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I'm admittedly green when it comes to the day-to-day workings of Bitcoin but put some money into it on Coinbase a few weeks ago. I decided to see how easy it w
by petercooper 9y ago
I'm admittedly green when it comes to the day-to-day workings of Bitcoin but put some money into it on Coinbase a few weeks ago.
I decided to see how easy it was to use for transactions, so I bought $2 of credit with an online service. But the payment service this other company used charged a $6 fee of some kind, and there was also a $8 'transaction fee' for the Bitcoin itself, meaning it cost around $16 to get my $2 of credit :-D I decided I'd probably stick with it as an investment instead of a currency..
- Amezarak 9y agoI really don't see the value of using Bitcoin as a currency either. The transaction fees are absolutely ridiculous and confirmations take hours, sometimes days. I bought some a long time ago and was trying to move them around a couple weeks ago and it was an absolute nightmare.
- wolco 9y agoIf you want a transaction that makes it possible to be untrackable back to yourself then bitcoin is the new cash. 16 dollars is a crazy amount in some cases and peanuts in others.
- Amezarak 9y agoBitcoin is the opposite of untraceable. Every transaction is recorded in a public ledger for all time.
- canoebuilder 9y agoOut of curiosity, with your less than stellar experience actually using it, what makes you view it as an attractive investment?
- petercooper 9y agoPonzi scheme / not everyone is "on the boat" yet. If Bitcoin does hit a million dollars one day, I'd be kicking myself, so have a small "I'm OK with losing this" amount invested now.
- namlem 9y agoAn investment? It's in the middle of a huge bubble. As soon as people realize how worthless it is, BTC is going to come crashing down.