Bitcoin is useless so why high price? - page 38.

Suskunadam

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Quote from: crzy on December 30, 2017, 05:12:46 PM

Quote from: fred22 on December 30, 2017, 05:07:14 PM

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

Bitcoin fees is really high, but I don't agree that this is useless because I believe in the future of every cryptocurrency and bitcoin is one of them. If you really think bitcoin is nothing then stop holding on it. Bitcoin will be better in 2018 and people who sold it on panic will surely buy back.

OP already states that he/she will not hold BTC, and doesn't show any sign of panic.

My answer to OP's question: Although BTC has very high transaction fees, has diverged from its 'decentralized' philosophy thanks to greedy ASIC farms, and has no real-world features like of ETH's, it is still Bitcoin, the pioneer of all cryptocurrencies.

mark1220

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Yes bitcoin has a high transaction fee but its not useless if you have any tokens and bitcoin if you convert it its has a same price. just like your salary in signiture camapaign convert it into another token or to bitcoin it has the same value. and before other currency bitcoin is first no bitcoin no tokens.

COINISM0001

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Right now that is indeed the problem, however since bitcoins are really flexible and a the whole community sees the problem perhaps another push for segwit2x would occur and that it would likely unite the whole community this time around. As the transactions has not really improved after just the initial segwit upgrade, I think the upgrade to a segwit2x would be a much needed one. Well this will result to another debate over the upgrades all around the community but I do hope we reach a consensus before it is too late that everyone wants to get out of BTC.

ckorbba

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Quote from: xiaohang07 on January 25, 2018, 04:56:05 PM

1. Bitcoin is the coin that is listed on basically every exchange, indicating its exposure is the highest among all coins. 2. The number of bitcoin holders is larger than that of other coins. The result is that there are more shillers that are dedicated to shill bitcoin. 3. Lightning network and other off chain scaling solutions are incoming, creating a hype that Bitcoin will be the dominant currency of the world.

I think that all the excitement around Bitcoin is artificial, which led to an increase in demand for coins. The result we saw And it's a maximum of 20,000 dollars for one Bitcoin. But for today the senseless coin starts to lose in the price and many investors can not keep their heads in their hands. Your explanation for me did not work and I do not understand the value of Bitcoin in fact, compared to the same etherium or other altcoin.

Jarek111

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Bitcoin will be detronized by some altcoin but it will take a couple of years for that to happen. Most people out of crypto who heard about bitcoin do not know any other coin. It takes time another crypto will be introduced to wide public.

xiaohang07

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1. Bitcoin is the coin that is listed on basically every exchange, indicating its exposure is the highest among all coins. 2. The number of bitcoin holders is larger than that of other coins. The result is that there are more shillers that are dedicated to shill bitcoin. 3. Lightning network and other off chain scaling solutions are incoming, creating a hype that Bitcoin will be the dominant currency of the world.

1 currency now

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Quote from: patt0 on January 25, 2018, 02:38:39 PM

Quote from: luongdk on January 25, 2018, 02:08:31 PM

Bitcoin is useless because of his price and long transactions, but the same time I think it's useful for big transactions, that you can't realise in banks.
Why so big? I think because of pumping and speculative activity, there are no more reasons.

Well, although there is a lot of speculation regarding bitcoin, I think that bitcoin is not that overpriced. It is kind of useless right now for small transactions, but as you pointed out, it might be a good solution for big ones. It also has the potencial to grow a lot more, if it's scalability problems get solved, so I would say that bitcoin is already pricing the potencial it has once those problems are solved. So although it's still speculation, since small fees and fast transactions are not a reality yet, it's price is a way of people supporting it, and claiming their faith in it's future development. It's normal to invest in startups for it's potencial, and I guess that is what is happening with bitcoin right now.

The price of Bitcoin comes only second to the technology that Bitcoin has. A lot of people that saw the history of Bitcoin can understand that.

patt0

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Quote from: luongdk on January 25, 2018, 02:08:31 PM

Bitcoin is useless because of his price and long transactions, but the same time I think it's useful for big transactions, that you can't realise in banks.
Why so big? I think because of pumping and speculative activity, there are no more reasons.

