Topic: Bitcoin is useless or is it? - page 13. (Read 12826 times)
I guess with the current transaction fee, we should forget about bitcoin is for buying a cup of coffee, things are evolving and so is the problem with bitcoin scaling and transaction fee. But even if this problems are around, I do not think bitcoin is useless. There is always an alternative use for Bitcoin. Before the scaling is fixed, I think it is better to use bitcoin as store of value.
For me, Bitcoin is very useful. I can use it in every transactions and payment. This is one of the best things I've ever known in bitcoin. There are no transaction fees and no need to give your real name. In bitcoin transactions, banks are not involved. Bitcoin solely stands on its own.
What do you mean exactly? I cannot actually understand what did you say.It is true that when you are transfering your bitcoins to somewhere else, you dont give up your identity to any kind of authorities or banks, but everybody in the world connected to the internet can see your transaction , so it is all about listing an person to specified address: which is an extremely hard task in most cases.
But you have said that there are no transaction fees for using blockchain, but I think I dont even have to mention that, because everybody interested in cryptocurrencies know that bitcoin has something like "miner reward", which means that you pay some satoshis for getting transaction confirmed!
Oh my god... An asset with almost 30 billion dollars and you're asking whether or not it's useless. 
Yeah, and still more so given that Bitcoin is nowhere near being worth 30 billion dollars (or even 20B dollars)
Quote
I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices
False, for the n time.. there is no link between the tx fee and the price of bitcoin.
Bitcoin could reach 100k but if there are no transactions or under 200k /day you could still send payments with 1 satoshi per kb.(and get confirmed)
Also, even if the price drops back to 1000 but we experience 10x more transactions get ready for fees up to 3$ for input
You are false and that got confirmed
Since you yourself mentioned transaction fees in dollar terms, it is as clear as day that the size of transaction fees is in linear dependence over Bitcoin price (provided all other things remain the same). I guess this is what the poster you replied to meant, i.e. transaction fees in fiat terms, just like you said yourself. After all, it was your claim that Bitcoin is there only because of fiat and people are ultimately interested only in fiat, not in Bitcoin. It kinda looks you should stick to your guns, shouldn't you?
What a surprise ... 4 lines on text.
Deisik the four liner.
How about you stick to your English manual cause "stick to your guns" doesn't mean what you think it does.
And if anything it means the exact opposite in this situation.
Or are you really encouraging me?
Go away (please) take a break, 4liners are too much for you
I know perfectly well what the phrase means and when it is used (but you may want to finally find out)
It means that even if you are trying to troll (which is what you are doing here, the Witch will punish you), you should do that wisely. Otherwise, you'll be a ludicrous and despicable troll which doesn't know where his mouth is (think clown here). That means as well that you should remember what you had been saying at least yesterday if not before that, i.e. not to say things which are in direct "opposition" to what you claimed previously. In this case specifically, I remember how you were laying yourself out proving that people don't care about Bitcoin, that all they care for turns around fiat, and things like these. And now you defiantly forget all that you have been preaching for and against yourself. I hope this gets through somehow
Oh my god... An asset with almost 30 billion dollars and you're asking whether or not it's useless.
Yeah, and still more so given that Bitcoin is nowhere near being worth 30 billion dollars (or even 20B dollars)
Quote
I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices
False, for the n time.. there is no link between the tx fee and the price of bitcoin.
Bitcoin could reach 100k but if there are no transactions or under 200k /day you could still send payments with 1 satoshi per kb.(and get confirmed)
Also, even if the price drops back to 1000 but we experience 10x more transactions get ready for fees up to 3$ for input
You are false and that got confirmed
Since you yourself mentioned transaction fees in dollar terms, it is as clear as day that the size of transaction fees is in linear dependence over Bitcoin price (provided all other things remain the same). I guess this is what the poster you replied to meant, i.e. transaction fees in fiat terms, just like you said yourself. After all, it was your claim that Bitcoin is there only because of fiat and people are ultimately interested only in fiat, not in Bitcoin. It kinda looks you should stick to your guns, shouldn't you?
What a surprise ... 4 lines on text.
Deisik the four liner.
How about you stick to your English manual cause "stick to your guns" doesn't mean what you think it does.
And if anything it means the exact opposite in this situation.
Or are you really encouraging me?
Go away (please) take a break, 4liners are too much for you.
Oh my god... An asset with almost 30 billion dollars and you're asking whether or not it's useless.
Yeah, and still more so given that Bitcoin is nowhere near being worth 30 billion dollars (or even 20B dollars)
Quote
I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices
False, for the n time.. there is no link between the tx fee and the price of bitcoin.
Bitcoin could reach 100k but if there are no transactions or under 200k /day you could still send payments with 1 satoshi per kb.(and get confirmed)
Also, even if the price drops back to 1000 but we experience 10x more transactions get ready for fees up to 3$ for input
You are false and that got confirmed
Since you yourself mentioned transaction fees in dollar terms, it is as clear as day that the size of transaction fees is in linear dependence over Bitcoin price (provided all other things remain the same). I guess this is what the poster you replied to meant, i.e. transaction fees in fiat terms, just like you said yourself. After all, it was your claim that Bitcoin is there only because of fiat and people are ultimately interested only in fiat, not in Bitcoin. It kinda looks you should stick to your guns, shouldn't you?
Even with high fees,bitcoin is still used and would be used in future also for transactions.It would be better if there is lesser fee but people will not go to altcoins for this reason.
