It does hit really hard for people who like DCA and do not keep their money in centralized exchange, in fact because this F*cking ordinal is really hard for everyone except the miner who get 3-6 Btc in a single block.
Merchant or a freelancer like will be also hit by the high fee because they should consider the fee and must to add to their service for a freelancer and merchant might see less people using bitcoin if this not allowing down
Merchant or a freelancer like will be also hit by the high fee because they should consider the fee and must to add to their service for a freelancer and merchant might see less people using bitcoin if this not allowing down
Indeed. These high fees will force most people to keep their coins in a centralized exchange. This is bad for Bitcoin, but good for mainstream governments. Maybe this is part of an agenda to prevent self-custody of BTC in the long run? With high fees, it's impossible to use Bitcoin as digital cash. It would only work as a store of value for large money transfers. Most likely, the wealthy (elite) and whales will be able to move their BTC on the Blockchain without issues. Average people will be forced to move to altcoins with lower network congestion.
Even without Ordinals, fees were going to increase if BTC went into the mainstream. It's developers' duty to improve transaction capacity by increasing the block size. The Lightning Network is not a definite solution for Bitcoin's scaling issues. Whatever happens in the future, rest assured BTC won't disappear that easily. As long as decentralization is preserved, nothing else matters.
If this high transactions fees persist a lot of persons will migrate to other cryptocurrency which will leave bitcoin to less adoption.