bitbunnny
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June 20, 2017, 10:56:11 AM |
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Yes, Bitcoin was meant to be an investment from the start, like gold but digital and with limited supply. Given the fees Bitcoin will never be used for micr-transactions. An alternative way may be to use an altcoin with low fees and fast transaction time, but that would be a long way to go for many to start adopting it.  But things are changing, nothing is ment to, stay still and so isn't the Bitcoin. This issue with fees will come to the place and people will figure out that certain adaptions are needed. I'm afraid that altcoins will never become so popular and have so real and practical use and value in real life like Bitcoin. |
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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jjacob
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June 20, 2017, 04:49:55 PM |
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Yes, Bitcoin was meant to be an investment from the start, like gold but digital and with limited supply. Given the fees Bitcoin will never be used for micr-transactions. An alternative way may be to use an altcoin with low fees and fast transaction time, but that would be a long way to go for many to start adopting it. But things are changing, nothing is ment to, stay still and so isn't the Bitcoin. This issue with fees will come to the place and people will figure out that certain adaptions are needed. I'm afraid that altcoins will never become so popular and have so real and practical use and value in real life like Bitcoin. People have figured out that changes are needed; the problem is that they can't agree on what. And the urge to stick to consensus might just result in things getting worse. |
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ladydark
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June 21, 2017, 02:30:09 AM |
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Sure.But after activation of segwit2x,situations would change.So,by then,bitcoin could be used both as a commodity of high store value as well as for smaller transactions.WE could soon expect the return of earlier days of fast transactions with very low fees. |
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wuvdoll
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June 21, 2017, 08:45:33 AM |
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after activation of segwit2x,situations would change.So,by then,bitcoin could be used both as a commodity of high store value as well as for smaller transactions.WE could soon expect the return of earlier days of fast transactions with very low fees.
Yes I am also waiting for those golden days back to action. Those greedy miners are really killing our sprit over bitcoins, even we can understand this is just a business for them but we should keep bitcoin competitive against other similar payment processors which are all advertising themselves as friendly to small transactions. There will be no wrong for bitcoin to be staying like great for a store of value at the same time more suitable for small transactions. Honestly I'm praying those golden days to come into effect again. |
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timerland
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June 21, 2017, 08:47:02 AM |
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Yes, Bitcoin was meant to be an investment from the start, like gold but digital and with limited supply. Given the fees Bitcoin will never be used for micr-transactions. An alternative way may be to use an altcoin with low fees and fast transaction time, but that would be a long way to go for many to start adopting it. Bitcoin did not start as an investment. In fact, it is a digital crypto currency. It is no point arguing what it started as though, because right now it is used pretty much to store wealth. And I have nothing against this - bitcoin is an excellent store of wealth and I like to use the term "digital gold" myself a lot because i think it is exactly what bitcoin is. However, it would be nice if transaction fees could be lowered through any sort of scaling measure(segwit), even halving it would be great because it does cost a lot to send right now. It's a bit of an added bonus if we could have all the characteristics of gold and the convenience, security and small fees of cash combined into a single thing called bitcoin. Although bitcoin isn't proven yet to be a store of value, as time goes on i think the price will prove itself. |
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hello_good_sir
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June 21, 2017, 09:21:55 AM |
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I think that bitcoin can function even if transaction fees are high, and even though it is high in the long term is definitely going to drop down to the normal value. The tx fee per byte currently is probably going to be the highest that we'll ever see in both BTC and 2017 dollar terms. If people think that an asset can only be a functional one if it can be transacted with low transaction fees... think again. Look at everything from stocks, bonds, precious metals like gold, silver, platinum, palladium, they all have high "transaction fees" or liquidation fees. Bitcoin has substantially lower costs to transport, more divisibility than most of these assets, so i don't see why it can't be a store of value without being able to process super small transactions. It would be nice if it could as well, but it's not 100% needed. But fees are indeed quite crazy out there right now. |
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ASHLIUSZ
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June 21, 2017, 01:24:58 PM |
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Sure.But after activation of segwit2x,situations would change.So,by then,bitcoin could be used both as a commodity of high store value as well as for smaller transactions.WE could soon expect the return of earlier days of fast transactions with very low fees. Once after segwit hope the scenario will change a lot. Bitcoin price goes high along with decreased transaction fee and faster confirmation as the past days. Along with that we users need to think that when the price was $1000 we were paying $1 as transaction fee and when the price has reached $3000 we should not hesitate to pay $3. A scaling going beyond the limitation is always disadvantageous, because now the fee is quite high even for $100 we are forced to pay $10 by some wallet. This shows that the present situation is not good for smaller transaction. |
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iv4n
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June 24, 2017, 01:43:58 PM |
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Not for small transactions that is right, did you saw the fees? Yesterday I sent 13 mBTC and Xapo miners fee is 2 mBTC, that is too much, I will not send bitcoins for some time that us for sure.
Bitcoin is on its way to be a store of value, 5 dollars fee for 20 dollars transaction is too much, that means bitcoin is not for spending, shopping or anything else, its just good to keep it and sell it once. That is stupid decision from developer's and miners, because of this we see eth rising fast, and if fess continue to rise I believe people will move to other coins.
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deisik
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June 24, 2017, 07:41:19 PM |
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Not for small transactions that is right, did you saw the fees? Yesterday I sent 13 mBTC and Xapo miners fee is 2 mBTC, that is too much, I will not send bitcoins for some time that us for sure.
