I predict the market will determine high fees for timely transfers eventually, and subsequently limit Bitcoins growth potential.
The way the protocol functions seems to lead toward this eventuality. It's somewhat ironic that the free market determination of transfer fees will likely constrain Bitcoin's function as an everyday use, free market currency. This doesn't make it any less amazing, but it is something to consider.
One solution could be for payment processing companies to provide their service for less than individuals would pay in fees, Bitcoins answer to Visa I guess. This of course would likely require trust and centralization. I think I remember someone mentioning that Satoshi was quoted as saying that Bitcoin was not designed and never intended to function as a point of sale solution. So I guess this shouldn't come as a surprise to anyone. But clearly many people are hoping Bitcoin extends it's use to replace all of the current payment processing establishment. So it will be interesting to see what solutions people come up with.
The way the protocol functions seems to lead toward this eventuality. It's somewhat ironic that the free market determination of transfer fees will likely constrain Bitcoin's function as an everyday use, free market currency. This doesn't make it any less amazing, but it is something to consider.
One solution could be for payment processing companies to provide their service for less than individuals would pay in fees, Bitcoins answer to Visa I guess. This of course would likely require trust and centralization. I think I remember someone mentioning that Satoshi was quoted as saying that Bitcoin was not designed and never intended to function as a point of sale solution. So I guess this shouldn't come as a surprise to anyone. But clearly many people are hoping Bitcoin extends it's use to replace all of the current payment processing establishment. So it will be interesting to see what solutions people come up with.
Systems that work on top of Bitcoin, like Ripple, will takeover the responsibility for most transactions, especially micro-payments.
