Topic: Bitcoin could become the “currency of choice for international trade”, says Citi (Read 26 times)
March 02, 2021, 08:40:09 AM
That would be the right thing to do. But not now. Bitcoin and the entire system should be somewhat transformed.
March 02, 2021, 05:32:39 AM
High fees are not a deterrent for $ 100K + transactions. Fees are not even rounding error for these transactions, If bitcoin is widely used on those high-value transactions payers won't mind $100 fees, and the fees are very likely to fall as we move ahead.
It is not just the transaction fees, it is also the speed. The more that people use bitcoin the more it will slow down. This is because bitcoin is not very scalable due to having a max of 7 transactions per second. To compare, a visa has around 20,000 transactions per second. If the world adopted to paying for services and goods with crypto, NANO would be used; if I were to speculate. This is because it does not have any fees and can handle around 7000 transactions per second with plans on increasing. Bitcoin is always going to be valued high though because it is like the gold of the internet.
It is not just the transaction fees, it is also the speed. The more that people use bitcoin the more it will slow down. This is because bitcoin is not very scalable due to having a max of 7 transactions per second. To compare, a visa has around 20,000 transactions per second. If the world adopted to paying for services and goods with crypto, NANO would be used; if I were to speculate. This is because it does not have any fees and can handle around 7000 transactions per second with plans on increasing. Bitcoin is always going to be valued high though because it is like the gold of the internet.
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