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This would be great except the 2 cent transfer cost seems high.
by JacobEdelman 12y ago
This would be great except the 2 cent transfer cost seems high.
- barisser 12y agoThese are transaction fees inherent to the Bitcoin Blockchain. But also 2 cents to transfer ownership is a lot cheaper than existing trading fees.
- JacobEdelman 12y agoTrue, but an alternative system can be built outside of the Bitcoin Blockchain to feasibly do the same thing. (such as https://www.ethereum.org/ https://www.ethereum.org/)
- barisser 12y agoEthereum still involves transactional costs. One way or another you have to pay for decentralized security. But the costs should be far less than legacy systems. Also because of network effects, it is probable that only one cryptocurrency will dominate, likely Bitcoin. So it is convenient for ownership to take place on Bitcoin and not in a competing altcoin. We'll see how things progress when Ethereum comes out.
- vitno 12y agohahah, ethereum. Or you know, you could use practically any other system that doesn't try to be money (or en ethereum's case, an everything wannabe)