Bitcoin is useless or is it?

[rajasumi3]

According to me bitcoin have been a game changer for me as it is only source of income for me and i sell my bitcoins when it is necessary or otherwise it is totally stored in the wallet.
Bitcoin is useless not at all, as it does not involves bank at all or does it involves any politics.

[Reid]

Because we are looking at it with the price of USD not with bitcoin.
If you really think about it 50-100k satoshi is not even 1 percent of bitcoin.
How do they do it with WU and other money transfer? 10 percent or maybe 15?
It grew in value that is why we are looking that way. But back then 50k satoshi is just dust even now when you stop converting.

[posternat]

Lol the fee can be as big or small as you want. This is a non issue if you're sending money to someone who can wait a few days and you want to cheap out in the fee.

I actually agree on this, it is our choice on how much fee are we going to put on, actually it is by our choice if we are willing to wait or someone who will receive the coin, then it is okay just to give small fee but then patience is fully needed especially now that we have volume of transactions, but if not we can put high fee to receive coin instantly.

[Bitcoinsummoner]

Lol the fee can be as big or small as you want. This is a non issue if you're sending money to someone who can wait a few days and you want to cheap out in the fee.

I actually agree on this, it is our choice on how much fee are we going to put on, actually it is by our choice if we are willing to wait or someone who will receive the coin, then it is okay just to give small fee but then patience is fully needed especially now that we have volume of transactions, but if not we can put high fee to receive coin instantly.

Your both have a good point and i think the transaction speed is depends on the fee and the transaction size but the problem when we are sending bitcoin to another wallet we do not know how much we should the fee because there is no tool for estimation.. honestly on electrum i am not satisfied with the dynamic fee because its set at 0.001 that honestly more than $1 even you are transact a small amount of bitcoin you are paying a high fee even the transaction size is low..
This is still not solve issue..

[deisik]

Let's see pussycat do you have the balls to reply in  less than 4 lines?

A mangy dog always returns to its vomit

Let me ask another question.

What makes a currency useful?

Basically, currency allows you to separate in time two otherwise inseparable events (read one event), namely, an exchange of goods. What would be a one event in a barter deal turns out to be two essentially independent events in the exchange of goods mediated by a currency. This offers you a possibility to exchange virtually anything for anything else (which is not the case with barter), that's why currency is useful

Just in case, Bitcoin is not a currency, for the most part, as of yet and so far

[Happydd]

for me it is not useless and bitcoin now is proven its function in digital world and used in every country
bitcoin and other cryptocurrencies are now known globally and now increasingly is value.

A useless currency will not be used by everyone, so bitcoin is a very useful money for everyone, it has a great influence on the economic strength of some countries.

[dunfida]

for me it is not useless and bitcoin now is proven its function in digital world and used in every country
bitcoin and other cryptocurrencies are now known globally and now increasingly is value.

A useless currency will not be used by everyone, so bitcoin is a very useful money for everyone, it has a great influence on the economic strength of some countries.

I would like to ask on what country you are referring too? I didn't heard that bitcoin does give big impact or influence on economic strength on a certain country believing that bitcoin isn't still accepted by most countries.We cant say such thing as of now but talking about bitcoin is useless then I would really contradict onto that statement since bitcoin do really helps a lot on many things and for sure most users of it knows about what I suppose to mean.

[South Park]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

No what this means is that bitcoin is no longer useful for small transactions, since bitcoin fee depend on the size of the transaction and not in the amount you are sending then this means that for bitcoin to be the best choice when it comes to transaction then you need to use it to send bigger amounts of money.

[L00n3y]

Bitcoin will not be useless because of its reputation that is already built and also a lot of people using bitcoin and they believe to the things that bitcoin can do like being widely accepted and also use as a daily basis currency. Bitcoin is very useful in a lot of ways like being a source of income, savings and also investment at the same time.

The reputation of Bitcoin through the years is still depends on how people view this cryptocurrency. But as we can now see, some countries are supporting it's usage and that's mean BTC is building up it's reputation in a large scale. The decent income that it can give to people are on par on the real world works.

Bitcoin was never advertised or designed to be micropayment solution. Flat TX fee is better suited to transfer a large sum of money.
It is still viable remittance option as you send rather large amount of money at once.

Oh really...
Satoshi said something else:

https://bitcoin.org/bitcoin.pdf

He never saw bitcoin as an investment., unlike % of the current users.

Satoshi was a genius and visionary, way beyond our level of comprehension, but he wasn't a clairvoyant.
He could only speculate, hope and expect what path bitcoin will follow. It's true he aimed to create p2p currency and payment method.
But I am sure that after 7 years of bitcoin existence, evolving and testing he would change his mind about many things: including scaling solution or bitcoin main purpose.

No matter how good you are, you alone cannat change this world. Many of the geniuses in the past including Nikola Tesla, Albert Einstein, max well can't comprehend what's lies ahead. They just accumulate and do what's best possible in the situation in that particular place, time, and technology. You can't have it all, clairvoyant means that it you predict the future and even if you have that clairvoyant ability you can't predict the very hearts of people. Maybe he does even expect that BTC can survive up to these long. He is just enjoying the scenery of the ride of the train that destiny is still unknown.

