As a long-time Bitcoin hodler, I welcome the current development of Bitcoin and find the increasing acceptance great. But the question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.
Why? I try to pay with Bitcoin wherever possible. Fortunately, more and more merchants and services are accepting Bitcoin. Whether directly or through third-party providers. Here are my experiences over the past few weeks.
I wanted to take out a subscription to my favorite streamer. $4.99 payable with Bitcoin. Timely Confirmation Fees, $ 6.71. 134% of the purchase price. Even with an annual subscription, the fees would still be around 20-23%.
Paying my web hosting costs of around $30, Bitcon fees also around $5, which would be 16-17% fees.
The fees may be acceptable for buying a Tesla for $ 40-50k, but certainly not for daily payments.
I think we all have experienced recently what you are talking about, but I do not think that this means that bitcoin has failed as money, this is just the way bitcoin was designed from the very beginning, satoshi knew that bitcoin will either have no value or will have a very high one and if bitcoin got to the point in which it was very valuable then it will not be possible to use it for your everyday transactions, this is something that in fact happened to gold, the most widely used precious metal among gold and silver was silver and gold was reserved for larger transactions, what we do not know is which coin will become the silver of this market, for a long time many people thought that litecoin could be a candidate but that doesn't seem viable anymore.