Regular transactions? Its practically not, I haven’t transacted Bitcoin this past few months without even knowing fees already skyrocketing too. Well if were really into rush for spending keep fiat as possible and forget spending your BTC and wait for fees get back to normal.
yes, it is not. few days ago, i wanted to renew a domain name. and since my debit card was declined for no reason (i have more than enough balance to pay), i checked for the crypto payment option via Bitpay. and guess what? the transaction fee was way more than what i need to pay in the first place, which was about 15 bucks only. so i decided to go back and pay via paypal as my debit card is linked in my paypal account, good thing it went thru. direct payment using debit card, it was not accepted but via paypal it went fast.
so what am trying to say is, for small transactions, it is not practical to pay via btc these days. but if you are transferring money via cross-border payments with higher amounts, then the fees involved is still relatively cheaper than traditional methods.
We can actually use Bitcoin now for payment. Though it's not that fast like VISA and Mastercard that can verify thousands of transactions. I am not really sure how the platform of Bitcoin will verify transactions when it comes to sending and receiving Bitcoin. I think the fee is too large if you are sending a small amount. But if you are sending a large amount, I think the 16 bucks is very very cheap.
that's right. not practical to pay btc for small transactions. unless, you are out of options.