Well, although there is a lot of speculation regarding bitcoin, I think that bitcoin is not that overpriced. It is kind of useless right now for small transactions, but as you pointed out, it might be a good solution for big ones. It also has the potencial to grow a lot more, if it's scalability problems get solved, so I would say that bitcoin is already pricing the potencial it has once those problems are solved. So although it's still speculation, since small fees and fast transactions are not a reality yet, it's price is a way of people supporting it, and claiming their faith in it's future development. It's normal to invest in startups for it's potencial, and I guess that is what is happening with bitcoin right now.

luongdk

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Bitcoin is useless because of his price and long transactions, but the same time I think it's useful for big transactions, that you can't realise in banks.
Why so big? I think because of pumping and speculative activity, there are no more reasons.

jk9694

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I think everyone understands that the only useful function of bitcoin is its changeability, bitcoin itself is supplied with demand due to its history, not more than that

popolite11

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Bitcoin is discussed in another section, but I am talking about something different. I do not think you will find experienced traders who share your viewpoint and call Bitcoin useless crypto. BTC is the way to invest money and earn a lot. As for cash out, seek for the better exchange.

byteminr

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Quote from: fred22 on December 30, 2017, 05:07:14 PM

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

Bitcoin is the father of the crypto-currency industry. He is almost 10 years old and during this time there were no critical failures in his network. Yes, now there are problems with the speed of transactions and their cost, but this issue is being addressed. For example, the Ligthin network is being tested. I think that bitcoin will be fine

stripykitteh

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Quote from: fred22 on December 30, 2017, 05:07:14 PM

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

You are viewing the price too much. The coins that were built after Bitcoin are still alive correct?

nightxglow

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Well the high fee is already being quite a problem from a long time, and yes many people don't like this aspect about bitcoin.
But bitcoin is not useless, you can't expect to get something big without sacrificing at all.
And you ask why the price is high? It's because many people want it. The higher the demand is, the higher the price will be. Economic law, i bet you know that since it's learned at school.
But still i think, bitcoin is still useful and great, if you compare the high fees and the profits you get, i think it's still a positive for the profits. So don't need to complain, and just leave if you really want to, just don't regret it later.

styca

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Quote from: fred22 on December 30, 2017, 05:07:14 PM

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

Some coins stagnate and have no active development. Bitcoin is obviously very different and has very active development - when Lightning Network arrives, speed will be vastly improved. In short a cryptocurrency isn't a static thing. A coin that is slow now may stay slow, may get slower, or may have people working hard to solve the problem.

tiar4dewie

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Quote from: fred22 on December 30, 2017, 05:07:14 PM

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

This will make bitcoin no longer the king of crypto, the owner will hold a certain amount of his possession for quite a long time because of considering the purchase price and the cost of withdrawal is quite expensive.

Iyhen

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How do you say its useless? Based on my knowledge about it, bitcoin is the latest currency and other companies are accepting bitcoin as payment. Through this, many people are earning and its a big help for them because here you can work without any documents. Anyone is welcome to work and invest here, but sometimes we just need to be careful because there are scams.

Geleve

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There are several reason but the main reason is that bitcoin is a way to buy altcoins. anybody wants to buy altcoin have to buy bitcoin first. bitcoin price is high because of this.

kirito1614

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I figure its what everybody need to live with right now and the main thing we would all be able to do is simply to opening that things will show signs of improvement either by plan or by botch. Things simply needs to show signs of improvement on the grounds that without that, I see bitcoin losing its position extremely quick to other alt coins that are seeking that position which is truly happening quick and the arrangement of change that ought to be seen in the coming year should be put on hold for the present.

veraoktav127

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people are interested in bitcoin because the price is high, we can exchange it for a low fee fee if we can find the right exchange, so we will not lose if have bitcoin

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