I'm also in the position that Bitcoin is not here to surpass traditional payments. It's more of an alternative to the traditional methods of payment. If they don't want the traditional one, they can use cryptocurrency as an option.
Looking at the different factors, Bitcoin is at the early stage and it has no power to surpass traditional payment as of now. We need to consider the technological capabilities, the government, and the people.
Topic: Bitcoin will NOT surpass traditional methods of payment. Convince me. - page 4. (Read 539 times)
January 24, 2020, 05:22:05 AM
January 24, 2020, 05:06:49 AM
Sadly, I am one of those who strongly believe that "Bitcoin will NOT surpass traditional methods of payment." It's commonsense to note that the tech behind Bitcoin or cryptocurrency is embedded in the internet, electricity and knowledge of the tech world. More than half of the world's population is still illiterate and can't have a handle on this Bitcoin tech.
January 24, 2020, 04:48:52 AM
It would be interesting to see why you think Bitcoin (or other cryptocurrencies) will surpass traditional methods of payment (Cards, Bank transfers, payment gateways etc.).
why does it matter?bitcoin was never created to "surpass" or replace anything. it is an alternate option that works in an entirely different way (in short decentralized) and the goal has always been to keep it that way not to compete with or replace anything.
Quote
Or if you think they have no future please share why.
that is an entirely different discussion which has nothing to do with your main subject. not replacing traditional methods doesn't mean complete failure and no future.the rest of your arguments regarding 51% attack, speed,... are already discussed in dozens of other topics.
January 24, 2020, 04:46:47 AM
January 24, 2020, 04:26:32 AM
It's either:
1. They buy power from existing rigs. However, the price is not the only thing they'll need to consider, but also if these pools would cooperate with them and sell them their service. Or,
2. They buy their own nodes, which they would need to make 101% of the current network node size, which would be too much expensive compared to the benefit they'll gain.
1. They buy power from existing rigs. However, the price is not the only thing they'll need to consider, but also if these pools would cooperate with them and sell them their service. Or,
2. They buy their own nodes, which they would need to make 101% of the current network node size, which would be too much expensive compared to the benefit they'll gain.
Those are some good points. In regards to being too expensive, is it fair to say that a company would spend any amount to save their companies business? So let's bump that spend to $100,000,000 (100 million USD) per top bank. Budget of $100,000,000,000 (10 Billion USD).
Banks such as HSBC have been fined 1.9 Billion USD and it hasn't hurt them. 100 million USD isn't going to do much to their profits.
J.P Morgan gets fined every 2-3 years averaging over 100 million USD.
Barclays similar amount to J.P Morgan.
Bank Fines:
Bank of America $76.1 Billion USD
JPMorgan Chase $43.7 Billion USD
Citigroup $19 Billion USD
Deutsche Bank $14 Billion USD
Wells Fargo $11.8 Billion USD
RBS $10.1 Billion USD
BNP Paribas $9.3 Billion USD
Credit Suisse $9.1 Billion USD
Morgan Stanley $8.6 Billion USD
Goldman Sachs $7.7 Billion USD
UBS $6.5 Billion USD
Keep in mind that fines are Banks having to forfeit money "involuntary".
Imagine how much they'd spend to stay in business.
January 24, 2020, 04:18:11 AM
There will always have a solution if it will have a mass adoption. At first the government will be needing an implementation notice or announcement that may businesses provides necessary materials needed to speed the transactions. As I'm using BTC more on payment s now than Banks. It might need more improvement but in my area it's quite good to use now as payment and investment solutions.
January 24, 2020, 04:08:16 AM
It's either:
1. They buy power from existing rigs. However, the price is not the only thing they'll need to consider, but also if these pools would cooperate with them and sell them their service. Or,
2. They buy their own nodes, which they would need to make 101% of the current network node size, which would be too much expensive compared to the benefit they'll gain.
1. They buy power from existing rigs. However, the price is not the only thing they'll need to consider, but also if these pools would cooperate with them and sell them their service. Or,
2. They buy their own nodes, which they would need to make 101% of the current network node size, which would be too much expensive compared to the benefit they'll gain.
January 24, 2020, 03:25:20 AM
I've been for cryptocurrencies from when I first heard about it and got involved back in 2013. There are some pros to having Bitcoin as the future method of payment however there are some cons too.
It would be interesting to see why you think Bitcoin (or other cryptocurrencies) will surpass traditional methods of payment (Cards, Bank transfers, payment gateways etc.). Or if you think they have no future please share why.
Some of my concerns:
It would be interesting to see why you think Bitcoin (or other cryptocurrencies) will surpass traditional methods of payment (Cards, Bank transfers, payment gateways etc.). Or if you think they have no future please share why.
Some of my concerns:
- Ever since a few people have made a fortune from the massive spike in prices, it's attracted a lot of traders and day traders. Not a bad thins but it's clear to me that easily 90% of cryptocurrency users are just traders with no intensions of using the currencies. Hence the rise in a lot of exchanges (a lot of which look the same).
- All it takes is 51%. Although for a coin such as BTC would be very expensive to attack the network it's still possible.
Here's my insane scenario:
100 top banks from across the world don't like the threat BTC has on their business so they all join together to buy compute power, take over the network and cause havoc. I estimate it would cost around $2,000,000,000 (2 Billion USD). This is very expensive but what's $20,000,000 (20 million USD) to a top bank? That's an investment to help protect their business. - Speed: BTC is known to be slow to confirm a single transaction (approx 10 mins). ETH is faster (approx 15 seconds). I believe (correct me if i'm wrong) that if you cut down block times it slowly starts to make a decentralised system more centralised.
Food for thought..
Jump to: