7 ms·
> how will Bitcoin become a usable currency It won't, it's just a speculative asset.
by daptaq 6y ago
> how will Bitcoin become a usable currency
It won't, it's just a speculative asset.
- doomroot 6y agoI can send Bitcoin for free, instantly, trustlessly.
- miked85 6y agoYou are one for three.
- Cthulhu_ 6y agoBitcoin has nearly $20 transaction fees (https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f...) and it takes at least 10 minutes for a transfer to be confirmed (https://www.blockchain.com/charts/median-confirmation-time https://www.blockchain.com/charts/median-confirmation-time).
- reedf1 6y agoI find this data fascinating - partly because I don't understand it. I regularly send bitcoin and, as far as I can tell, have never spent more than a tiny (unquantifiable in fiat, as in much less than a cent) amount on transaction fees. Can anyone more savvy chime in on the discontinuity here?
- derivagral 6y agoNot an expert, but I did make my own erc20 once. Are you sending it over the network, or to someone else within a website? (eg: binance, coinbase; doesn't need to be an exchange) Do you track your transactions later? Do they get confirmed? How many confirmations does a website need to count it? How long does that take? I would expect a low-fee transaction to eventually either expire or go through. I don't know what timeframe that might take: higher fee typically means higher priority as I've understood it. I can't imagine it'd keep your $ in limbo forever, but who knows. If you haven't used it in a long time, I understand that the network is much more congested these days.
- shlant 6y agoyou can be a proponent of bitcoin without stating such blatant lies...
- oakpond 6y agoIt's not entirely trustless. You trust the security of the system.
- mj4m1n 6y agoMoney is a speculative asset.
- svrtknst 6y agoyeah, but also a usable currency
- knorker 6y agoSure. Backed by the government who has the legal monopoly of use of force. And an army. So… there's that.
- charcircuit 6y agoAre you suggesting the government could set the value of their currency by using force?
- knorker 6y agoI'm saying that if a country's currency stops being accepted as the main means of exchange within its borders then its government will use laws to restore that. And if laws are not obeyed that's a police matter. Concretely if stores stop taking fiat, and only cryptocurrency, to the point where it affects the economy, then you should expect laws preventing that. If that doesn't help then you should expect to see arrests happening. Governments have the legal and physical ability to enforce monetary policy. Bitcoin nuts who say that "fiat currency is backed by nothing" are delusional. Several currencies are ultimately backed by nuclear weapons. So in other words cryptocurrencies are only allowed to the extent that they don't overthrow the whole system. And overthrowing the whole system was the whole point, right? (well, that and buy heroin and make ransomware)
- ric2b 6y agoHow is it backing? What does the government guarantee in exchange for $1USD (or some other amount)? The government issues USD, it doesn't back it.