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Author Topic: The fee income is the future for bitcoin  (Read 2434 times)
bambou
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October 10, 2015, 01:38:39 PM
 #41

Western union does not compete with bitcoin whatsoever.

PayPal, Visa et al. too.


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October 10, 2015, 04:25:00 PM
 #42

Whatever fee is decided, it MUST be below current competitor services like Western Union / Money Gram for remittance and lower than MOST banks, or people will simply use those

services and not Bitcoin. Make it too low and the miners will stop mining, make it too high, and the people will stop using it.  Tongue

The low fees are ONE of the most important advantages Bitcoin has at the moment over other payment methods.

Most of people use bitcoin for long term saving and international remittance, both are not fee sensitive. Currently the fiat money international remittance is slow and the fee is around 3% at best, much less competitive than bitcoin

When it comes to daily spending, there are already 0 fee mobile payment solutions out there, and there will be more, bitcoin is impossible to compete in that space


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October 10, 2015, 05:57:44 PM
 #43

I think its clear that we'll need to find some sort of consensus level between a fee market and a higher blocksize, and we need this pretty soon so we can start expanding Bitcoin towards a global payment system and not only a settlement network between big players.
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October 10, 2015, 09:15:59 PM
 #44

I understand your point of view, but I actually think that it is not realistic. And more, in such conditions, given that mining will be increasingly expensive, mining will be already centralized...
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October 11, 2015, 12:42:03 PM
 #45

---------------

While with new bitcoin users the TX fee will increase, there is also a counterforce, the avoidance of the fee, by using offchain ledgers.

I also fear that the offchain transactions could make bitcoin pseudo-fiat, which could then create many fractional reserve scammer exchanges/wallets with their own offchain payment systems, and render bitcoin unimportant and creating a fiat currency of it

-------------------

I don't think that what you fear will materialize on a general level. To become an universal pseudo-fiat, the vast majority of (offchain) transactions would have to be processed by a single payment processor, that practices fractional reserve scam. Currently there is no indication that such a player is emerging. I think there will always be some attempts at implementing a fiat-scam, but these will most likely be of smaller magnitude and will not determine the general use case of Bitcoin.

In addition with side-chains / lightning, new ways are being developed to bundle small transactions together and ultimately settle them on the blockchain. This way, fees are saved and sufficient security against fractional reserve scams is ensured.

ya.ya.yo!
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