Bitcoin is on its way to be a store of value, 5 dollars fee for 20 dollars transaction is too much, that means bitcoin is not for spending, shopping or anything else, its just good to keep it and sell it once. That is stupid decision from developer's and miners, because of this we see eth rising fast, and if fess continue to rise I believe people will move to other coins I would say that Bitcoin is sooner on its way to kick the bucket rather than to become a store of value First, Bitcoin has never been and can never be a decent store of value since it lacks any intrinsic value as such (unlike, for example, gold). It is kind of impossible by definition. This doesn't mean that Bitcoin is not a good speculative asset. Further, people which are investing in Bitcoin are investing specifically to earn money, not to preserve their wealth, we should remain honest here. And this is not even taking into account the coming chain split which is going to happen in August. If it does happen, it would completely ruin the idea of using Bitcoin as a store value (storing your wealth in Bitcoin is outright suicidal now) |
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JL421
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June 24, 2017, 11:58:12 PM |
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Bitcoin surely has a lot of fees and general users likes us will surely think while sending transactions as those fees hurts us a lot. But you should surely be aware of the different features bitcoin provides and one of those can help people to do illegal trade and buying anonymously so fees doesn't matter to people like these |
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lumeire
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June 25, 2017, 03:10:54 AM |
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A comparison that i'm going to make is gold with bitcoin. Gold is obviously extremely hard to store with all the storage fees and insurance fees, extremely hard to move around as taxes and cutsoms are probably going to eat into your total net worth if you were to relocate your gold(not even taking into account any sort of shipping and handling charges here), and it is not divisible so it'll be impractical for anyone to buy a loaf of bread with gold pieces. But it's still very popular and seen as a store of value. Now, bitcoin is much more divisible, much more convenient and the costs are significantly lower. So what i don't understand is that why do people think that gold can succeed while bitcoin cannot? Altcoins won't overtake bitcoin in the long run, just like copper can't overtake gold. People TRUSt bitcoin, and when there is trust, there is store of value. In all honesty, I don't believe this was BTCBTCBTC's primary goal when it was first conceived. It wasn't even considered a good store of value given its history of crashes spikes in price back then. It was created to move value, at the least. |
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Amph
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June 25, 2017, 08:24:15 AM |
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Definitely not for small transactions at the moment, the fee is just too high to send anything small if you want it to reach the recipient in a reasonable amount of time.
yeah and people forgets that this is not only worse for something like buying a cofee, but also plenty of other stuff like s very cheap steam game now with the summer sales, i was plannign to buy a $0.5 game but to buy this i must spend $2.5 in fee, which is stupid, at this point better to use your credit/debit card, which is free from any fee for me this will change soon when the segwit will be activate i hope, otherwise bitcoin is only good for purchase something that has at least 10-20 times the value of the fee paid |
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ActiveP
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June 25, 2017, 05:54:05 PM |
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Bitcoin is unique in the way it is perceived by different people. Some see its intrinsic value as a currency, for buying goods and services as stated by satoshi in his white paper.
Others see it as an investment vehicle, a get rich quick investment or they like it because it is tradable. For sure it is great as a store of value, but it has many good uses. It will evolve more with time to a currency you can use for small transactions.
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tigershark
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June 26, 2017, 01:23:56 AM |
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Bitcoin will definitely be good for a store of value in my opinion. I also think it can be used for large transactions. You are correct that the fees are too high for small transactions so I think several of the major altcoins could be useful for smaller transactions. This is why I think altcoins and bitcoin can both exist together since they can have different niches in the future. I think some altcoins will fail but a few of the good ones will survive. |
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HasHe
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June 28, 2017, 06:50:12 AM |
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Bitcoin would be used more as a store value in future.High increase in transaction fee has made it uneconomical to use bitcoin for smaller transactions.If we try to pay smaller fee,then it would take more days for transaction to be confirmed since no merchant would accept to wait that much time.
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timerland
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June 28, 2017, 07:44:35 AM |
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It would be nice of coures to have low transaction fees as well, but it is not necessarily a must have to have close to zero transaction fees to have bitcoin as a good store of value. Many rich people are probably storing part of their wealth in bitcoin because they know if they keep it in fiat, ultimately the government can take it away from them if they really wanted to. Not BTC though. In fact, transaction fees aren't that bad. They are still way cheaper than international bank transfers/silver/gold. Store of value means long term, and long term you wouldn't transfer that much bitcoin out of your address anyways. Bitcoin would be used more as a store value in future.High increase in transaction fee has made it uneconomical to use bitcoin for smaller transactions.If we try to pay smaller fee,then it would take more days for transaction to be confirmed since no merchant would accept to wait that much time.
Nonsensical. Of course, everyone knows the negative things that come with transaction fees being too high. The discussion here is whether or not bitcoin can serve as a good store of value without being good for micropayments. |
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jvdp
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June 29, 2017, 08:31:37 AM |
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Bitcoin would be used more as a store value in future.High increase in transaction fee has made it uneconomical to use bitcoin for smaller transactions.If we try to pay smaller fee,then it would take more days for transaction to be confirmed since no merchant would accept to wait that much time.
Ya I accept this.Due to high value of bitcoin now only high transaction are made with bitcoin. But soon it will Change. Why because lots of transactions now a done with bitcoin. It's not far away for using bitcoin for small transactions. |
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n0ne
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June 29, 2017, 08:50:55 AM |
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Bitcoin would be used more as a store value in future.High increase in transaction fee has made it uneconomical to use bitcoin for smaller transactions.If we try to pay smaller fee,then it would take more days for transaction to be confirmed since no merchant would accept to wait that much time.
Ya I accept this.Due to high value of bitcoin now only high transaction are made with bitcoin. But soon it will Change. Why because lots of transactions now a done with bitcoin. It's not far away for using bitcoin for small transactions. Due to the increased value bitcoin has been found good for high volume transactions because of the increased transaction fee. Once it had low fee and faster confirmation, this has changed a lot now. Small transactions were not getting profited just because of bitcoin's increased price. Because of the increased value it has been considered as more secure place for high volume of fiat in a simple way. |
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