Topic: The cost of bitcoin system is too high.it is not a cheap payment at all. - page 3. (Read 3396 times)
January 11, 2015, 06:57:34 AM
I'm not sure what is the actual cost to maintain the whole payment system compared to the conventional fiat system. Also I have never seen a detailed calculation made to date. However I have seen some proposals being put forward before on power generation companies utilizing the excess power towards maintaining the network. So in general there are bound to be solutions which we can use to address the issue (if that is an issue in the first place)
January 11, 2015, 06:55:49 AM
Bitcoin(PoW) need hash race,and,many computer work,but just one computer's working is effective at one time.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Following the same logic, maintaining armies for nation states requires large amounts of resources, but people still do it. The answer is simple - that's the cost of sovereignty to control the land. It's the same with PoW only we are talking about controlling the global money system.
So how does Bitcoin compete wiht banks and visa etc.
Banks and visas of this world can impose sanctions and freeze your accounts, Bitcoin allows you to stay independent if you are willing to put some effort into it, while still maintaining integrity of the whole system and keeping its global reach.
Yes Decentralized currencies give you a great deal of personal freedom that banks can't compete with that has value.
Bitcoin also still currently costs 1/3 of the price of traditional payment options even when using BitPay to convert back to fiat.
POS of course is even cheaper. Personally I expect dollar stable assets which only charge 1¢ per transaction to revolutionize global remittance & payments this year
https://bitcointalksearch.org/topic/m.10078463
I also expect this to reverse the crypto-currency downtrend because they solve the volatility problem.
https://bitcointalksearch.org/topic/volatility-is-this-the-reason-for-the-bear-market-920345
January 11, 2015, 06:51:53 AM
Bitcoin(PoW) need hash race,and,many computer work,but just one computer's working is effective at one time.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Following the same logic, maintaining armies for nation states requires large amounts of resources, but people still do it. The answer is simple - that's the cost of sovereignty to control the land. It's the same with PoW only we are talking about controlling the global money system.
So how does Bitcoin compete wiht banks and visa etc.
Banks and visas of this world can impose sanctions and freeze your accounts, Bitcoin allows you to stay independent if you are willing to put some effort into it, while still maintaining integrity of the whole system and keeping its global reach.
Of course,it is Bitcoin's advantage.But I I doubt how many people will be going to use Bitcoin if transactioin fee is 30 dollars in 2030.
And,it's not just advantage.Bitcoin is free currency,if Bitcoin is lost or hacked,no one can get it back.
January 11, 2015, 06:38:50 AM
Bitcoin(PoW) need hash race,and,many computer work,but just one computer's working is effective at one time.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Following the same logic, maintaining armies for nation states requires large amounts of resources, but people still do it. The answer is simple - that's the cost of sovereignty to control the land. It's the same with PoW only we are talking about controlling the global money system.
So how does Bitcoin compete wiht banks and visa etc.
Banks and visas of this world can impose sanctions and freeze your accounts, Bitcoin allows you to stay independent if you are willing to put some effort into it, while still maintaining integrity of the whole system and keeping its global reach.
January 11, 2015, 06:35:02 AM
Bitcoin(PoW) need hash race,and,many computer work,but just one computer's working is effective at one time.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Following the same logic, maintaining armies for nation states requires large amounts of resources, but people still do it. The answer is simple - that's the cost of sovereignty to control the land. It's the same with PoW only we are talking about controlling the global money system.
So how does Bitcoin compete wiht banks and visa etc.
January 11, 2015, 06:26:53 AM
Bitcoin(PoW) need hash race,and,many computer work,but just one computer's working is effective at one time.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Following the same logic, maintaining armies for nation states requires large amounts of resources, but people still do it. The answer is simple - that's the cost of sovereignty to control the land. It's the same with PoW only we are talking about controlling the global money system.
January 11, 2015, 06:10:15 AM
Bitcoin(PoW) need hash race,and,many computer work,but just one computer's working is effective at one time.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
Compare to mainframe used in banks,the cost of Bitcoin is much more higher.Now transaction fee is low because the cost of system is undertake by people who buy bitcoins,not people who use bitcoins.
One block gives miner 25 new coins now,but new coin's production rate is reducing,more and more people will find the cost of bitcoin is too high.
What about PoS？PoS is better,but not good enough.POS do not need hash race,but also one computer's working is effective at one time.And,it is not fair to miner,The output does not relative to hardware input.
If people use virtual currency million times per second,the money spend on computing device、I/O device、electricity bills must not be ignored.Hardware cost/total cost higher,profit rate lower.the money spend on hardware is same,so rich investors will get higher profit rate.Only miner who has many coins is going to mine,it will lead to concentrate.
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