Post
Topic
Board Bitcoin Discussion
Re: High transaction fees and businesses that accept bitcoins.
by
zanezane
on 08/05/2023, 12:59:44 UTC

The cost will be high for people paying with Bitcoin but if it is not an everyday thing, I think users will cope but if you can avoid paying using Bitcoin to pay for goods and services whenever it's high, I feel it is the best.  With Bitcoin, I want to believe that Demand is more than supply, and when supply is limited, rates will be high. It’s a law of demand and supply.

I agree with you there initim. high transaction fees can be a challenge for Bitcoin users, particularly for those who frequently use Bitcoin for everyday transaction. However, it's worth noting that transaction fees for Bitcoin are not fixed and can fluctuate based on various factors such as network congestion, the size of the transaction, and the level of competition among users for block space.

When transaction fees are high, users may opt to use alternative cryptocurrencies or payment methods to avoid the high fees. also, businesses that accept bitcoin may choose to adjust their prices or implement dynamic pricing strategies to account for fluctuations in transaction fees.