Transaction fees

BITCOIN
#1

I just received my Nano Ledger S today. I have been sending my Bitcoin from Coinbase to my Bread wallet and now to my Ledger. I start out by sending a few bits to make sure all is Ok. The fees have been ranging from about $.67 to $1.50. Now this is a low fee when sending 1 bitcoin, but it’s a huge fee when sending a couple of bucks.

This makes me wonder how Bitcoin makes sense as a currency at the present time. If you are buying a $3 taco, then paying a $.67-$1.50 fee makes no sense. The fees are going to have to come way down before being able to use Bitcoin as a every day currency. The transaction times will have to speed way up too. Been waiting almost 45 minutes for confirmation and nothing so far. Kind of discouraging.

Bitcoin has been great as an investment lately, but I’m not sure why it’s value has been exploding, since it kind of sucks as a currency. I hope Lighting solves the long transaction time and high transaction fee problems.

1 Like
#2

Yes it bites to spend so much for little transactions. Bitcoin is not to be used for little transactions more for bigger money moves. Use Litecoin for the small stuff it is faster also. Store your wealth in BTC and let it gain in value you will not care about the transaction fees after you made 200%+ gains over the years. Fiat is too easy to use for your coffee so just use it for that you will be better off using BTC to store your savings not use for every day purchases.

#3

I think you answered your own question. :slight_smile: As it stands BTC is a great store of value but we need the lightning network or other future BIP to make it useful as a currency. The foundations are well and truly laid though.