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Bitcoin isn't good for transactions. It's too slow, too cumbersome for he average consumer and its value fluctuates so much that you'd have to have dynamic pric

Bitcoin isn't good for transactions. It's too slow, too cumbersome for he average consumer and its value fluctuates so much that you'd have to have dynamic pricing. I love the idea of crypto currency and I really do think, one day, some form of it will be out future. But Bitcoin today just doesn't fit that bill at all.

scarface74 7y ago
Shouldn’t there be a futures market for bitcoin like there is for commodities? Where a middleman could lock in the price and do the transactions for both sides? The middleman is taking the risk and charging a fee.
mirimir 7y ago
> It's too slow In my recent experience, payments confirm ~5 times within an hour or so. > too cumbersome for he average consumer The BitPay wallet is very easy to use. And many sites now use payment URLs, so it's basically just click the link, and hit OK. > and its value fluctuates so much that you'd have to have dynamic pricing. I haven't seen anything in recent memory that doesn't use dynamic pricing. Many sellers say something like "this Bitcoin quote is good for X minutes". And the payment URL doesn't work if it's expired.
- josinalvo 7y ago
  >> It's too slow >In my recent experience, payments confirm ~5 times within an hour or so. Really not fast enought for the camgirl/camboy use case
  - hombre_fatal 7y ago
    Why would they need 5 confirmations?
    - mirimir 7y ago
      Right. Many VPN providers issue connection credentials with zero confirmations. Because reversal is nontrivial enough that it's worth the risk. So I guess that it'd be the same for camboys/camgirls.
      - josinalvo 7y ago
        > nontrivial enough not sure I understand... did you mean trivial enough?
        mirimir 7y ago
        I did mean "nontrivial enough". That is, hard enough. I mean, I've used Bitcoin since the start, and I don't know how to reverse transactions. I don't believe that it's easy, even in full clients.
    - josinalvo 7y ago
      I assumed 5 times in an hour meant once every 12 minutes. But I admit I dont know enough about the network to understand if that even makes sense
TillE 7y ago
Agreed. I'm very optimistic about cryptocurrency as tech in the longer term, but there are still a bunch of problems to be solved. The specific boosterism of Bitcoin is odd and probably counterproductive.
xur17 7y ago
Their second layer network (lightning) is still very early, but it really does solve a lot of the slowness issues. I use it for purchases a few times a week, and rarely run into issues. If you have a few minutes and a few dollars in bitcoin, install Breez wallet, and try it with a few sites like yalls.org. Note: This obviously doesn't solve the value fluctuation problem.

scarface74 7y ago

Shouldn’t there be a futures market for bitcoin like there is for commodities? Where a middleman could lock in the price and do the transactions for both sides? The middleman is taking the risk and charging a fee.

mirimir 7y ago

> It's too slow In my recent experience, payments confirm ~5 times within an hour or so. > too cumbersome for he average consumer The BitPay wallet is very easy to use. And many sites now use payment URLs, so it's basically just click the link, and hit OK. > and its value fluctuates so much that you'd have to have dynamic pricing. I haven't seen anything in recent memory that doesn't use dynamic pricing. Many sellers say something like "this Bitcoin quote is good for X minutes". And the payment URL doesn't work if it's expired.

josinalvo 7y ago
>> It's too slow >In my recent experience, payments confirm ~5 times within an hour or so. Really not fast enought for the camgirl/camboy use case
- hombre_fatal 7y ago
  Why would they need 5 confirmations?
  - mirimir 7y ago
    Right. Many VPN providers issue connection credentials with zero confirmations. Because reversal is nontrivial enough that it's worth the risk. So I guess that it'd be the same for camboys/camgirls.
    - josinalvo 7y ago
      > nontrivial enough not sure I understand... did you mean trivial enough?
      - mirimir 7y ago
        I did mean "nontrivial enough". That is, hard enough. I mean, I've used Bitcoin since the start, and I don't know how to reverse transactions. I don't believe that it's easy, even in full clients.
  - josinalvo 7y ago
    I assumed 5 times in an hour meant once every 12 minutes. But I admit I dont know enough about the network to understand if that even makes sense

TillE 7y ago

Agreed. I'm very optimistic about cryptocurrency as tech in the longer term, but there are still a bunch of problems to be solved. The specific boosterism of Bitcoin is odd and probably counterproductive.

xur17 7y ago

Their second layer network (lightning) is still very early, but it really does solve a lot of the slowness issues. I use it for purchases a few times a week, and rarely run into issues. If you have a few minutes and a few dollars in bitcoin, install Breez wallet, and try it with a few sites like yalls.org. Note: This obviously doesn't solve the value fluctuation problem.