Bitcoin charges become impractical

in #bitcoin5 years ago


In 2013, one Bitcoin cost 20 dollars. In 2017 you have to pay 20 bucks to send a Bitcoin. With record highs

Bitcoin fees will become too high
In all likelihood, 2017 is the most successful year for Bitcoin. Many analysts have predicted Bitcoin price in the past 12 months, but no one has been able to predict the current Bitcoin situation. No one had predicted the $ 20 fee to transfer part of the coin.
Satoši Nakamoto's initial idea was to create a P2P payment system. Unfortunately, at the moment, people who own Bitcoin for a hundred dollars cannot use it because of the high fees. Most often, Bitcoin is used on the Dark web for P2P payments. However, the fees remain too high.
There are more and more publications on Reddit related to Bitcoin big fees. This is one of Reddit's user comments -

"I cannot send $ 5 to a friend without paying the transaction fee, which is $ 15, and that's the currency of the future ..."

Everyone has their price to sell Bitcoin. Paying a transaction fee of $ 20 for the transfer of $ 10 million to Bitcoin seems reasonable. Bitcoin has been inappropriate for micropayments for quite some time but has now reached a stage where it is also not suitable for medium-sized transactions.

More and more new investors are interested in Bitcoin. Many of them allocate 50 dollars a week or another amount they can save to buy a digital currency. Now they understand that their only option is to keep their Bitcoin on the exchanges until their investment reaches an amount suitable for downloading into a hardware portfolio.

If crypto ops are to be compared with energy sources, Bitcoin would be coal-expensive and impractical to transport in small quantities. It is impossible to order a handful of coal every time you want to set the fire. Ethereum (gas) and Bitcoin Cash (hydro) are just the opposite - cheap and practical.

There are projects such as Lightning Network, SegWit, and others that will reduce transaction fees. Scaling solutions are likely to be found and transaction fees will decrease. The question is whether these solutions will be found on time.

image source - Instagram


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