Bitcoin is useless or is it?

[stompix]

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.

After the price correction everything with transaction fees and confirmation time will be just fine.
I partially agree with your thoughts.Bitcoin is used mainly for speculation and gambling.
This prooves that bitcoin isn`t a real currency.

No , it has nothing to do with the price.
The competition for the space in the blockchain will still be around and people will still pay a higher fee for that.

Even if bitcoin price will drop to half if the number of transactions will double then you will see double txfees.

[sobsitesearch]

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.

After the price correction everything with transaction fees and confirmation time will be just fine.
I partially agree with your thoughts.Bitcoin is used mainly for speculation and gambling.
This prooves that bitcoin isn`t a real currency.

No , it has nothing to do with the price.
The competition for the space in the blockchain will still be around and people will still pay a higher fee for that.

Even if bitcoin price will drop to half if the number of transactions will double then you will see double txfees.

Most o the users wanting to transact with low fees that is why more transactions have traffict in the block chain. But if you want to transact quickly you should pick the higher fees.
But for me i do not like gambling because i can not generate income in this method.

[Ankara]

Well it wouldn't be great to use it for a sandwich or drink.

Does it make it useless. Nope, it is and amazing saving tool, store of value and should be treated as such.

[a7594li]

I think everyone should buy one

[pearlmen]

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.

With the in increase in the amount being paid for transaction fees which is quite unfortunate but that does not mean the end of bitcoin we are always very happy to see increase in the price of bitcoin and quickly with the "bitcoin to the moon" threads but not with the cost attached to it. If the rate of increase of transaction has not overshadowed the increase in price, people will continue using bitcoin and its death is not near.

[loiterin9]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead.

if you want to transfer a couple of thousands of dollar with bitcoin you still pay the same low fee of $0.7-$0.8 but with a bank you will end up paying a percentage of what you transfer.
so it is still pretty cheap.

Even if your want to move a higher value, volatility kills it. By the time the value is received it can go up or down. So again it's useless.

[loiterin9]

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.

With the in increase in the amount being paid for transaction fees which is quite unfortunate but that does not mean the end of bitcoin we are always very happy to see increase in the price of bitcoin and quickly with the "bitcoin to the moon" threads but not with the cost attached to it. If the rate of increase of transaction has not overshadowed the increase in price, people will continue using bitcoin and its death is not near.

What for?

[AngelSky]

Well it wouldn't be great to use it for a sandwich or drink.

Does it make it useless. Nope, it is and amazing saving tool, store of value and should be treated as such.

It's local type of business but bitcoin revolution will make change in this business as, if it's been adopted in these field. Never be useless. You could buy the bitcoin or hold it in your wallet. This will help you to move forward, when you are in need of money. It has the potential to change big value also in some years.1

[BingoDog]

I don't agree with this at all. If you are performing only micro transactions and you don't use bitcoins for anything else then probably you have some problems but bitcoin is much more then this. And I wouldn't call bitcoin an experiment because through years bitcoin has shown all abilities and advantages and that can be part of finances.

[netox]

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.

I think that bitcoin failed his first intent, the original intent was to be a digital money. Here is what Satoshi Nakamoto said in the original whitepaper:

"The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible
services. With the possibility of reversal, the need for trust spreads. Merchants must
be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties
can be avoided in person by using physical currency, but no mechanism exists to make payments
over a communications channel without a trusted party" (Satoshi Nakamoto)

I highlight this part  "The cost of mediation increases transaction costs", Bitcoin has become what he fought against


For those that don't believe that alcoins can replace Bitcoin take a look in the market dominance of Bitcoin.

Now Bitcoin is becoming each day more and more  the Debian of the digital currencies but it can be the next blockbuster/kodak.

[Hazir]

With transaction costs rising above $1 the original promise of cheap remittance

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.

Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

Bitcoin is accepted as payment method by many companies and services, it is legal payment tender in Japan, and soon will be in Australia.
Do you really think that it has no utility potential?

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

Bitcoin can be upgraded, and will be eventually. Just so you know, bitcoin is the most widely used cryptocurrency, network is also spammed by hostile force constantly.
Any other altcoin in similar circumstances would do poorly.

