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>I don't understand why people consider bitcoin something worth investing in You don't understand the power of frictionless micropayments and monetary privacy?
by mcantelon 14y ago
>I don't understand why people consider bitcoin something worth investing in
You don't understand the power of frictionless micropayments and monetary privacy?
- altcognito 14y agoFrictionless? Isn't the very definition of how bitcoin is secure the opposite of frictionless? It derives it's value from friction.
- mcantelon 14y agoI was referencing the fact with Bitcoin micropayments are practical because there are no transaction fees.
- klipt 14y agoFor now. Once mining becomes slow enough (and it has to slow down over time), exchanges will have to charge transaction fees to make the "proof of work" worth their while.
- mcantelon 14y agoYou don't need to use an exchange to make a payment, though.
- bill_is_here 14y agoIts actually the miners who will be getting the transaction fees once the supply of bitcoins stops growing.
- Domenic_S 14y agoThe main friction IMO is exchanging fiat currency for btc. It's ridiculous. Sign up for gox, send a bunch of private identifying documents (to a site that's been hacked), send a wire transfer, wait a week... craziness. I wanted to buy $10k of btc last week @ ~$100, I didn't have any open accounts anywhere, so I used coinbase... which limited the amount I could buy. I ended up with 0.2 BTC, which didn't post in my account until late last night. Looking at today's quotes, it probably for the best.