If it's just hype, it won't last for very long so these clogs can clear on its own but I just want to mention about the quoted part. How many crypto users are actually using cryptos for payments not as investment?
Majority of the crypto users are here because of its speculative nature not because of decentralisation and no need of third party called banks between payments but we can't force anyone to do anything and that's what the decentralisation is meant to be.
Majority of the crypto users are here because of its speculative nature not because of decentralisation and no need of third party called banks between payments but we can't force anyone to do anything and that's what the decentralisation is meant to be.
Exactly. I can't recall of anyone using crypto for payments other than as a long-term investment. Only a small minority does otherwise. We can blame exchanges for this. They've encouraged people to buy/sell crypto like stocks. Crypto/Blockchain tech can never reach its full potential this way. Things are even worse with "meme" coins as they become some sort of "get rich quick" scheme.
Developers these days are focusing more on quantity instead of quality. The mere fact that most "meme" live on existing blockchains (instead of their own) says it all. At least, it's a "free market". As long as decentralization wins, there should be nothing to worry about.
So if bitcoin keeps going up in price, it is clear investors will prefer to hold their coins over spending them, as spending their coins will only bring them a small short term benefit by allowing them to buy what they want, while by keeping them not only they could still buy what they want, but at the same time they will have a lot of money to spare as well.