[KuromaYoichi]

In term of small transaction or micropayment, bitcoin is almost useless right now. The fee is high compared to the money you send. But if you send a large amount of money, then the fee is small compared to other payment method. The utility is still there, it's up to the user to set the fee but if you want your transaction to be confirmed fast, then high fee is your only choice.

[xvids]

I hope that we could still use bitcoin with just a small fee for every transaction like what we do in the old days,
Hope we could do it again but it seems like bitcoin is becoming more popular and that is the reason why we have more users now.

[loiterin9]

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.

I think that bitcoin failed his first intent, the original intent was to be a digital money. Here is what Satoshi Nakamoto said in the original whitepaper:

"The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible
services. With the possibility of reversal, the need for trust spreads. Merchants must
be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties
can be avoided in person by using physical currency, but no mechanism exists to make payments
over a communications channel without a trusted party" (Satoshi Nakamoto)

I highlight this part  "The cost of mediation increases transaction costs", Bitcoin has become what he fought against


For those that don't believe that alcoins can replace Bitcoin take a look in the market dominance of Bitcoin.

Now Bitcoin is becoming each day more and more  the Debian of the digital currencies but it can be the next blockbuster/kodak.

As much as I would like to agree with you. Having failed as a remittance mechanism or a good store of value, I'm struggling to see the value of the Bitcoin as an asset class. It can't be used for high value settlement, it's not enough volume. It's destined to remain niche with limited attraction from speculators. The uptick in popularity we are seeing now is driven by a lack of understanding and a short-term desire to make quick buck.

[Lecam]

I hope that we could still use bitcoin with just a small fee for every transaction like what we do in the old days,
Hope we could do it again but it seems like bitcoin is becoming more popular and that is the reason why we have more users now.

Thats it, it become more popular than before thats why they put transaction fees to prioritize the one who pays that transaction fee, but you can still send bitcoin without paying, but it is more longer than before, you have to wait up to 2-4 hours or so on. One time, i have waited 2 working days before i received my bitcoin and the reason of that is there is more users sending and receiving bitcoin to their wallet thru blockchain, But thats fine, as long as i still receive my bitcoin.

[Rinder]

We all know that once all coins mined the fees would replace the reward to the miners, what we werent expect is those fees to be charged at the moment while they mining still active, soo i see the high fees as a wall to some people, wich can make some loose interest, the low fees transaction isnt happening at all.

[foxbat]

I hope that we could still use bitcoin with just a small fee for every transaction like what we do in the old days,
Hope we could do it again but it seems like bitcoin is becoming more popular and that is the reason why we have more users now.

We all have the same hope, we want to pay a low fee, so we need a solution to solve the problem, and the solution is segwit.

[ranochigo]

After the price correction everything with transaction fees and confirmation time will be just fine.
I partially agree with your thoughts.Bitcoin is used mainly for speculation and gambling.
This prooves that bitcoin isn`t a real currency.

Confirmation times is related to the transaction volume and the transaction volume has nothing to do with the price(at least for now). Transaction fees can be tied to USD but even if the price is going to fall down, people would pay more to get their transaction priority and balance it out.

Bitcoin is still a currency as in its main purpose is to transact money. We need a consensus on how to scale Bitcoin. Only then we can enjoy the full benefits that Bitcoin can provide.

[citywise2]

Bitcoin is not useless at all and it makes sense in every way you look at it. Before anyone starts grumbling over bitcoin,  I think taking time out to consider the so many solutions bitcoin have brought compared to what we have with payment systems like Paypal, we can now begin to appreciate bitcoin the more.

[aarturka]

I agree.  That is why I use the Bitcoin Unlimited node and am diversifying into LTC, DSH and ETC.  As soon as the mempool clears, I think we'll drop below the 200 DMA, due to anger *again* over fees/wait times.  It's so unnecessary.  If we made it 2MB there wouldn't be the mempool.

Your post is another avidence that Bitcoin community should avoid BU by any means necessary.
All BU supporters are obvious enemies to bitcoin like you and Roger Vermin and other altcoiners