volatility and transaction fees... - page 4.

maku

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Quote from: mzforfree on June 10, 2017, 11:14:36 PM

i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech

Banks are not needed, they are parasitic entities sucking money out of our wallet, they create money out of thin air and can be the reason behind economy collapse.
Hundred years of reputation my ass. Lehman Brothers went bankrupt after over 100 years in business. What we really need is banking service - not a Bank.
At least with bitcoin we have full transparency and total honesty about our token.

malami

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Quote from: pitham1 on June 11, 2017, 03:39:38 AM

Quote from: pooya87 on June 11, 2017, 12:52:06 AM

transaction fees: again has no effect on bitcoin's value. people investing in it are making so much more profit that they won't care about paying $1 or so for a transaction fee. imagine investing $100 in bitcoin and have it doubled in a month, you do honestly care about $1 fee! what if you invested $1000, $5000,...

Nope. High transaction fees hinder adoption and prevent bitcoin from achieving its true potential.
You talk about people investing $100, but what about people who want to invest $2. High transactions fees will surely deter them.
And there are probably a billion people like that.

I agree and part of the problem is that people don't want to see the problem. In the end we may not get a solution until the price of bitcoin crashes and miners will have no choice but to either go offline or accept a compromise.

Hydrogen

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In the humble united states, americans pay much more in gas taxes, alcohol/tobacco excise taxes, sales taxes, road taxes, telecommunications taxes & other assorted taxes to make bitcoin transaction fees appear small in comparison.

In that sense, paying the bitcoin transaction tax feels more like a privilege than theft. At least transaction fees are being used for something I believe in.

olushakes

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Quote from: mzforfree on June 10, 2017, 11:14:36 PM

i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech

On those two things you made mention, bitcoin is still ahead of bank in all respect in the case of volatility that is not expected to leave anytime soon because bitcoin is an emerging currency and at the same time the volatility is what is attracting several people in to bitcoin. On the issue of transaction fees, I use banks and I understand the myriad of charges that its being leveled on my account despite the fact that I don't even carry out any transaction which is not something we have in bitcoin.

bitbob82

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Quote from: Kizaki on June 11, 2017, 12:42:51 AM

Yeah clearly this two negative sides of bitcoins that we are experiencing now will casue bitcoin not being adopted by all countries around the world,this two things bitcoin needed to overcome to become stronger like what we expect from bitcoin

people are too much enthusiastic to invest money in bitcoin but when they hear about the increasing transaction fee from time to time they become disappointed and avoid to invest. i think this problem really needed to overcome if we want bitcoin to become more and more popular.

hatshepsut93

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Quote from: mzforfree on June 10, 2017, 11:14:36 PM

i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech

Bitcoin is volatile because it's still early days, the volume is quite low and every buy or sell affects the price greatly. This would come down when Bitcoin will reach widespread adoption, because volumes will increase greatly and it will become much harder to manipulate the price. But adoptions can only be reached if the scaling problem will be solved, so stay tuned for the upcoming news about possible fork and voice your support for whatever side you chose in this debate.

pitham1

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Quote from: pooya87 on June 11, 2017, 12:52:06 AM

transaction fees: again has no effect on bitcoin's value. people investing in it are making so much more profit that they won't care about paying $1 or so for a transaction fee. imagine investing $100 in bitcoin and have it doubled in a month, you do honestly care about $1 fee! what if you invested $1000, $5000,...

Nope. High transaction fees hinder adoption and prevent bitcoin from achieving its true potential.
You talk about people investing $100, but what about people who want to invest $2. High transactions fees will surely deter them.
And there are probably a billion people like that.

cafucafucafu

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Quote from: mzforfree on June 10, 2017, 11:14:36 PM

i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech

This is only a temporary issue. Every single decentralized cryptocurrency/app will experience scaling issues and bitcoin is going through this scaling problem stage right now. The biggest problem isn't even transaction fees in my opinion, transaction fees are fine. I can afford paying $2 per transaction once in a while even though it's a hassle and pain in the ass to deal with because i have to limit my transactions to less than i would have liked to. The main issue si that this issue is causing infighting in bitcoin as to how bitcoin should scale.

