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It provided a great way to buy weed before it was legalized and transaction fees skyrocketed. Bitcoin at $5,000 a coin was extremely useful for transactions.

by ipaddr 5y ago

It provided a great way to buy weed before it was legalized and transaction fees skyrocketed. Bitcoin at $5,000 a coin was extremely useful for transactions. Bitcoin at $50,000 make it less useful because of scaling issues.

doomroot 5y ago
Have you tried lightning network its extremely fast and cheap and pretty reliable these days. Many great mobile wallets support it now, Blue wallet, Muun, Phoenix. Hell even Cash App supports outgoing lightning payments now. Scan a QR code few seconds later done, final, irreversible.
- ipaddr 5y ago
  I haven't I'm use to having an account on an exchange and moving money directly to the account. Is there a way I could use the lightening network directly if my exchange doesn't use it behind the scene?
  - beardog 5y ago
    You're not supposed to be using an exchange for payments, you are meant to have a wallet, ideally a non-custodial one.
    - ipaddr 5y ago
      I worry about malware finding my wallet or my drive dying and losing the wallet more than using an exchange.
      - beardog 5y ago
        Malware on your PC can take control of your exchange account as much as it can a normal wallet. The drive dying is why you're supposed to backup your wallet or at least record the seed. On an exchange you're vulnerable to compromise both from your end and on the exchange's end
mccorrinall 5y ago
You currently pay about 10 pennies for a transaction which is included in the next block. Using Lightning is even cheaper.
- CJefferson 5y ago
  Really, googling around, average transaction fee looks about $1.70? Which is much more than I pay through any other service.
  - mccorrinall 5y ago
    Average transaction does not equal a normal human's transaction. Those include arbitrary data being embedded into the blockchain, smart contracts, paying to a lot of recipients (e.g. exchanges batching payments) etc. Just take a look at the most recent blocks, and check the one to one or one to two transactions. https://blockchair.com/bitcoin/transactions?s=fee_usd(asc)&q=block_id(725073)#f=hash,output_total_usd,fee_usd,id https://blockchair.com/bitcoin/transactions?s=fee_usd(asc)&q... You will see that those transactions cost ~0.10 USD :)

by ipaddr 5y ago

doomroot 5y ago

Have you tried lightning network its extremely fast and cheap and pretty reliable these days. Many great mobile wallets support it now, Blue wallet, Muun, Phoenix. Hell even Cash App supports outgoing lightning payments now. Scan a QR code few seconds later done, final, irreversible.

ipaddr 5y ago
I haven't I'm use to having an account on an exchange and moving money directly to the account. Is there a way I could use the lightening network directly if my exchange doesn't use it behind the scene?
- beardog 5y ago
  You're not supposed to be using an exchange for payments, you are meant to have a wallet, ideally a non-custodial one.
  - ipaddr 5y ago
    I worry about malware finding my wallet or my drive dying and losing the wallet more than using an exchange.
    - beardog 5y ago
      Malware on your PC can take control of your exchange account as much as it can a normal wallet. The drive dying is why you're supposed to backup your wallet or at least record the seed. On an exchange you're vulnerable to compromise both from your end and on the exchange's end

mccorrinall 5y ago

You currently pay about 10 pennies for a transaction which is included in the next block. Using Lightning is even cheaper.

CJefferson 5y ago
Really, googling around, average transaction fee looks about $1.70? Which is much more than I pay through any other service.
- mccorrinall 5y ago
  Average transaction does not equal a normal human's transaction. Those include arbitrary data being embedded into the blockchain, smart contracts, paying to a lot of recipients (e.g. exchanges batching payments) etc. Just take a look at the most recent blocks, and check the one to one or one to two transactions. https://blockchair.com/bitcoin/transactions?s=fee_usd(asc)&q=block_id(725073)#f=hash,output_total_usd,fee_usd,id https://blockchair.com/bitcoin/transactions?s=fee_usd(asc)&q... You will see that those transactions cost ~0.10 USD :)