Comparison of buying a cup of coffee with crypto - page 2.

Welsh

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Quote from: bitadviser on May 13, 2018, 05:32:13 AM

Bitcoin is not good for dayli things, and for ordinary people, so there is other coins, that are faster and more convenient, thats why developes working to make them

You are kind of right. Bitcoin was never designed with micro transactions in mind, although they have become a major thing with people starting to get into Bitcoin. Once Bitcoin is more popular and maybe mainstream that's when you'll see the denominators being used a lot more than they are right now. At the moment though, you are right in saying that daily purchases can be made by different coins, as long as they are accepted.

CrazeCoinz

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Quote from: Bervelukan on May 12, 2018, 07:57:33 AM

It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.

That was before the implementation of segwit and it's now faster and this will improve once the lightning network will be activated. We can see a faster transaction time soon. Just be patient the developers are doing there best to keep bitcoin kicking.

Hazaki

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It's really not fair to compare such systems in a time where all of them aren't performing at their best and some of them got a network congestion or something disastrous going on . Furthermore , i think that purchasing such items with cryptocurrencies is a good way of wasting your coins and wasting the potential value they can reach when they are safe in your bank account .. And making such micro payments in general is a very bad decision .. I remember in 2010 where a Mojito in some bar in France was sold for a 1/4 bitcoin , and the bar sold like 100 of them per day ,the guy owns a hotel now and is into so many other projects , so keeping your money coins in your wallet and paying for items like this in fiat should be common sense .

bitadviser

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Bitcoin is not good for dayli things, and for ordinary people, so there is other coins, that are faster and more convenient, thats why developes working to make them

Xester

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Quote from: motoprose on May 11, 2018, 11:44:18 AM

This is for experimental purposes and do not prefer using one over the other.
But it does show bitcoin to cost the most and take the longest amount of time to complete a transaction.
These statistics were tallied durin the month of February this year when the blockchain was overly congested and transaction fees were at its all time high.

Do not know what the numbers of the other two they compared them too are at now after lightening network has been implemented. Causing transaction costs to be 2000x less for bitcoin.

We cannot deny that bitcoin really have a high transaction fee compared to the other coin. The reason for this is that the bitcoin community have already increased too much and this caused the mempool to have a large volume of traffic in transactions. This have resulted to higher fees and a long confirmations of transaction. But this is just a sign that bitcoin today uses a code must need to upgrade due to the number of its members. And so we are waiting for the implementation of the lightning network so it can be implemented.

Crypdon

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You're missing the other comparison which is a standard cash/credit card purchase! These are the quickest and easiest so we need bitcoin to be equally fast and efficient. Let's see if the lightning network can improve on those figures to get bitcoin purchases into coffee shops.

Chaelbrin

newbie

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This is obsolete correlation, executing Bitcoin won't cost you $4 on the off chance that you will do it at the present time. I comprehend that even exchange expenses radically dropped this previous couple of month Bitcoin has still ease back exchange time contrasted with other elective cryptographic forms of money however this is as yet not a decent examination, lets say that those coins have a similar request, volume and reception as Bitcoin have, do you feel that the exchange charges of those altcoin will be the same? I don't think in this way, they are quicker and less expensive in light of the fact that there are as yet few request from them, and just few are utilizing them to execute contrasted with Bitcoin's volume, just brokers utilize them to acquire cash.

HSRP

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But if the passcode is used to pay for everyday goods, it will be more difficult for some users to use the technology. This will make it difficult for them. In my opinion, Crypto should only be limited to investment in capital mobilization and cross-border payment, and domestic use of domestic sales and services should be more convenient.

cissrawk

sr. member

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$4 for transaction fee? Huh

I just check from bitcoinfees and the recommended fee its just about 3.375 satoshi (about $0.3). Maybe you calculate it when bitcoin network are crowd.

