatively low dollar amount.

[Yatsan]

Well yes, there are a couple of times I refuse to make transactions with small amounts using my Bitcoin holdings. One reason is high transaction fees which would cost you more thaan the amount you just have to pay. Also, if it is just a small transaction why don't you just use fiat to compensate for that something wherein this concern is coming from the idea of managing your money better. If I will have other options to pay then why not? Especially right now that the market price of Bitcoin is high and that means it could be bigger someday and same problem may still exist.

If you're trading $100 or less in Bitcoin and you're paying $20 or more in fees to trade that small amount, I'd say you should definitely avoid trading. If you have to pay a fee of $20 or more for a $100 transaction or a $50 transaction, you will not feel comfortable doing this transaction. Bitcoin transaction fees are not always the same if you can wait then Bitcoin transaction fees will return to normal and when Bitcoin transaction fees return to normal then Bitcoin can be traded. Hopefully, for your own good, at least wait this long so that you can complete the transaction with a relatively low dollar amount.

Won't be practical right? I understand that some people here are supporting this industry by pushing too much. It just happened that people benefit more from it as an asset that price or value is growing which redirects the idea of using it as a mode payment.

[Alone055]

If you're trading $100 or less in Bitcoin and you're paying $20 or more in fees to trade that small amount, I'd say you should definitely avoid trading. If you have to pay a fee of $20 or more for a $100 transaction or a $50 transaction, you will not feel comfortable doing this transaction. Bitcoin transaction fees are not always the same if you can wait then Bitcoin transaction fees will return to normal and when Bitcoin transaction fees return to normal then Bitcoin can be traded. Hopefully, for your own good, at least wait this long so that you can complete the transaction with a relatively low dollar amount.

Waiting is only possible if a transaction one is doing isn't compulsory. Still, if someone has to make a transaction at any cost for some reason, they wouldn't have a choice but to pay a higher amount in transaction fees so that their transaction gets confirmed quickly because when the network is congested if you make a transaction with low fees, it's going to get stuck in the middle. Then you will need to double spend it with higher fees again to get it back to your wallet or boost the fees so that it goes through. In both cases, the initiator will need to pay extra money.

It's not mainly about trading in my opinion, but mostly about transactions that are sent from one individual to another or from an individual to a platform where they need those funds and they can't wait for the network to get back to its usual state.

[Kelward]

Small transactions on bitcoin does not make any sense now at all. Like to make a $20 amount transaction, one has to pay about same amount, $20 in fees. This does not make any sense. Have you stopped using bitcoin for small transactions completely because of this reason ?

This issue of Bitcoin high transaction fees that always happens when the mempool is congested is not a good development for the adoption of Bitcoin as a digital cash, because during congestions you cannot expect to buy an item of $20 and expect to pay an equivalent amount as transaction fee, it doesn't make financial sense. This is why majority of people hold Bitcoin for investment purposes, rather than a currency to make purchases, and as it is, it'll not take over fiat as the dominant currency, unless it's developers finds a lasting solution to this reoccurring problem. Lightening network as an alternative to Bitcoin high fees has not been adopted widely because of it's complexities, according to what I hear.

[Volimack]

Very few people talk about small transactions for bitcoin transactions. Small transactions will not be very interesting here. Everyone prefers to invest in bitcoin as the fees are very low through investment. If you want to do it with small then know about the market first. Small transactions are rarely used here. It is processed and confirmed by blockchain for small transactions and there is no way to stop or reverse it.

[eightdots]

Small transactions on bitcoin does not make any sense now at all. Like to make a $20 amount transaction, one has to pay about same amount, $20 in fees. This does not make any sense. Have you stopped using bitcoin for small transactions completely because of this reason ?

This issue of Bitcoin high transaction fees that always happens when the mempool is congested is not a good development for the adoption of Bitcoin as a digital cash, because during congestions you cannot expect to buy an item of $20 and expect to pay an equivalent amount as transaction fee, it doesn't make financial sense. This is why majority of people hold Bitcoin for investment purposes, rather than a currency to make purchases, and as it is, it'll not take over fiat as the dominant currency, unless it's developers finds a lasting solution to this reoccurring problem. Lightening network as an alternative to Bitcoin high fees has not been adopted widely because of it's complexities, according to what I hear.

No investor likes it when transaction fees increase from time to time, but that's the nature of the business. In fact, one of the gifts of the crypto world is the sheer number of cryptocurrencies available. Transaction fees vary between networks, which leads to the use of many networks. This shows us just how far the crypto world has expanded.

Making small transactions in Bitcoin doesn't make sense because of the high transaction fees. A few investors I know hold their Bitcoin for the long term and invest without making small transactions. When they need to trade, they wait for times when network fees are low. So the market gives us the space to do what we want. Of course, we all want Bitcoin transaction fees to be very low.

[krishnaverma]

Very few people talk about small transactions for bitcoin transactions. Small transactions will not be very interesting here. Everyone prefers to invest in bitcoin as the fees are very low through investment. If you want to do it with small then know about the market first. Small transactions are rarely used here. It is processed and confirmed by blockchain for small transactions and there is no way to stop or reverse it.

There are many use case to small transactions and that can be reason for users shifting to other altcoins.

[YUriy1991]

For now, if the network is dense, this number is always present, but if there are other funds in the form of fiat to cover your needs, you should postpone the withdrawal first, even if you want to do it by reducing the amount of transaction fees with manual sets, the time can be up to 1 week and as early as 3 days.

I also felt it once and I did it because I needed some fiat at that time. What else do you want because miners prioritize the largest costs first to be processed.