Personal experiences, like my friend's decision to postpone investing in Bitcoin due to high fees, highlight how potential investors might alter their plans. The longer fees remain a concern, the more likely individuals are to explore other investment options. The extended period of elevated fees has forced many users to seek alternative means for their daily transactions, detracting from Bitcoin's intended role as a practical medium of exchange.
As these challenges persist, there's a growing worry that Bitcoin may be viewed more as a store of value than the revolutionary payment system envisioned by Satoshi Nakamoto. If high fees become a recurring issue, the risk of hindering Bitcoin's adoption as a medium of exchange is a real concern. I'd love to hear your thoughts on whether you believe the increase in Bitcoin fees has affected its adoption negatively or enhanced it rather.
Anyone that wants to invest in bitcoin shouldn't be discouraged by the high transaction fee because he should think of hodling for a long term before selling, so that the high transaction fee wouldn't be a barrier for him of getting started. The high fee is temporary and will not be permanent. However, it has being a problem for people to use bitcoin the way they like and some people are staying off from using bitcoin for purchase of goods and services. If the fee did not come down, there other altcoins will be commonly used as a payment method, while bitcoin will be used more as a store of value. This means that we might still be trapped under centralized payment system.