pooya87

legendary

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this is the wrongest photo that anybody could have created because it is misleading, possibly on purpose to advertise Dash!
first of all it is obvious (as others said) the fees are a lie. fees for bitcoin went up for a little while and came down.
second it is intentionally ignoring the fact that if you are worried about confirmation then you have to worry about it properly. this means 1 confirmation for bitcoin is 100 times safer compared to 1 confirmation in Dash and 4 times safer compared to 1 confirmation in LTC. in other words you have to wait 1-3 conf. for BTC, 4-12 conf. for LTC and 100 for Dash. otherwise the risk that you are worrying about is still there, someone can scam you using Dash with 1 conf.
and finally if the fees are the only thing that you think about all day long then go use one of the "free" coins like NANO since it has no fees to begin with!

you see this is why i say it is advertising Dash, it has nothing to do with bitcoin fees or buying coffee even.

pocket_lck

newbie

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It is true that bitcoin has a very expensive cost and a long time, and if the transaction can be accelerated it would make a lot of people happy and increase the number of transactions.

pitiflin

hero member

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Why would you want to buy coffee with crypto? And the fees are horribly wrong. The fees is like 0.85 cents to a dollar. Crypto is not meant for buying coffee. That's why they are not used for buying coffee. The purpose of crypto shouldn't be mixed with that of fiat. Because they both have totally different nature.

Welsh

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Quote from: mk4 on May 11, 2018, 11:14:28 PM

This is BS. $4 fees for 10 min transactions? This was in the past. With segwit adoption increasing and lightning network coming, this image is irrelevant. Also, speed is not everything. I'd prefer a slower coin than a coin that is significantly more centralized and cryptographically insecure.

It's taking it completely out of context. It's like comparing Bitcoin with a bank order which takes several days to clear. Bitcoin shouldn't really be compared to any payment methods used by fiat currencies. You can compare Bitcoin to Cash at a fundamental level if you want, but comparing it with payment processors/methods isn't something that should happen.

VitKoyn

full member

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This is outdated comparison, transacting Bitcoin won't cost you $4 if you will do it right now. I understand that even transaction fees drastically dropped this past few month Bitcoin has still slow transaction time compared to other alternative cryptocurrencies but this is still not a good comparison, lets say that those coins have the same demand, volume and adoption as Bitcoin have, do you think that the transaction fees of those altcoin will be the same? I don't think so, they are faster and cheaper because there are still few demand from them, and only few are using them to transact compared to Bitcoin's volume, only traders use them to gain more money.

motoprose

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Quote from: Bervelukan on May 12, 2018, 07:57:33 AM

It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.

But ethereum was not created to make payments.
It was made for the purpose of a creating smart contracts and some place to hold them.
It just holds value because people are using it and its value increases.
Atleast this is how I see it. A place holder in a sense.
Once casper is initiated who knows what will happen to the price at this point.
Going all out staking might make it plummet or pump it.
Only time will tell as with all crypto.

Bervelukan

newbie

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It is true of what you say that bitcoin has wk
The longest time and the most expensive cost, and to buy goods I prefer to use ethereum.

Lucius

legendary

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Paying for some small and low value things with crypto for the time being, was not the happiest option. The problem may be in high fee or long confirmation time, but again it depends on the moment and on coin which is used. OP is posted something which was valid few months ago, now you can pay even 1 satoshi/byte (225 satoshi) and get confirmation in next block.

So if you want to buy coffee with BTC in your favorite coffee shop, you will not need more then 4.5 $, and by the time you finish that coffee transaction will be confirmed. With time such problems will be solved, so buying coffee, ice cream or paying for bus ticket with crypto will become a common thing.

mk4

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Quote from: Sudarmoon on May 11, 2018, 11:44:24 PM

It is true that bitcoins experience delays in transactions or transfer in comparison with other crypts that have a fairly fast acceleration.

Bitcoin has been pretty fast and cheap since a few months already, due to the increase in segwit adoption and batching. Bitcoin was just slow and expensive last December-February. Everything is getting better now, as more and more bitcoin services are using segwit addresses.

Sudarmoon

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It is true that bitcoins experience delays in transactions or transfer in comparison with other crypts that have a fairly fast acceleration.

mk4

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📟 t3rminal.xyz

This is BS. $4 fees for 10 min transactions? This was in the past. With segwit adoption increasing and lightning network coming, this image is irrelevant. Also, speed is not everything. I'd prefer a slower coin than a coin that is significantly more centralized and cryptographically insecure.

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