Is BITCOIN doing what it was supposed to do - currency for common man? what about the fees?
With a lack of scaling, Bitcoin made a lot of headlines due to mounting fees.
At one point, a Bitcoin transaction cost over $26. It is far from ideal.
BTC was brought to this world to fight corruption and support common man. It was a genuine invention to challenge status queue in financial world and banks - just no invention for years and eating away the middle man margin.
But look what happens when an invention like BITCOIN when fell into cheap humans what can happen - couple of miners still controling the price of BITCOIN and hence you can see this loot going on for transaction fees... so much so that these cheap people has made BTC unviable for any small business for small people - one cant by food, cloth basic minimum using bitcoin as the fees will be more than the transaction.
BTC fees proving again and again - where there is money involved bastards will rise to power to manipulate and rein the poor. BTC is no more decentralized system Its chiefly being controlled by 5 TOP miners.
Hello! You are right but recently as i read the fees reached the lowest level coming back to some cents per transaction. I don't know if in practice it is true but anyway it is really a pity to see BTC becoming the crypto for rich people... Hope that all this find a solution soon if not the future of BTC will remain uncertain. I upvoted your post and follow. Have a nice weekend!
Hi!! Thanks for your comment. Yes i agree now its coming down substantially but because of the law of demand and supply. Earlier the number of transactions were very high but majorly from retail so miners were busy picking only high value ones. Now it seems retail is out and in this journey from 17th jan maybe institution money etc is coming in and how that is different. Well the number of transactions might have reduced but value of transaction may not. So now those low value transactions has subsided and hence miners are ok with this fee also as they also don't expect BTC to pause a bit. Its really to be seen when around may next bull crazy run will start then the fees again spiral up...
Lets keep an eye if indeed it does then we can very well understand how centralized is BTC and how much we are so much dependent on this BTC Miner cartel.
Thanks for your reply! Yes, right... it is just a matter of time and technology! Maybe the whole thing change a bit to become bettr for poor people maybe not, reality is always the best forecast somewhere...! Have a nice weekend!!! I upvoted your reply and thanks for your upvotes!
Thanks!! Have a great weekend!!