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All crypto I know about is useful !only! for market speculation. Bitcoin is especially broken and useless for anything. Unless you want to pay 100$ transaction

All crypto I know about is useful !only! for market speculation. Bitcoin is especially broken and useless for anything. Unless you want to pay 100$ transaction cost to by ice-cream at grocery store.

eurasiantiger 5y ago
Drugs.
block_dagger 5y ago
BTC maximalists argue that it’s a better store of value than gold due to portability, divisibility, durability, and scarcity. The theory is that it will be used to settle inter-bank transactions once it is widely adopted by institutions.
- hilios 5y ago
  >The theory is that it will be used to settle inter-bank transactions once it is widely adopted by institutions. Banks have absolutely not need of a proof of work scheme like Bitcoin, them switching to a system with the power requirements of BTC seems highly unlikely.
Nekorosu 5y ago
How many do you know? Tezos looks good to me, especially in the context of hic et nunc art market.
jiriknesl 5y ago
I use crypto (and mainly Bitcoin) to pay for three years every month now. Average fee over those years is more like $1. In comparison with $20 transaction fees my bank asks when I transact for example from EU to SouthAm, zero hassle and no paperwork when sending to countries with trade embargo, I must say, Bitcoin is golden.
- peteretep 5y ago
  How much are the fees for converting to Bitcoin, the recipient converting from Bitcoin, and the transaction costs? TransferWise is quoting me an effective all-in price[0] of £1.98 to send someone in Brazil £100 of my hard-earned Sterling. I’m struggling to believe you’re getting Bitcoin in or out of fiat for less than 2-5% a go, and transaction cost is ~$15, so ballpark this is costing $25? 0: £100 -> 729.83, where Google says it “should” be 744.61;
  - jiriknesl 5y ago
    So it depends. For example in Argentina, they AFAIK have two conversion rates. When you use a normal bank account, you have to use government conversion rate that's 50% of black market rate between Argentinian pesos and USDs. With Bitcoin, you could try black market straight away and even if you pay 2-5%, you might end up better. For transaction rate, Trezor says at 22sat/B., you will have your transaction confirmed in 4 hours 10 minutes for $1.85. Even if BTC price was stable, I would still use it. But my experience is that having some BTC is usually better than just having cash.
- philliphaydon 5y ago
  I use Western Union and for the last 2 years it's said there's 0 transfer fee's. It's basically the same exchange rate as the bank so i don't think they skim off the top and if they do it would end up being like 50 cents in difference to the bank. ( i have no idea how WU makes money)
  - srg0 5y ago
    You may be benefiting from some kind of a special deal or a promotion, but overall their fees are very high https://www.westernunion.com/content/dam/wu/EU/EN/feeTableRetailEN-ES.PDF https://www.westernunion.com/content/dam/wu/EU/EN/feeTableRe... Like sometimes two digit percentage high.

All crypto I know about is useful !only! for market speculation. Bitcoin is especially broken and useless for anything. Unless you want to pay 100$ transaction cost to by ice-cream at grocery store.

eurasiantiger 5y ago

Drugs.

block_dagger 5y ago

BTC maximalists argue that it’s a better store of value than gold due to portability, divisibility, durability, and scarcity. The theory is that it will be used to settle inter-bank transactions once it is widely adopted by institutions.

hilios 5y ago
>The theory is that it will be used to settle inter-bank transactions once it is widely adopted by institutions. Banks have absolutely not need of a proof of work scheme like Bitcoin, them switching to a system with the power requirements of BTC seems highly unlikely.

Nekorosu 5y ago

How many do you know? Tezos looks good to me, especially in the context of hic et nunc art market.

jiriknesl 5y ago

I use crypto (and mainly Bitcoin) to pay for three years every month now. Average fee over those years is more like $1. In comparison with $20 transaction fees my bank asks when I transact for example from EU to SouthAm, zero hassle and no paperwork when sending to countries with trade embargo, I must say, Bitcoin is golden.

peteretep 5y ago
How much are the fees for converting to Bitcoin, the recipient converting from Bitcoin, and the transaction costs? TransferWise is quoting me an effective all-in price[0] of £1.98 to send someone in Brazil £100 of my hard-earned Sterling. I’m struggling to believe you’re getting Bitcoin in or out of fiat for less than 2-5% a go, and transaction cost is ~$15, so ballpark this is costing $25? 0: £100 -> 729.83, where Google says it “should” be 744.61;
- jiriknesl 5y ago
  So it depends. For example in Argentina, they AFAIK have two conversion rates. When you use a normal bank account, you have to use government conversion rate that's 50% of black market rate between Argentinian pesos and USDs. With Bitcoin, you could try black market straight away and even if you pay 2-5%, you might end up better. For transaction rate, Trezor says at 22sat/B., you will have your transaction confirmed in 4 hours 10 minutes for $1.85. Even if BTC price was stable, I would still use it. But my experience is that having some BTC is usually better than just having cash.
philliphaydon 5y ago
I use Western Union and for the last 2 years it's said there's 0 transfer fee's. It's basically the same exchange rate as the bank so i don't think they skim off the top and if they do it would end up being like 50 cents in difference to the bank. ( i have no idea how WU makes money)
- srg0 5y ago
  You may be benefiting from some kind of a special deal or a promotion, but overall their fees are very high https://www.westernunion.com/content/dam/wu/EU/EN/feeTableRetailEN-ES.PDF https://www.westernunion.com/content/dam/wu/EU/EN/feeTableRe... Like sometimes two digit percentage high.