Bitcoin is useless or is it? - page 18.

loiterin9

newbie

Activity: 42

Merit: 0

Quote from: Red-Apple on May 14, 2017, 07:18:02 AM

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead.

if you want to transfer a couple of thousands of dollar with bitcoin you still pay the same low fee of $0.7-$0.8 but with a bank you will end up paying a percentage of what you transfer.
so it is still pretty cheap.

Quote

Even if your want to move a higher value, volatility kills it. By the time the value is received it can go up or down. So again it's useless.

pearlmen

sr. member

Activity: 322

Merit: 250

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

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.

With the in increase in the amount being paid for transaction fees which is quite unfortunate but that does not mean the end of bitcoin we are always very happy to see increase in the price of bitcoin and quickly with the "bitcoin to the moon" threads but not with the cost attached to it. If the rate of increase of transaction has not overshadowed the increase in price, people will continue using bitcoin and its death is not near.

a7594li

hero member

Activity: 711

Merit: 500

I think everyone should buy one

Ankara

legendary

Activity: 952

Merit: 1000

Well it wouldn't be great to use it for a sandwich or drink.

Does it make it useless. Nope, it is and amazing saving tool, store of value and should be treated as such.

sobsitesearch

sr. member

Activity: 406

Merit: 250

Quote from: stompix on May 14, 2017, 07:25:18 AM

Quote from: davis196 on May 14, 2017, 07:02:21 AM

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

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.

After the price correction everything with transaction fees and confirmation time will be just fine.
I partially agree with your thoughts.Bitcoin is used mainly for speculation and gambling.
This prooves that bitcoin isn`t a real currency.

No , it has nothing to do with the price.
The competition for the space in the blockchain will still be around and people will still pay a higher fee for that.

Even if bitcoin price will drop to half if the number of transactions will double then you will see double txfees.

Most o the users wanting to transact with low fees that is why more transactions have traffict in the block chain. But if you want to transact quickly you should pick the higher fees.
But for me i do not like gambling because i can not generate income in this method.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: davis196 on May 14, 2017, 07:02:21 AM

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

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.

After the price correction everything with transaction fees and confirmation time will be just fine.
I partially agree with your thoughts.Bitcoin is used mainly for speculation and gambling.
This prooves that bitcoin isn`t a real currency.

No , it has nothing to do with the price.
The competition for the space in the blockchain will still be around and people will still pay a higher fee for that.

Even if bitcoin price will drop to half if the number of transactions will double then you will see double txfees.

Red-Apple

hero member

Activity: 1470

Merit: 655

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead.

if you want to transfer a couple of thousands of dollar with bitcoin you still pay the same low fee of $0.7-$0.8 but with a bank you will end up paying a percentage of what you transfer.
so it is still pretty cheap.

Quote

Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

the higher fees are annoying for sure but there are a lot more to bitcoin than just cheap fees.
and worst things that can happen is that bitcoin can just be an investment that people speculate about. nothing wrong with that

Quote

I would like to debate this and gauge the community's response to Bitcoin experiment.

bitcoin was an experiment once, a long time ago. now bitcoin is a real currency that many people recognize it as such and many countries are even starting to do so.

Wesimon

sr. member

Activity: 406

Merit: 250

https://gexcrypto.io

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

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.

How come a thing would be useless if it has many uses? How come people say bitcoin is useless when they are using it? Bitcoin has only a little flaws in the transaction fees and yet other people thinks it is useless. The nature of human, when they don't get what they want, they imply negative image to it. Which is very wrong. Maybe you can say that bitcoin is useless if you yourself is not using it.

davis196

hero member

Activity: 3150

Merit: 937

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

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.

After the price correction everything with transaction fees and confirmation time will be just fine.
I partially agree with your thoughts.Bitcoin is used mainly for speculation and gambling.
This prooves that bitcoin isn`t a real currency.

Emoclaw

sr. member

Activity: 420

Merit: 251

Bitcoin will scale and the fees issue will be solved at some point.
If any of you think Bitcoin is gonna die because the fees are too high, then you have NO idea what Bitcoin (or cryptocurrency for that matter) is and should go back to using cash. It is absurd to think that a cryptocurrency valued at $1800 and with a $30B market cap is useless due to high fees. It's like you think there aren't a plethora of other advantages.

rekinthis

hero member

Activity: 658

Merit: 500

CryptoTalk.Org - Get Paid for every Post!

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

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.

