Bitcoin is getting to expensive to transfer.....at least for people like me who don't have alot of money
A few months ago when I started to earn some steem and wanted to use them with my bitcoin debit card it was cheap to transfer even for me with limited amount of money. I wasn't earning huge amount but enough to have my daily expenses met. At the time the transaction fee was humane, about $0,2 to send $50 to another wallet. But today I noticed that it was way more expensive. I was going to send $16 to a friend that I had borrowed money from and realised that the fee was $5!
Five dollar fee is to much for me
For many people five dollars isn't much in the average western world, but for me it is too much for the small transactions that I usually do. For an average American $5 is peanuts but keep in mind all the people who live in a country where five dollars is a days salary.
I live in Sweden which is normally a wealthy country, but it could still be alot for a guy like me.
Poor countries may not use Bitcoin
I'm also thinking about all the people from other countries that will adapt to the blockchain system. I don't think they will prefer bitcoin over other coins like Litecoin or Bitshares. And most of those countries have alot of people. Take India or China for example, most of the population is poor and both of them have 1 billion people who want to get into cryptos.
Focusing on Litecoin and Steem
I'm going to focus on Litecoin, Steem and maby Bitshares and EOS. Litecoin isn't free but close to, Bitshares and EOS is free to send and ofcourse Steem like most of you already know. EOS is not a currency but more of a platform like Ethereum. But just like Litecoin it is much faster and it is free
I've found the transfer fees for Bitcoin to be ridiculous for the last few months. If it isn't corrected, then one of the intended original purposes for Bitcoin will be lost. It has to get back down to a nickel a transaction fee.
I agree, if it doesn't get cheap again I will not use bitcoin unless I get rich
Bitcoin is rubbish, $3 and two hours to transfer $300. Lightcoin & Dash for spending options... and mining options (not cloud, but real Antminer stuff) (not cloud scams, real Antminer stuff) too. It's ok for long-term cold or offline storage of wealth.
Totally! I will mine bitcoin with Genesis but I will allocate it to litecoin. Don't know if I'm going to have bitcoin at all, maby when I have enough to save 3 or 4 bitcoin and I don't need it for a few years.