[AicecreaME]

Just because transaction fees go up, you say bitcoin is useless?
I myself have never thought about transaction fees in every transaction I make, while there is still a wallet that provides no fees in the withdrawal, take advantage of that. I think don't need to bother with transaction fees, and bitcoin very useful.

Useful for what?

Useful to you of course. You are the one who is managing your account here in this forum where you are earning bitcoin, and obviously you are the one who are getting benefited on it, so how come that you are asking "Useful for what?", lol, this is very ridiculous. If you are going to be like that, or maybe you are just trolling people here, why not just quit bitcoin, get back here again using a newbie account and I would accept you asking the same question, because I will think that you are really just a newbie so asking a question like that is acceptable.

I just can't imagine that someone here in this forum is asking something like that, Really? We all know how bitcoin is helpful to us, we don't need to be dumb like we didn't know anything about it.

[DoublerHunter]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

No what this means is that bitcoin is no longer useful for small transactions, since bitcoin fee depend on the size of the transaction and not in the amount you are sending then this means that for bitcoin to be the best choice when it comes to transaction then you need to use it to send bigger amounts of money.

Bitcoin is not a smart choice for small transactions because you will not be happy for the transaction fee for every small transaction that you will do. Bitcoin is fast for every transaction but the fee is high and it is only a wise decision for you if you will make bigger amount of money in every kind of transaction.

[Gaff]

Just because transaction fees go up, you say bitcoin is useless?
I myself have never thought about transaction fees in every transaction I make, while there is still a wallet that provides no fees in the withdrawal, take advantage of that. I think don't need to bother with transaction fees, and bitcoin very useful.

Useful for what?

I couldn't agree more. Others would say that it is useless for they haven't experienced yet. Actually, they have to try first and see it for themselves and once that they've overcome it, they might see the reality that it is by far useful. For instance, my brother has been a member for almost a year using bitcoin and it is very useful to him because of financial crisis, sometimes when he has to borrow some money whenever he needs it urgently for an emergency purpose for his own family. It helps him most of the time and it saves him if the salary is delay or he's on a tight budget. I strongly believe that bitcoin is useful.

[JL421]

Useless are you insane or just bought bitcoin at a high orice and sold at a low price and that's the reason why you are pissed with bitcoin. Bitcoin has successfully passed so many stages like crossing the price of gold , increasing like 200% per year and now that it is being recognised worldwide you saying it useless?

[nuela]

Bitcoin is still used and will be used in the future also for transactions.
And that's the reason that makes bitcoin useful

[celested]

indeed. The low transaction fee's are a lie now. better to buy your pizza with real money or pay more with BTC.

Can anyone tell me for whom those fee's are, and why they are rising?

It's not a lie, it's evidence to the present bitcoin, we've paid very low fees, but as the bitcoin price goes up, the charge goes up too.

[comp]

Bitcoin is indeed useless. I sold my stash after holding on for a long time. Don't want to be to greedy at the moment because the limited extra bucks to be made before the big bubble burst is just not worth the risk anymore. The titanic will sink no matter what people will tell. There is a lot of noise by people wanting to squeeze that extra $ out of their investment, but in the end the bubble pops. So I've chosen to exit, before the stampede (which will cause a technical crash on itself) Bitcoin = speculation (and part religion), for practical use you need to look at the coins 2.0.

[Caelanpelley]

I said similar things in my topic: https://bitcointalk.org/index.php?topic=1917152.0

Yes, I agree with you. Bitcoin is becoming useless as a payment system.

Why useless? It is true that the bitcoin fee will increase with its price. But I think, in other respects, bitcoin benefits us.

[BitcoinzB]

Bitcoin is definitely not useless as OP claims it to be; yes, the fees are getting really high but I'm confident there will be a change in the way transactions work very soon (which hopefully will drop the mad fees)

[LeGaulois]

Do you know what is the cost of using a VISA card or paying with a cheque ? Do you think it's free, nope, and guess who pay the cost, your bank? nope it's the store and it's you. It is called interchange fees... With an average of 0.5-0.8% per transaction, it means about 10-15$ for an item costing 2500$, while bitcoin will cost you let's say 0.001BTC ($2.5)
Can you pay an item costing 1000$ in a single transaction with a VISA, nope, with Bitcoin yes you can pay with a single one

[Janation]

Bitcoin is definitely not useless as OP claims it to be; yes, the fees are getting really high but I'm confident there will be a change in the way transactions work very soon (which hopefully will drop the mad fees)

Even with the fees getting really high, bitcoin is not useless, if it is, many people must have sold their bitcoins and used another crypto currency. There are other things that bitcoin is being useful, investment, many people buy bitcoin or earn them, then use some of it and mostly store them and wait for a good price to use them or maybe sell them.