If Bitcoin is "too big" for coffee, I wonder how people feel about paying for a coffee with a card. If we look at it, maybe Visa is a bit overkill for coffee too
It's like paying for coffee with stock or grams of gold. Yeah it's stupid.
Exactlly. Globally precious if you see the increasing trades in Philippines, Spain, Japan, Russia, USA, India, Brazil, Nigeria, UK.
Buying a coffee, $1 fee lol
Buying a coffee with an international wire payment clearing system, lol.
KNOW THE DIFFERENCE! And what happens when the fees increase another 100x to 100$ per transaction? Are you guys still going to say its cheap and its how bitcoin is meant to be?
Let's see, $100USD minerfee to send any amount of Bitcoin when Bitcoin is valued above $30,000USD/BTC.
Sending 0.0166BTC: Hmm, so if you need to liquidate & send $500USD across world fast using your holding of this precious financial asset when its valued at $30,000 an alternative would be to:
Sell to any 3rd party the 0.0166BTC to get +$500
3rd party pays you PREMIUM 3% to get BTC asset: +$15
Assuming traditional banks still exist and in this time wire fee (only) doubled, transmit wire $500 and fee: ($500)+ ($60) = ($560)
Net Fee using alternative1: ($560) + $500 + $15 = ($45) fee paid
This will save you $55 vs paying the ($100)miner fee
Localbitcoins premiums for cash deposits have been cheaper in USA where consistently between 3-7% premium past 3 years. Future should bring efficiency so only 3% used. Though we are probably 25 years out from a $30,000 BTC price and $100 txn fees.
But we all are observing, increasingly so, since 2013 and every year through today, more and more of some of the smartest in Philippines, Spain, Japan, Russia, USA, India, Brazil, Nigeria, UK are trading to hold Bitcoin. No precious financial asset is as widely distributed and as easily accessible to offer such explosive returns due to its superior ability to hedge global monetary inflation. Bitcoin is not only store of value, but is the check and balance to the world's central banks.