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> As Bitcoin is practically useless due to high fees and congestion I disagree here. Gold is very expensive to get into and out of on a percentage basis, also

> As Bitcoin is practically useless due to high fees and congestion I disagree here. Gold is very expensive to get into and out of on a percentage basis, also requires careful storage, and is more difficult to exchange (manual pickup/delivery or insured registered mail). And yet it is worth eight trillion dollars. In addition, believing that Bitcoin is dead for transactional uses because of temporary issues may be a mistake. It is simply software after all, and there are now hundreds of billions of reasons for the developers and users to get it right. My thought is that the alt-coins are simply testing “improvements” to the core technology, and if any updates are sufficiently proven and begin to threaten Bitcoin they will simply be stolen by Bitcoin’s users and eventually co-opt the alt-coin’s value due to Metcalfe’s law.

lawn 9y ago
Yes okay. I can add that Bitcoin is practically useless because you can get the exact same service using other coins like Bitcoin Cash. The problem is uncertainty if your transaction goes through, because it's practically impossible to predict if the fee you just paid will be enough, and that Bitcoin cannot support more users. Gold does not have these issues. Gold also has other usage but what is the use of Bitcoin if you cannot move it? > In addition, believing that Bitcoin is dead for transactional uses because of temporary issues may be a mistake. Agree. I should say that Bitcoin is practically useless right now when the fees and confirmation times are skyrocketing.
- naveen99 9y ago
  It's not hard to titrate your fee to your desired confirmation speed. Just look at the mempool, sorted by fee and age of transaction: https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/
  - lawn 9y ago
    If everyone else does the same you're out of luck. Your best bet is to pay a lot more and hope you pay more than the others. This is because you're not only competeing against the transactions in the mempool but also against future transactions which may enter after you make your transcation and before more blocks are found.

lawn 9y ago

Yes okay. I can add that Bitcoin is practically useless because you can get the exact same service using other coins like Bitcoin Cash. The problem is uncertainty if your transaction goes through, because it's practically impossible to predict if the fee you just paid will be enough, and that Bitcoin cannot support more users. Gold does not have these issues. Gold also has other usage but what is the use of Bitcoin if you cannot move it? > In addition, believing that Bitcoin is dead for transactional uses because of temporary issues may be a mistake. Agree. I should say that Bitcoin is practically useless right now when the fees and confirmation times are skyrocketing.

naveen99 9y ago
It's not hard to titrate your fee to your desired confirmation speed. Just look at the mempool, sorted by fee and age of transaction: https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/
- lawn 9y ago
  If everyone else does the same you're out of luck. Your best bet is to pay a lot more and hope you pay more than the others. This is because you're not only competeing against the transactions in the mempool but also against future transactions which may enter after you make your transcation and before more blocks are found.