the FUD is unwarranted even if we keep the 1MB limit ( which we aren't ) all that would really do for the foreseeable future is price out mirco TX's and bring the TX cost at about 10cents, buying over priced coffee is still feasible, and we are still undercut paypals 2% +50cents TX fee massively
Bitcoin is a
decentralized publicly auditable settlement system. That people would pay to use. You can use it for 0 fee but it will take longer,
its not designed as a payment processor. Satoshi chose security over performance because of
decentralization.
The time to increase the block size will be when 0 fee tx takes longer than 5 days.
It's going to be used as a point-of-sale (POS) terminal payment processor regardless of whether it was designed as a payment processor or not. A huge POS company called Ingenico had partnered with Bitpay to roll out POS terminals accepting Bitcoin payments in a multitude of shops. That will significantly increase the number of transactions. It's bullish for Bitcoin but could push the network to the point where it cannot operate without bigger blocks if no consensus is reached in time.
Point-of-Sale Giant Ingenico Rolls Out Worldwide Bitcoin Payments
http://www.coindesk.com/point-of-sale-giant-ingenico-rolls-out-worldwide-bitcoin-payments/BitPay has partnered with payments giant Ingenico to allow brick and mortar stores to accept bitcoin via its point-of-sale (POS) terminals.
The payment solution, unveiled today as part of Blockchain Week, was developed by BitPay and installed on an Ingenico Terminal ICT250.
According to the company, it will be compatible with the majority of Ingenico terminals as they run its operating system, Tellium.
Speaking about the integration, Miguel Angel Hernandez, managing director of Ingenico Iberia, said in a statement:
"Participating in such an important project has allowed Ingenico Group to demonstrate its leadership in the payment space and bring a safe and secure payment method like virtual currency to the end user."
The France-based company, which employs over 5,000 people globally, reported a revenue of €1.37bn in 2013.
Spreading bitcoin globally
Earlier this year, Ingenico partnered with Paymium to enable retailers in Europe to accept bitcoin payments.
A spokesperson for BitPay, however, said that this new partnership would make this solution available on a global scale. Additionally, he said, all BitPay merchants currently accepting traditional fiat payments via compatible Ingenico terminals can now also accept payments in bitcoin.
"We are excited to partner with Ingenico Group, one of the leading payment processors in both physical and online commerce. This integration will help us expand bitcoin payments to thousands of retail payments worldwide," said BitPay's executive chairman, Tony Gallipi.
The company made headlines last month after it announced it would be reducing the size of its staff in an attempt to "better align with the pace of growth" in the industry.
