Quote from: The Cryptovator on December 27, 2023, 09:32:49 PM

Bitcoin transaction fees have become a topic of discussion lately. A lot of topics have been created about Bitcoin transaction fees. It seems the transaction fees are throwing Bitcoin away from its original goal.

Today I attempted to make a Bitcoin payment on Namecheap. Instead of making transactions from the Ledger wallet, I tried to make them from Binance for a faster transaction since there was a 15-minute time limit. So the transaction and withdrawal fees asked in Binance are 0.0004BTC, which was almost $17 during the withdrawal.

Ok, let's forget Binance withdrawal fees. If I want to make transactions from the ledger, then the transaction has to arrive in 15 minutes. I am pretty sure if I want to ensure the time frame, then I have to spend similar fees, even from Ledger. So it's become hard to pay $17 transaction fees to make a $50 deposit. And by force, I had to use a virtual card that doesn't cost anything (I didn't notice any significant fees) and was an instant transaction as well. It made me believe that we are drifting away from Bitcoin's original goal in some way.

To think about the situation, we need to know what is the core goal of creating Bitcoin. I believe it is to remove the trust system wherein a person have to trust the third party financial institution for the transaction. Does Bitcoin high fees remove that? I think no... but it is getting harder for people to transact in Bitcoin because of the high fees while other form of fiat payment can deliver the job with less frustration.

Quote from: bhadz on Today at 08:44:22 PM

Quote from: kotajikikox on Today at 08:49:29 AM

if this will not change , I'm afraid that we will be seeing less users of bitcoin and a diversion to other option that offers the same speed , fees and uses.

I don't think so, it's just going to happen that Bitcoin won't be ideal for payments but still the best store of value.

Just a question, how can be a highly volatile entity be the best store of value?