This is very true. The transaction fees ae definitely one of the reasons that bitcoin cannot be used as a main form of payment, because smaller valued transactions will not be able to be carried out without hefty fees that may cost even more than the actual item. I think that this is why bitcoin is being used by most as an investment, however i have noticed that many prefer to transact with coins that are a bit better on its transactions fees, such as the ripple coin.
High risk in Bitcoin will be the biggest problem in this case, because not all the people are ready to take risk.
This is a very good point. There are many countries that are attempting to regulate crypto transactions through the regulation of wallets and kyc verifications, however there are also a number of wallets that do not require this information as well, therefore the anonymity is likely to continue. I do agree that security is a major issue as a currency cannot be endorsed if it is being used for the wrong reasons (crime).
In order to curb this, the regulatory bodies would have to make sure the implement a policy that would ensure all wallets do the kyc verification. This way, there won't be much issues, especially tracing criminals.
This is true and would involve that many countries work together in order to try and achieve this as the wallets are based in different regions or countries. At the moment if a wallet in your country requires kyc verification, it is easy to bypass this through the use of a wallet application from another country, where their restrictions are not as limited as what you are experiencing with your native wallets.
Absolutely, the regulatory bodies of various countries would have to work collaboratively since we are all trying do get rid of cyber crime and so anything that would help in achieving this needs to be accepted all over the world.
I agree with your thoughts. Bitcoin votality may be good for trading but it is not good as a payment method. I faced a big problem when bitcoin gas fee went high. I could not convert my bitcoin to local currency because the transaction fee was so high, the amount I eventually had was too low than what I deserved.
Transaction fees are a huge concern. This is the main reason why coins such as ripple, although they have a much lower value than bitcoin and other cryptocurrencies, are so popular. Ripple has the unique characteristic in that their transaction fees are so small that most describe them as being negligible. Also, when the bitcoin price is high there are many transactions, therefore the traffic is high and his causes high fees.