I think you really need to watch some bitcoin related vids before commenting on this issue. Bitcoin is a long term store of value. It is the first cryptocurrency, which means that it has the most reputation as well among all other cryptos. It has a lot of potential and if you're not invested in bitcoin then you'll be paying for it in the future Wink

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Quote from: Kizaki on June 11, 2017, 12:42:51 AM

Yeah clearly this two negative sides of bitcoins that we are experiencing now will casue bitcoin not being adopted by all countries around the world,this two things bitcoin needed to overcome to become stronger like what we expect from bitcoin

Both are not the negative things in my opinion. To fixing the scaling problem of bitcoin just to take a technical solution regarding the scaling problem of bitcoin such as segwit agreement. And without the volatility and you will not see the price of bitcoin at this rate.

n0ne

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Both transaction fee and the volatility is the attractive features of bitcoin, but at times this becomes an issue. It's good to have trust and make use of bitcoin. Only than can experience the goodness of bitcoin volatility and can overcome the transaction confirmation delays. Some has started to describe that bitcoin is under destruction because of the confirmation and several controversial issues going on with the blocksize, segwit and bubbles. In reality these were not gonna make any failure in the growth of bitcoin.

pooya87

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these things you put in your title are
volatility: which is perfectly understandable since bitcoin is still a new technology and it is still being adopted and has not reached the mass adoption phase. and it actually makes it more valuable as an investment and for trading. specially as an investment since the price is rising because of growing adoption.

transaction fees: again has no effect on bitcoin's value. people investing in it are making so much more profit that they won't care about paying $1 or so for a transaction fee. imagine investing $100 in bitcoin and have it doubled in a month, you do honestly care about $1 fee! what if you invested $1000, $5000,...

the only thing these two affect is the usage as a currency and while that contributes to the value or price of bitcoin a lot but i don't see lack of them causing any loss in value.

Kizaki

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Yeah clearly this two negative sides of bitcoins that we are experiencing now will casue bitcoin not being adopted by all countries around the world,this two things bitcoin needed to overcome to become stronger like what we expect from bitcoin

Wipro

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Quote from: digaran on June 10, 2017, 11:51:18 PM

Well who says banks are all bad? if people never needed them they wouldn't exist at all, they are needed and very useful, could you imagine every individual having to run a full node in order to do transactions? so bank should exist while decentralized currencies such as Bitcoin are extremely helpful and useful wherever banks are actually denying you their services, otherwise the world wouldn't survived this long without them, that is why not every body will ever join crypto because they are fine with banks, only when they start to freeze accounts and confiscate assets then you'll turn to Bitcoin in particular. now if you understand what good Bitcoin is for you should be on your way back to your little hole.

Initial time 1850 banks are meant to help the regulated financial system but nowdays banking becomes so worst to use it. Too many charge and fees ATM withdraw and many more. I can say that bitcoin can live forever without the help of banking system. Some guys like never understand the complete potential of the bitcoin.

digaran

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Well who says banks are all bad? if people never needed them they wouldn't exist at all, they are needed and very useful, could you imagine every individual having to run a full node in order to do transactions? so bank should exist while decentralized currencies such as Bitcoin are extremely helpful and useful wherever banks are actually denying you their services, otherwise the world wouldn't survived this long without them, that is why not every body will ever join crypto because they are fine with banks, only when they start to freeze accounts and confiscate assets then you'll turn to Bitcoin in particular. now if you understand what good Bitcoin is for you should be on your way back to your little hole.

cpfreeplz

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It's an 8 year old technology and you expect the price to be stable? That's like saying when the TV came out everyone should have had 1 within the first 8 years of them existing and the prices should have been lower at that point. It's still new. It's going to be volatile.

Fees are usually much less than they are right now but as of August this should be fixed. UASF will help.

Bitcoins, unlike banks, don't have or need a reputation because there is no trust involved. Banks want you to think that bitcoins have a bad rep, but they are not a person and can't do anything wrong. Banks make mistakes all the time. Bitcoins fundamentally can't. Think of it like, what's email's reputation? Wtf does that mean? It makes no sense? It's a technology how can it have a reputation? The rep is it works 100% no ifs ands or buts.

Kyraishi

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Quote from: mzforfree on June 10, 2017, 11:14:36 PM

i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech

Actually, no. I am not s tech person at all and when I read about bitcoin I understood why it was important immediately. Banks in the end run on the Fiat system as well as fractional reserve which in the end will all collapse due to the debt cycles. Bitcoin does not run on fractional reserve, does not have a central entity that sets interest rates and prints more money and essentially avoids having a bank or a clearing house at all for validating transactions.

Transaction fees have indeed risen quite steeply however they are still okay. If you compare the cost of sending a few thousand dollars in btc compared to via a bank you'll see the difference. Plus, balances reflect instantly instead of a 3 day wait at the bank. It's only a temporary problem anyways. In August this will be solved one way or another.

mzforfree

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i think these things overtime will make bitcoin not as valuable.. plus the fact banks (while hated by most), have hundreds of years of reputation behind them and are easy to access... Just reading and learning about the ins and outs of bitcoin make my head hurt and I'm fairly saavy when it comes to most tech

Topic: volatility and transaction fees... - page 4. (Read 1733 times)