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question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.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.
If we conclude your thought then you mean that Bitcoin does not do the job as a payment option. No one wants a high transaction fee. Then BTC is closing to be digital gold rather than payment mean. There will be less fee in comparison if you transfer in significant amounts. If we want to use bitcoins for payment then the high transaction fee problem needs to be solved with another technology.