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I don't follow it but I read somewhere the other day that it now costs tens of dollars worth to actually make a transaction on the blockchain. If this is true

by nly 9y ago

I don't follow it but I read somewhere the other day that it now costs tens of dollars worth to actually make a transaction on the blockchain. If this is true then it seems to me that it's effectively become an inter-bank settlement protocol (which may not be that surprising or bad of an outcome given its inherent latency)

empath75 9y ago
No bank would use it because of volatility.
- paulie_a 9y ago
  Not that I am aware huge fan of banks. Or crypto currency..a bank absolutely would if it made them money by using that volatility
6nf 9y ago
It's dropped back to about $2 now, still expensive but not insane.
fourstar 9y ago
That's why I use LTC.
cocktailpeanuts 9y ago
One thing I learned since learning about cryptocurrencies: NEVER trust "something you read somewhere". A lot of them are propaganda or people who have no idea how it actually works scratching the surface. Do your own research if you're curious about it and don't want to feel left out. It's never too late to make an actual informed decision afterwards. I've seen so many otherwise intelligent people just keep dismissing Bitcoin and cryptocurrencies without even knowing how they actually work. Don't be those people. Try to read some books about the actual technology that runs Bitcoin and other cryptocurrencies and THEN make a decision whether you think it's a scam or not. Even if you think you think it's a scam or a bubble or whatever, at least then you'll be actually making an independent judgment on a new piece of technology that nobody--including the inventor him/herself--fully understands.
- nly 9y ago
  Oh, I'm well aware of how Bitcoin works. All the way down to the cryptographic constructs. I studied it for a while, and it lead me on to some more interesting topics, but the currency itself doesn't interest me. Understanding Bitcoin to assess "whether it's a scam" makes about as much sense as learning about the mechanics of an electronic exchange to figure out whether it's a good idea to invest in Facebook.
  - cocktailpeanuts 9y ago
    Not a great analogy.
benjamincburns 9y ago
> to actually make a transaction on the blockchain On which blockchain, exactly? On the Ethereum Mainnet you can transact for a fraction of a cent USD and it'll typically be verified (mined into a block) within a minute (often faster). On the Bitcoin chain you choose your own transaction fee, but if you're not keeping up with market rates your transaction might take quite a long time to be verified (again, mined into a block).

by nly 9y ago

empath75 9y ago

No bank would use it because of volatility.

paulie_a 9y ago
Not that I am aware huge fan of banks. Or crypto currency..a bank absolutely would if it made them money by using that volatility

6nf 9y ago

It's dropped back to about $2 now, still expensive but not insane.

fourstar 9y ago

That's why I use LTC.

cocktailpeanuts 9y ago

One thing I learned since learning about cryptocurrencies: NEVER trust "something you read somewhere". A lot of them are propaganda or people who have no idea how it actually works scratching the surface. Do your own research if you're curious about it and don't want to feel left out. It's never too late to make an actual informed decision afterwards. I've seen so many otherwise intelligent people just keep dismissing Bitcoin and cryptocurrencies without even knowing how they actually work. Don't be those people. Try to read some books about the actual technology that runs Bitcoin and other cryptocurrencies and THEN make a decision whether you think it's a scam or not. Even if you think you think it's a scam or a bubble or whatever, at least then you'll be actually making an independent judgment on a new piece of technology that nobody--including the inventor him/herself--fully understands.

nly 9y ago
Oh, I'm well aware of how Bitcoin works. All the way down to the cryptographic constructs. I studied it for a while, and it lead me on to some more interesting topics, but the currency itself doesn't interest me. Understanding Bitcoin to assess "whether it's a scam" makes about as much sense as learning about the mechanics of an electronic exchange to figure out whether it's a good idea to invest in Facebook.
- cocktailpeanuts 9y ago
  Not a great analogy.

benjamincburns 9y ago

> to actually make a transaction on the blockchain On which blockchain, exactly? On the Ethereum Mainnet you can transact for a fraction of a cent USD and it'll typically be verified (mined into a block) within a minute (often faster). On the Bitcoin chain you choose your own transaction fee, but if you're not keeping up with market rates your transaction might take quite a long time to be verified (again, mined into a block).