With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?
I would like to debate this and gauge the community's response to Bitcoin experiment.
Yes that is right. With the high transaction fee, most bitcoin users might disengage in using bitcoin because they can see that instead of gaining, the money that supposed to be rising is deducted by high transaction fee. Despite of what is happening, we cannot evenly say that bitcoin is becoming useless because in lined with the high amount of money you want to transact, the high transaction fee you must pay. Because managing companies also pay for the transaction process for it to be able to transact your money.