Now that bitcoin has really taken over the world, it is not being used, acknowlegde and known to many users nowadays it is really not good that fees for transactions are raising high. Like where do this fees go. They promised small fees for every confirmation of any transaction. But yeah, even though this is happening bitcoin will still be known, and used. Oh my god... An asset with almost 30 billion dollars and you're asking whether or not it's useless.
Yeah I think useless is the wrong term for what he was trying to express, I guess you could say its becoming irrelevant as a currency used for transactions but is still very useful as an asset.
Bitcoin is still useful. We just need to be smarter about spending it. Use purse.io to save money. Easily mitigates that transaction fee. Just a thkught!!
It not useless and not dieing at all its normal for the price to go up and down in many times but ee all since the bitcoin success in passing years and become the most successful cryptocurrency we cant expect it to die easily.
How can you ridicule or rundown Bitcoin as useless because there's increase in transaction fees. I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices so why badmouth it in the first place? It is never useless and has never been to some of us.
I dont think there is any credibility in this thread. The whole cryptocurrencies world is standing on BTC and without it, there will be nothing. If you compare the price of BTC then the fees are nothing. Look at the impact BTC is doing on the planet. It is necessary for system to continue.
With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?
I would like to debate this and gauge the community's response to Bitcoin experiment.
The simple explanation is, bitcoin is valued because people are ready to accept it as an exchange for good(like any other fiat currency). So as along as that stays in place and people accept bitcoin, no matter how much the fees is, bitcoin will have value and be used. And 1$ fees is not that big a deal, the avg fees has become 1$ right now only because of rise in BTC's price but in BTC terms it's the same 180sat/byte which is not too much. I would like to debate this and gauge the community's response to Bitcoin experiment.
How can you ridicule or rundown Bitcoin as useless because there's increase in transaction fees. I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices so why badmouth it in the first place? It is never useless and has never been to some of us.
Quote
I thought increase in transaction fees is directly proportional to increase in Bitcoin value or prices
False, for the n time.. there is no link between the tx fee and the price of bitcoin.
Bitcoin could reach 100k but if there are no transactions or under 200k /day you could still send payments with 1 satoshi per kb.(and get confirmed)
Also, even if the price drops back to 1000 but we experience 10x more transactions get ready for fees up to 3$ for input
.
Oh my god... An asset with almost 30 billion dollars and you're asking whether or not it's useless.
It is not useless at all, you can invest it in many place or hold it for investing purposes.
You can also simply pay with it, so it is very useful!
You can also simply pay with it, so it is very useful!
Bitcoin was never advertised or designed to be micropayment solution. Flat TX fee is better suited to transfer a large sum of money.
It is still viable remittance option as you send rather large amount of money at once.
It is still viable remittance option as you send rather large amount of money at once.
Oh really...
Satoshi said something else:
https://bitcoin.org/bitcoin.pdf
He never saw bitcoin as an investment., unlike % of the current users.
He could only speculate, hope and expect what path bitcoin will follow. It's true he aimed to create p2p currency and payment method.
But I am sure that after 7 years of bitcoin existence, evolving and testing he would change his mind about many things: including scaling solution or bitcoin main purpose.
With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?
I would like to debate this and gauge the community's response to Bitcoin experiment.
I know that the transaction rate has increased but you can also see that still the rate is very lower compared to all other payment processors where you will pay more than 3 or 4 dollars for a smaller amount while for bitcoin transaction you will need to pay around one dollar for a huge amount of money even for international transactions. I would like to debate this and gauge the community's response to Bitcoin experiment.
To say the transaction fees is not a matter for concern will be an understatement because the cost these days is definitely on the high side but I still don't believe its what makes bitcoin useless as we still have other advantages that will still work for to the favour of bitcoin like the anonymity and the convenience is something that means a lot.
Exactly once. An intelligent thought is very helpful to be able to get a good profit. Because of the various facets of the overall total of bitcoin surely bad enough, because it is the most important thing for a technology is the introduction or a crowd of people. for if more and more used by people the many advantages and developed technology. Unlike the bitcoin, where many people use it because doing an investment
Even with high fees,bitcoin is still used and would be used in future also for transactions.It would be better if there is lesser fee but people will not go to altcoins for this reason.
i agree, it will not become useless just because of high fees. someday it will get low because of many bitcoin users who are pushing to make the fees low for a better and more transactions.
Fees are not the same thing that makes people not using bitcoin, fees are always proportional to the value, so do not complain about it. However, bitcoin needs changes to suit the needs of the user. At present, transactions need to be processed faster.
I agree with you fees was never a problem because everyone knows that the miner's expenses are going high as the price of bitcoin goes high and the difficult level is also going high. now only matters is the confirmation of transaction which is taking very long time even when high fees is paid. I have sent the bitcoins to the exchange to sell my bitcoins with Transaction fees of 99.265 sat/byte even then it is more then 24 hrs and still not got confirmed , then think what will happen when a merchant sells the goods and if it takes such long time then how will he have faith on bitcoin if the transaction got cancel then he will be in loss as the buyer have purchased the product and gone.
Even with high fees,bitcoin is still used and would be used in future also for transactions.It would be better if there is lesser fee but people will not go to altcoins for this reason.
i agree, it will not become useless just because of high fees. someday it will get low because of many bitcoin users who are pushing to make the fees low for a better and more transactions.
Fees are not the same thing that makes people not using bitcoin, fees are always proportional to the value, so do not complain about it. However, bitcoin needs changes to suit the needs of the user. At present, transactions need to be processed faster.
For me, Bitcoin is very useful. I can use it in every transactions and payment. This is one of the best things I've ever known in bitcoin. There are no transaction fees and no need to give your real name. In bitcoin transactions, banks are not involved. Bitcoin solely stands on its own.
Jump to: