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One of the big selling points of Bitcoin was it was supposed to enable free and fast transactions. As it turns out, the average transaction clearing time is 200
by scoopertrooper 6y ago
One of the big selling points of Bitcoin was it was supposed to enable free and fast transactions. As it turns out, the average transaction clearing time is 200 minutes and transaction fee is about $11. Now, compare that to Australia's New Payments Platform, which enable instant free transfers of fiat.
https://www.coindesk.com/bitcoin-transaction-fees-hashrate https://www.coindesk.com/bitcoin-transaction-fees-hashrate
https://www.blockchain.com/charts/avg-confirmation-time https://www.blockchain.com/charts/avg-confirmation-time
- timbit42 6y agoPerhaps there were people who thought Bitcoin was supposed to enable free and fast transactions but obviously it isn't. There are other cryptocurrencies that are. Bitcoin is more like digital gold.
- scoopertrooper 6y agoBut Bitcoin has proven itself to be a highly volatile asset, so even by that standard it has failed.
- timbit42 6y agoI wouldn't say it has failed. I would say there is still a lot of speculation in it. It is maturing over time and becoming more stable.