The price of a currency, or of any other asset, it's not only based on today utility, but also in the future one.
Everyone knows the limit of bitcoin, and the fact that is practically useless, due to high fee and the slowness of the system.
But we trust that in the next future all these issues will be solved.
Topic: Bitcoin is useless so why high price? - page 39. (Read 4682 times)
Well as for me, bitcoin is not useless. I also suspect the low increase in the price of bitcoin for the passed weeks now to be as a result of the high transaction fee in the blockchain. Having known that one of the aim of bitcoin is no or low transaction fees, but now the transaction fees has become very expensive.
Bitcoin is the father of all coins and with lightning network implementation coming soon, your question now should be why we need so many alt coin to perform similar function (like BCH, LTC and so on)
BTW, the transaction fee now drop to around USD$1.xx, time for bitcoin usage to fly...
Good point. Looks like op underestimates the potential of the king of the crypto world. I do realize that the current transaction fees and confirmation time when it comes to bitcoin is annoying and expensive sometimes, but this is only a temporary problem. The upcoming integration of the lightning network will help solve these problems to a large extent which is something many people fail to think about.BTW, the transaction fee now drop to around USD$1.xx, time for bitcoin usage to fly...
Also, I advise people to use segwit wallets to store their bitcoins which will further help alleviate these problems to an extent. I am currently using a segwit wallet and an happy with the confirmation time and transaction fees.
I think he still does not know how the updates are coming in the way. Off course if transaction is slow, surely devs are making their ways to make the transaction fast. Not just in bitcoin but in other alt coin also. They cant just ignore problem just because they are profitting. It is a multi million dollar investment so we have to wait for the update. It is global so we cant expect instant fixes.
Its high because it has mass adoption and everyone is hearing about it, the media are just talking about bitcoin and every man and his dog is learning of it. A lot see it as a scam/ponzi while the one with more knowledge are seeing it as a way to move money about without problems at the boarders.
Bitcoin will be die some day, but what we cannot really know now is that what coin will take place of bitcoin.
Bitcoin will die? The day I thought bitcoin died was also due to better new technology. And what kind of coin Bitcoin will be. This is hard to define. But it seems to be meaningful.
I would not say that, because in my opinion all this talk about the fact that bitcoin is not needed or bitcoin is useless, all this is not true. After all, bitcoin is the most innovative crypto currency, because bitcoin brought us blockage, and there were expensive commissions, but after integrating lightning into the network, I think this problem will disappear.
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.
So many people who buy bitcoins are because of their price hikes. Let us say that you purchased now 0.01 BTC is worth $ 200 and the next day it will rise $ 300. The profit is so easy that many people buy it because it is not useless. And there are different types of fees and that depends on you.
Bitcoin is the father of all coins and with lightning network implementation coming soon, your question now should be why we need so many alt coin to perform similar function (like BCH, LTC and so on)
BTW, the transaction fee now drop to around USD$1.xx, time for bitcoin usage to fly...
Good point. Looks like op underestimates the potential of the king of the crypto world. I do realize that the current transaction fees and confirmation time when it comes to bitcoin is annoying and expensive sometimes, but this is only a temporary problem. The upcoming integration of the lightning network will help solve these problems to a large extent which is something many people fail to think about.BTW, the transaction fee now drop to around USD$1.xx, time for bitcoin usage to fly...
Also, I advise people to use segwit wallets to store their bitcoins which will further help alleviate these problems to an extent. I am currently using a segwit wallet and an happy with the confirmation time and transaction fees.
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.
It's about trust and the decentralized. A lot of people trust that bitcoin will grow up, and trust that bitcoin not controlled by a party.
And about the slow transaction and high fees, it's because the higher traffic and the increased value of bitcoin.
Bitcoin is the father of all coins and with lightning network implementation coming soon, your question now should be why we need so many alt coin to perform similar function (like BCH, LTC and so on)
BTW, the transaction fee now drop to around USD$1.xx, time for bitcoin usage to fly...
BTW, the transaction fee now drop to around USD$1.xx, time for bitcoin usage to fly...
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 first cryptocurrency and for this reason it is te most expensive!
This useless thing you called bitcoin has made many people wealthy. Transaction fees maybe high but many people are willing to pay it. Take a look at this link to see transactions flowing in every second. https://blockchain.info/new-transactions
May be it is useless for you but it never useless for thousands of people who are holding bitcoin and getting decent earnings. it is the base currency of crypto market if bitcoin was not there then there was no existence of any altcoins.
Price and usefulness are two different things. Bitcoin is useful as a good tool of investment or a good asset. But its use as a currency is almost negligible. Bitcoin is not at all a useless thing, its currency of future. Its unique features made it popular so far. But it needs some regulations. Price of any currency is determined by the flow of demand and supply. Bitcoin`s supply is restricted to 21million coins at the time of its introduction. But its demand is growing continuously. This imbalanced demand and supply situation is pushing its price up.
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.
That's right. Firstly, I don't agree that it's useful, in fact, it is so useful in many different facets of the trade and market industry that it brings forth so many promising developments that could really change the market for the better. It offers a new way of dealing and transacting with a new technology that has never been seen before. It is not like any other currency that has been around in the market. Its quick rise is an indication that it is something useful, which contributes to the idea why it commands a very high price point. It's potential and marketability are really off the charts, which urges people to actually support it even more.
Bitcoin is not useless . Even transactions become much cheaper and faster from the last week . But main btc feature is that he was the first crypto currency . Bitcoin was a pioneer and it attracts people from all over the world to invest in crypto , it is a brand .
Allow me to disagree with you. Bitcoin is gold in the market of crypto-currencies. It serves to accumulate and store its assets. I agree that now it is not very profitable to do tarnzaktsii in bitcoin. But for these purposes there are altcoyins. Although the technology bitcoin does not stand still.
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 was a pioneer. And still gets profit from this fact. Plus, he has the most biggest decentralization and many people agree to such fees just to be sure of the safety of the funds.
I think it's not. For now bitcoin has been decreasing but the future of bitcoin is bright.
Why is bitcoin useless?
Bitcoin has become a convenient way to transfer assets between countries, and bitcoin, like gold has its value. It's not useless.
Bitcoin has become a convenient way to transfer assets between countries, and bitcoin, like gold has its value. It's not useless.
It's useless due to high price (some other coins are much more flexible and useful for a smal transactions), speed of the transaction and the extremely high transaction fee.
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