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"Once its value stabilizes, its use in day to day transactions will grow." and how will it grow when it's a fixed amount of currency with a fixed amount of tran

"Once its value stabilizes, its use in day to day transactions will grow." and how will it grow when it's a fixed amount of currency with a fixed amount of transactions per second?

nemo44x 6y ago
You can divide it over and over. The source code is a living document and transaction speed can be implemented either off chain, in the code base itself, or otherwise. It’s weird to see so many opinions on this website that think BTC is a static thing that can’t or won’t adopt useful pull requests that miners agree are useful. It’s like if it were the mid-90’s and everyone was just as skeptical of e-commerce of the web in general. Useful things get better.
- ryder9 6y ago
  except it charged me to use money, my credit card gives me 1-2% back from all the money I spent... why would I ever use bitcoin in any normal transactions? also, why would I buy bitcoin to spend it if it's so volatile it can depreciate 10-20% in a day?
- zucker42 6y ago
  > in the code base itself There was a fierce debate that lead to a hard fork over increasing transaction throughput by raising the block size, so I think it's really not a given that BTC will change to increase transaction speed. Also, one problem people have with Bitcoin is that the idea of every node of the network storing and processing every transaction is fundamentally not scalabe. Sure BTC can change and adapt, but it's hard to overcome a fundamental design shortcoming.
  - nemo44x 6y ago
    Right and look at the result - Bitcoin Cash is a failure. This is true democracy. We tested both solutions and the champion still stands. When there is incentive (if there ever is) then miners will adopt changes that make sense. But you need a true consensus. This built in conservatism is a great feature of BTC.
    - BTCOG 6y ago
      Funny how all voices of reason in the Bitcoin threads get downvoted into oblivion. I'm upvoting your posts to make them seen. Correct. Bitcoin Cash was a fork that tried to prove an incorrect point, and lost the fairest way possible. Increasing block size is simply a bad idea. You do not move fast and break things in mission-critical code. Bitcoin is more focused on working (as it does) and remaining secure. Bitcoin is the best money the world has EVER seen, and it's not important to be able to buy frivolous things with Bitcoin. What is important is making sure value transfer is safe and secure. Those of us who routinely truly use Bitcoin understand we can easily send $50-100 or whichever value you prefer and put in low fees around $0.50-2 and just wait on the money to securely transfer. Not many of us using Bitcoin care if that takes 1-24 hours. The currency aspect is very beta yet, and may even take a few more years to mature and will have to come in layer 2.
- imtringued 6y ago
  >It’s weird to see so many opinions on this website that think BTC is a static thing that can’t or won’t adopt useful pull requests that miners agree are useful. The last time this happened we got Bitcoin Cash.

"Once its value stabilizes, its use in day to day transactions will grow." and how will it grow when it's a fixed amount of currency with a fixed amount of transactions per second?

nemo44x 6y ago

You can divide it over and over. The source code is a living document and transaction speed can be implemented either off chain, in the code base itself, or otherwise. It’s weird to see so many opinions on this website that think BTC is a static thing that can’t or won’t adopt useful pull requests that miners agree are useful. It’s like if it were the mid-90’s and everyone was just as skeptical of e-commerce of the web in general. Useful things get better.

ryder9 6y ago
except it charged me to use money, my credit card gives me 1-2% back from all the money I spent... why would I ever use bitcoin in any normal transactions? also, why would I buy bitcoin to spend it if it's so volatile it can depreciate 10-20% in a day?
zucker42 6y ago
> in the code base itself There was a fierce debate that lead to a hard fork over increasing transaction throughput by raising the block size, so I think it's really not a given that BTC will change to increase transaction speed. Also, one problem people have with Bitcoin is that the idea of every node of the network storing and processing every transaction is fundamentally not scalabe. Sure BTC can change and adapt, but it's hard to overcome a fundamental design shortcoming.
- nemo44x 6y ago
  Right and look at the result - Bitcoin Cash is a failure. This is true democracy. We tested both solutions and the champion still stands. When there is incentive (if there ever is) then miners will adopt changes that make sense. But you need a true consensus. This built in conservatism is a great feature of BTC.
  - BTCOG 6y ago
    Funny how all voices of reason in the Bitcoin threads get downvoted into oblivion. I'm upvoting your posts to make them seen. Correct. Bitcoin Cash was a fork that tried to prove an incorrect point, and lost the fairest way possible. Increasing block size is simply a bad idea. You do not move fast and break things in mission-critical code. Bitcoin is more focused on working (as it does) and remaining secure. Bitcoin is the best money the world has EVER seen, and it's not important to be able to buy frivolous things with Bitcoin. What is important is making sure value transfer is safe and secure. Those of us who routinely truly use Bitcoin understand we can easily send $50-100 or whichever value you prefer and put in low fees around $0.50-2 and just wait on the money to securely transfer. Not many of us using Bitcoin care if that takes 1-24 hours. The currency aspect is very beta yet, and may even take a few more years to mature and will have to come in layer 2.
imtringued 6y ago
>It’s weird to see so many opinions on this website that think BTC is a static thing that can’t or won’t adopt useful pull requests that miners agree are useful. The last time this happened we got Bitcoin Cash.