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Wasn't the whole "no middle man" thing mostly about avoiding the 3% Credit Card Processing fees found elsewhere? Bitcoin is now more expensive to verify than mo
by Someone1234 9y ago
Wasn't the whole "no middle man" thing mostly about avoiding the 3% Credit Card Processing fees found elsewhere? Bitcoin is now more expensive to verify than most credit card processors[0].
"Nearly instant transfer at low cost" it is no longer instant or low cost. Confirmation times[1] have now skyrocketed and as I showed above as have costs. This is why Valve's Steam no longer accepts it.
"No central point of failure" like Mt. Gox[2]? And the recent currency split[3]?
[0] https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...
[1] https://blockchain.info/charts/avg-confirmation-time https://blockchain.info/charts/avg-confirmation-time
[2] https://en.wikipedia.org/wiki/Mt._Gox https://en.wikipedia.org/wiki/Mt._Gox
[3] https://en.wikipedia.org/wiki/Bitcoin_Cash https://en.wikipedia.org/wiki/Bitcoin_Cash
- colordrops 9y agoIt is nearly instant when compared to most money transfer services or gold, and low cost is relative, and depends on the coin and time of transfer. Bitcoin cash, which you link to, is both fast and cheap to transfer. Mt. Gox is not Bitcoin. It was an exchange. It has nothing to do with whether Bitcoin has a central point of failure or not.
- laci27 9y agoNearly instant?:) Compared to what? I got money transfer between banks, by wire, from the US to the end of the world in less than a day. You can't get 3 confirmations on a BTC transaction in 24 hours!
- deleted 9y ago[deleted]