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by adangert 3118 days ago
Many say that Bitcoin's primary use is a store of value and a horrible medium of exchange. In that light, being unable to make small transactions makes sense, you store your wealth in Bitcoin and leave it there, kind of like a savings account, the high fees and slow transactions don't matter because you are not moving funds. High fees also reduce the amount of transactions in kind of an equilibrium,the higher fees go, the less people are willing to transact, thus lowering fees to the point of usability.

The other camp that wants to use Bitcoin for small transactions is either in the illusory lightning network camp, or more realisticly investing in bitcoin cash. In my opinion, bitcoin has proven itself to be a great store of value but a poor medium of exchange, so just treat it as such.

2 comments

Anything that fluctuates in value by 20% of more in a day can't be called a store of value.
It makes me a bit sad the way bitcoin has gone, I remember buying things with BTC a few years ago.

Some sites even built "order status" page that gave direct feedback of the transaction e.g. confirmations. I thought that was really cool.