Quote from: Ayers on Today at 09:54:16 AM

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Quote from: legiteum on March 25, 2024, 04:46:31 PM

Quote from: tottong on March 25, 2024, 04:24:25 PM

Even though they have established bitcoin as a legal means of payment and transactions, El Salvador still uses fiat currency as a means of transactions. But the advantage they have is that bitcoin is free to use to buy anything because bitcoin is legal as a transaction tool there.

Bitcoin transactions can cost up to $30 US dollars. Bitcoin is absolutely not free to use.

It's the very opposite of free, actually.

I remember those days when I am still new in crypto that I see and happen to experience that bitcoin transaction fee is less than a dollar , but now never that i happen to experience this low fees and hoping that this will come to happen again in our time now specially that now bitcoin is continuously growing year after year.

I don't think we'll see any solution to bitcoin's transaction fee problem anytime soon, especially as the price of bitcoin climbs higher every day, and transaction fees will continue to rise even higher.
Recently, there have also been some people who have created some threads saying that they wish bitcoin would be legal tender in their country and replace fiat currency. But are they rich enough to use bitcoin without worrying about transaction fees? Are they generous and willing to pay an extra $4-5 per transaction just to buy breakfast for under $2?

Satoshi made transactions for Bitcoin intentionally slow and expensive so there would be a cost of being a node in the network. It was never designed to handle "normal" everyday transactions, only the very special ones that people trying to avoid the government need.

And most people I talk to actually don't know that Bitcoin transactions are so expensive and slow because they use a broker app which "buys" Bitcoin (or whatever crypto) for them and puts their purchase in some centralized database.