Cryptocurrency people are strange. that is what you find if you go around social media browsing their comments and posts. But this time, Jimmy Song, a known bitcoin advocate just went downright insane when he recommended using credits cards instead of paying with bitcoin in a tweet yesterday.
Song, known by the use of a cowboy hat in real life presentations is a really hardcore bitcoin advocate, who is always present in social networks and having conferences and debates, has now accepted that bitcoin is not ready for prime time payments, as he announced that credits cards are a nice solution for micropayments.
While this tweet was heavily criticized and attacked, Song does have a point. Cryptocurrencies are not near usable as a payment method. Imagine if everyone in the United States or India would pay every article bought with bitcoin. Fees would skyrocket to the sky due to the number of operations pending on the network. The case would be a lot more critical than when prices rose to over $15.000 last December and transaction fees were over 50 dollars.
With transaction fees so high, the use of bitcoin for purchasing simple articles would be a no-go, due to transaction fee being more expensive than the article itself. Picture buying a cup of coffee with bitcoin and finding out that the coffee is cheaper than the fee. There is no practicality in that.
But in recommending this kind of conventional payment methods, Jimmy is accepting that bitcoin is still in its early stages, and using it as an everyday form of acquiring goods and paying services is not possible yet. To be fear, they are developing second layer scaling solutions for this kind of use, but they are still a long way from achieving the reliability to be used as a substitute for on-chain payments.
Summarizing this, not even the most invested guys on bitcoin are using it for everyday payments.