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[AudraMiller]

The news that El Salvador legally decided to regulate and accept bitcoin as a form of payment in the country caused a lot of waves globally, as it was this country that made history and became the first country to legalize bitcoin. However, all may not seem to be good for the cryptocurrency community. Whilst this may increase the demand for the coin and its price, analysts say that this adoption can put major strain on the bitcoin network, resulting in higher fees or transaction times. What are your thoughts on this?

 

[Yugocean]

I don't understand how this is going to result in higher fees and transaction time?
When BTC was not legal, it was not that stressful, but when it become legal, those analytics claim this problem.

 

[Josemendez]

I totally agree with this. When all the citizens of El Salvador start to use bitcoin for trading, there will be congestion in the bitcoin network which will lead to high gas fee

 

[Yugocean]

When all the citizens of El Salvador start to use bitcoin for trading, there will be congestion in the bitcoin network which will lead to high gas fee

Gas fees is used only for Ether, in Bitcoin it is Transaction fees.
Transaction fees is charged by miners, it may drop if miners drop the charges.

 

[CyberPreNurse]

I totally agree with this. When all the citizens of El Salvador start to use bitcoin for trading, there will be congestion in the bitcoin network which will lead to high gas fee

I do not think they have enough population more than the number of people that have been trading Bitcoin all this while for them to even lead to an increase in transactions fee.

 

[Yugocean]

It is not mandatory to use Bitcoin in El Salvador, govt just have given it legal status to save its economy because many people were already using it.

 

[Josemendez]

Gas fees is used only for Ether, in Bitcoin it is Transaction fees.
Transaction fees is charged by miners, it may drop if miners drop the charges.

Transaction fee and gas fee are not really different. Both are charged by miners for processing transaction in the networks .

 

[CyberPreNurse]

It is not mandatory to use Bitcoin in El Salvador, govt just have given it legal status to save its economy because many people were already using it.

Do you mean some business owners are free to reject payments that customers may intend to make via BTC? I actually thought the adoption meant it was mandatory for all businesses and firms to accept Bitcoin.

 

[Yugocean]

Transaction fee and gas fee are not really different.

Gas fees is not only transaction, the sender needs to specify the limit before submitting to transfer, it goes as Wei, Kwei, Mwei, Gwei, Twei, Pwei, Ether.
There is another fee like Weight, for example it is used in Polkadot.

 

[Josemendez]

Gas fees is not only transaction, the sender needs to specify the limit before submitting to transfer, it goes as Wei, Kwei, Mwei, Gwei, Twei, Pwei, Ether.
There is another fee like Weight, for example it is used in Polkadot.

My point is this whether it is called gas fee or transaction fee . It all have to do with paying some fee to enable your transaction to be processed.

 

[ElPaule]

It is not mandatory to use Bitcoin in El Salvador, govt just have given it legal status to save its economy because many people were already using it.

excatlty, true words. BTC just becomes an addition to the USD they have there. In El Salvador not everybody has access to internet specially in rural areas. Therefore the good old green bill will be the king on the streets for long time.

 

[Yugocean]

@ElPaule This is an important thought, as far as I know, only a little more than 50% Salvadorians have Internet access; and actually less then them have regular. So it will still need time to get Bitcoin fully accepted.

 

[Josemendez]

@ElPaule This is an important thought, as far as I know, only a little more than 50% Salvadorians have Internet access; and actually less then them have regular. So it will still need time to get Bitcoin fully accepted.

If this is the case then there are still more work to be done , especially education on the use of the crypto wallet and the internet in general.

 

[Yugocean]

If this is the case then there are still more work to be done , especially education on the use of the crypto wallet and the internet in general.

More than this is going on in El Salvador, if you follow Bukale on Twitter, you'll find he is updating everything for Bitcoin. El Salvador is becoming a mining hub too.

 

[Josemendez]

More than this is going on in El Salvador, if you follow Bukale on Twitter, you'll find he is updating everything for Bitcoin. El Salvador is becoming a mining hub too.

Yeah miners are migrating to El Salvador because of the comfortable environment they are offering to miners. I hope this adoption won't have negative effect

 

[Josemendez]

All may not go well with bitcoin adoption in El Salvador. There are so many critics among the Salvadorians. Majority believed that the project will fail

Well , considering how much the government of El Salvador has spent in building the country's wallet and in airdropping citizens

 

[Mariappa45]

With the current state of things now after El-salvador BTC adoption. The gas fee isn't bizarre like it used to be before. So, o don't think it's causing the price of the has fee to increase. BTC will always upgrade it's blockchain when the need be in order to process transactions swiftly to avoid congestion on the blockchain.

 

[AudraMiller]

With the current state of things now after El-salvador BTC adoption. The gas fee isn't bizarre like it used to be before. So, o don't think it's causing the price of the has fee to increase. BTC will always upgrade it's blockchain when the need be in order to process transactions swiftly to avoid congestion on the blockchain.

You are right in saying that the gas fee is not too high, however if we look at how many coins that are actually out there in the cryptocurrency space and then we start to look at the transaction fees that are associated with these coins, this puts altcoins above bitcoin and Ethereum. People are generally going to tend to look for a coin with minimal impact on them with the transaction, thus will tend to use ripple and dogecoin over these main crypto coins. A couple dollars can be a major difference in my opinion.

 

[Mariappa45]

You are right in saying that the gas fee is not too high, however if we look at how many coins that are actually out there in the cryptocurrency space and then we start to look at the transaction fees that are associated with these coins, this puts altcoins above bitcoin and Ethereum. People are generally going to tend to look for a coin with minimal impact on them with the transaction, thus will tend to use ripple and dogecoin over these main crypto coins. A couple dollars can be a major difference in my opinion.

Yeah, the lower coins like Ripple, dogecoin, can be a major source to reduce the gas fee when sending out to a recipient or sending to another address. I don't send out my BTC coin because the gas fee is higher compared to lower coins. I simply swap BTC for LTC, or dogecoin then send it out.

 

[AudraMiller]

Yeah, the lower coins like Ripple, dogecoin, can be a major source to reduce the gas fee when sending out to a recipient or sending to another address. I don't send out my BTC coin because the gas fee is higher compared to lower coins. I simply swap BTC for LTC, or dogecoin then send it out.

That is what i tend to do as well because i find that it is much cheaper. However i did notice that there are times in the day when there is a massive reduction in the bitcoin prices, and this is probably when there are less people transacting at that time. If you want to transact with bitcoin you could look for those times as well.