Post
Topic
Board Bitcoin Discussion
Re: It is pointless if the BTC fees increases along with rise in BTC price!
by
tranthidung
on 27/12/2020, 10:14:43 UTC
I have observed many times whenever there is rise in the price it will proportionally increase the fees as well. BTC becomes useless if I want transfer my coffee bill worth $5 or lets say lunch of $50 bucks if I have to pay more than 10-15 USD for single transaction.
Bitcoin is a digital gold and despite of the fact that bitcoin is able to used as a mean of transactions, it is not a perfect tool for you (at least now) to be used as a payment method. Bitcoin is more similar to a storage asset, not a payment method. The Lightning Network can help bitcoin adoption and expand its usecase as a payment method. It is for the future and maybe in the future, there will be more solutions and not only Lightning Network.

Quote
The problem is it's unfair system if we want to make quick payments for daily usage.
The average bitcoin blocktime is 10 minutes so that you can not ask for quick transactions. You need to wait about 10 minutes in average even if you use the highest fee on the mempool. Of course, it can be confirmed anytime in few seconds to 10 minutes after you broadcast your transaction.

The beauty of Bitcoin is it has a very healthy network, with too high total hashrates so that your fund and your transactions will be secured by the network. Your transaction on altcoin networks can be double spent but on the bitcoin network, the probability is almost zero.