The fees aren't high, the recommended fee right now is below $1 If you don't use the recommended bitcoin wallets you could end up paying more because some wallets don't have the option to customize the fee.
If waiting for a few minutes is slow you could use the lightning network.Once you make more transactions you'll get used to the increased waiting times.
He needs to be oriented with other options when dealing with bitcoin. Also, if he compares it with traditional payment system like WU, can he still say that the fee is high and tx is slow? I guess he will change his mind if he will come to know other options such as using your own bitcoin wallet to transfer funds or utilizing the LN. He has a lot of things to learn when it comes to crypto, so he should read the beginners section and other sections as suggested by one user here.
I've actually read quite a lot and familiar with a lot of theory, but at this point, I'm failing to see why Bitcoin should be more attractive both now and in the long run, being slower, with more expensive fees, and slow transaction rate, it can't really scale very well at this point.
What are the advantages of Bitcoin, except for hype/name recognition and current penetration?
Yes, but when you bought bitcoin for $ 3,000 and sold it for $ 13,000, you can wait.Because of this fact, bitcoin cannot be compared to other cryptocurrencies.None of them rose as much as bitcoin.
So you're saying that the value in Bitcoin is all the hype and the speculation is attracted? That's its value? And the hope that hype and speculation will continue? And usability doesn't really matter, as there isn't as much hype about other coins?
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Topic
BoardBeginners & Help
Re: New to Bitcoin - What am I missing?
by
ericycle
on 14/08/2019, 18:36:24 UTC
I'm really trying to understand, nothing more.
Litecoin seems a lot faster with much lower fees. Shouldn't it then be more popular than Bitcoin? What are the big advantages of Bitcoin despite these 2 big drawbacks?
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Topic
BoardBeginners & Help
Topic OP
New to Bitcoin - What am I missing?
by
ericycle
on 14/08/2019, 16:32:24 UTC
Finally having some first experiences with Bitcoin, seems very disappointing.
The fees are very high, and it is very slow. This makes it very impractical for a lot of uses. What am I missing?