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For a normal person/business to ever use a cryptocurrency, there needs to be one that is price stable. Meaning it's going to be worth the same $ tomorrow that i

For a normal person/business to ever use a cryptocurrency, there needs to be one that is price stable. Meaning it's going to be worth the same $ tomorrow that it's worth today. Imagine if you could send money anywhere, with almost no fees. That was the dream of bitcoin, but currently bitcoin fees are crazy high, and the community isn't close to solving it yet. Ethereum seems to be more scalable and has a benevolent dictator moving it forward.

vasilipupkin 9y ago
bitcoin fees are crazy high but fixed per block, right? in other words, if I were to send 2 mln usd, the fee would actually be low in % terms?
- nathan_f77 9y ago
  Fees aren't fixed per block, and they're also not a percentage. Exchanges and Bitcoin software suggest a fee that ensures a quick confirmation, but you can choose whatever fee you want. Transactions with a higher fee are prioritized by miners, because then they make more money. Coinbase always uses a really high fee (around $3.50), so your transactions are always confirmed as fast as possible. I made a few transactions recently where I set the fee to $0.20, and it just took a few hours before it was confirmed. So if it's not urgent, you can send $2 million USD with a fee of $0.20.
  - goialoq 9y ago
    Parent was saying that you can lower your percentage by raising your transaction size.
- deleted 9y ago
  [deleted]
- simias 9y ago
  The fee is not fixed but what matters is the size of the transaction (in bytes) and not the amount. So normally it's cheaper to move 1 thousand BTC from a single address to an other than 0.1BTC from 10 addresses to 20 others.
tudelo 9y ago
How can it be worth the same amount of dollars? I don't understand? How is it even possible to have a stable price of something when it's all relative? Or am I confused... Do you just mean more stable?
deleted 9y ago
[deleted]
paintchipluvr 9y ago
BTC fees are crazy high because the coins value is crazy high if I go back and look at some of my transactions when BTC was around $200. today, the low transactions fees of yesteryear are now $15-$20. I think that's the flaw in bitcoin, greed took over and it became something it shouldn't have. miners kept buying more expensive asics to edge out the next guy because of greed and it became an arms race. my asic mining career lasted a whole of several months before I stopped cause I saw the people making money at the time were hardware sellers, pool operators, etc. miners still made money but in small margins. that is until BTC exploded now the coins I mined are worth over $50,000 on an investment of $3,000 of miners ($30,000 of which is still retained). Now I undderstand that miners aren't the entire reason for BTC price increase but I believe they have their share in it. I think cryptocurrencies like IOTA (I do not currently own a position in IOTA but will be in the near future, hopefully.) have a place with no network fees and primarily no miners. but I still see the greed in messageboards "Buy more!, Eat away at sell walls" yada yada. very sad. I think it'd be cool if there was a coin that had a fixedish price like tether although I won't touch tether since I don't know a lot about it other than some kind of theft, and the fact that bitfinex doesn't accept U.S customers which doesn't really affect my purchasing of tether but all the same I'd rather distance myself from them. I have been looking at BNB since I do use binance exchange but it's a volatile currency as well from looks of it. and the fact they are destroying them each quarter from what I understand based on their profits or something will lead to shorter supply and more demand since it can be used to lessen exchange fees I forgot exactly where I was going with this whole thing so I'm just gonna go buy virtual kitties with ETH

vasilipupkin 9y ago

bitcoin fees are crazy high but fixed per block, right? in other words, if I were to send 2 mln usd, the fee would actually be low in % terms?

nathan_f77 9y ago
Fees aren't fixed per block, and they're also not a percentage. Exchanges and Bitcoin software suggest a fee that ensures a quick confirmation, but you can choose whatever fee you want. Transactions with a higher fee are prioritized by miners, because then they make more money. Coinbase always uses a really high fee (around $3.50), so your transactions are always confirmed as fast as possible. I made a few transactions recently where I set the fee to $0.20, and it just took a few hours before it was confirmed. So if it's not urgent, you can send $2 million USD with a fee of $0.20.
- goialoq 9y ago
  Parent was saying that you can lower your percentage by raising your transaction size.
deleted 9y ago
[deleted]
simias 9y ago
The fee is not fixed but what matters is the size of the transaction (in bytes) and not the amount. So normally it's cheaper to move 1 thousand BTC from a single address to an other than 0.1BTC from 10 addresses to 20 others.

tudelo 9y ago

How can it be worth the same amount of dollars? I don't understand? How is it even possible to have a stable price of something when it's all relative? Or am I confused... Do you just mean more stable?

deleted 9y ago

[deleted]

paintchipluvr 9y ago

BTC fees are crazy high because the coins value is crazy high if I go back and look at some of my transactions when BTC was around $200. today, the low transactions fees of yesteryear are now $15-$20. I think that's the flaw in bitcoin, greed took over and it became something it shouldn't have. miners kept buying more expensive asics to edge out the next guy because of greed and it became an arms race. my asic mining career lasted a whole of several months before I stopped cause I saw the people making money at the time were hardware sellers, pool operators, etc. miners still made money but in small margins. that is until BTC exploded now the coins I mined are worth over $50,000 on an investment of $3,000 of miners ($30,000 of which is still retained). Now I undderstand that miners aren't the entire reason for BTC price increase but I believe they have their share in it. I think cryptocurrencies like IOTA (I do not currently own a position in IOTA but will be in the near future, hopefully.) have a place with no network fees and primarily no miners. but I still see the greed in messageboards "Buy more!, Eat away at sell walls" yada yada. very sad. I think it'd be cool if there was a coin that had a fixedish price like tether although I won't touch tether since I don't know a lot about it other than some kind of theft, and the fact that bitfinex doesn't accept U.S customers which doesn't really affect my purchasing of tether but all the same I'd rather distance myself from them. I have been looking at BNB since I do use binance exchange but it's a volatile currency as well from looks of it. and the fact they are destroying them each quarter from what I understand based on their profits or something will lead to shorter supply and more demand since it can be used to lessen exchange fees I forgot exactly where I was going with this whole thing so I'm just gonna go buy virtual kitties with ETH