As bitcoin price bounces back it actually becomes even more useless. The fees are getting higher and higher every second thus it is pretty much not worth using it on daily basis. Just imagine buying a coffee in a shop for 3 dollars and paying additional 1.5 dollars on the fees for it, it is just horrible, we need bigger blocks right now so that all the spam transactions wouldn't have any impact on the mempool and people transactions could be confirmed even with the lowest fees in every single block, in this way we might accelerate the adoption and bring back bitcoin to life again. BU FTW

ekoice

hero member

Activity: 742

Merit: 500

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.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

Quote from: GGBTC.NL on May 14, 2017, 03:16:07 AM

indeed. The low transaction fee's are a lie now. better to buy your pizza with real money or pay more with BTC.

Can anyone tell me for whom those fee's are, and why they are rising?

That is if you make a payment in cash with a store located in your area. but if you buy goods at a distance of course make money transfers is mandatory. Than using BANK or other media of course bitcoin far to provide convenience. Besides we can track whether the transaction is successful or not.

dinofelis

hero member

Activity: 770

Merit: 629

Quote from: loiterin9 on May 14, 2017, 03:06:01 AM

Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

A lot ! Namely how much other speculators will speculate more than you do ! That's how you can make money out of that !

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

i don't remember getting the memo about bitcoin is supposed to be cheap, and it certainly has never been the main reason for using it.

maybe people have forgotten what decentralization means! what it really means when you are in full control over your money without needing a fucking bank to tell you what to do with it, to block your money, take whatever they want from you, government put their hands in your pocket, ...

we all know fees are high and we prefer it to be lower, we want to still be able to send transactions with lower fees. specially since miners don't deserve the extra income at this point with 12.5BTC reward per block. but that doesn't change anything about bitcoin's usefulness.

loiterin9

newbie

Activity: 42

Merit: 0

Quote from: eckmar on May 14, 2017, 03:31:03 AM

well if frees are what concern you most just loot at paypal of skrill for example. Do you like that better ? I will always prefer having higher fees and no one above me to fuck with my money

Fees discrepancy causes an issue with payment finality. No one maybe fucking with your money but if your money can't reach nowhere on time, who gives a fuck?

GGBTC.NL

newbie

Activity: 20

Merit: 0

Quote

Transactions are extremely simple for miners to process and they can be processed nearly instantly. The problem is that improvements in miner technology along with dramatically increased revenue from the rising price mean that there dramatically more miners than are actually needed to secure the network. Furthermore, to scale the network miners have to come to a consensus on what to do, and by not scaling the network miners earn the transaction fees on top of the existing block reward, meaning that there are more and more miners added which seldom actually want to scale, and if they do it's only out of the desperate prospect that Bitcoin might become less popular.

Therefore the network will scale once everyone rushes to do everything at the same time with no actual consensus, or once BITMAIN and other monopolies give up on BU to shift to SegWit.

Eventually, I think it does have to happen. Naturally, if people ran away from Bitcoin to alts (not actually happening yet) a scaling solution would be implemented.

That is complete, comprehensible and understandable answer, for a tech newbie like me. I could understand increased traffic and miner getting a fee. just not why it has to increase so much.

Thank you!

Nagadota

hero member

Activity: 574

Merit: 500

ClaimWithMe - the most paying faucet of all times!

Quote from: loiterin9 on May 14, 2017, 03:23:32 AM

Quote from: GGBTC.NL on May 14, 2017, 03:16:07 AM

indeed. The low transaction fee's are a lie now. better to buy your pizza with real money or pay more with BTC.

Can anyone tell me for whom those fee's are, and why they are rising?

The fees are being paid to miners to process transactions. The higher the volume of transactions the more effort is required to process

Transactions are extremely simple for miners to process and they can be processed nearly instantly. The problem is that improvements in miner technology along with dramatically increased revenue from the rising price mean that there dramatically more miners than are actually needed to secure the network. Furthermore, to scale the network miners have to come to a consensus on what to do, and by not scaling the network miners earn the transaction fees on top of the existing block reward, meaning that there are more and more miners added which seldom actually want to scale, and if they do it's only out of the desperate prospect that Bitcoin might become less popular.

Therefore the network will scale once everyone rushes to do everything at the same time with no actual consensus, or once BITMAIN and other monopolies give up on BU to shift to SegWit.

Eventually, I think it does have to happen. Naturally, if people ran away from Bitcoin to alts (not actually happening yet) a scaling solution would be implemented.

Boseda

sr. member

Activity: 448

Merit: 250

I said similar things in my topic: https://bitcointalksearch.org/topic/bitcoin-is-gonna-die-soon-1917152

Yes, I agree with you. Bitcoin is becoming useless as a payment system.

eckmar

legendary

Activity: 1878

Merit: 1038

Telegram: https://t.me/eckmar

well if frees are what concern you most just loot at paypal of skrill for example. Do you like that better ? I will always prefer having higher fees and no one above me to fuck with my money

Topic: Bitcoin is useless or is it? - page 18. (Read 12826 times)