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Author Topic: Bitcoin is useless so why high price?  (Read 4588 times)
Laodungchun
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January 25, 2018, 06:40:20 AM
 #101

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.


So many people who buy bitcoins are because of their price hikes. Let us say that you purchased now 0.01 BTC is worth $ 200 and the next day it will rise $ 300. The profit is so easy that many people buy it because it is not useless. And there are different types of fees and that depends on you.
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jan.nicolas
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January 25, 2018, 06:49:44 AM
 #102

I would not say that, because in my opinion all this talk about the fact that bitcoin is not needed or bitcoin is useless, all this is not true. After all, bitcoin is the most innovative crypto currency, because bitcoin brought us blockage, and there were expensive commissions, but after integrating lightning into the network, I think this problem will disappear.
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January 25, 2018, 06:58:07 AM
 #103

Bitcoin will be die some day, but what we cannot really know now is that what coin will take place of bitcoin.

Bitcoin will die? The day I thought bitcoin died was also due to better new technology. And what kind of coin Bitcoin will be. This is hard to define. But it seems to be meaningful.
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January 25, 2018, 06:59:17 AM
 #104

Its high because it has mass adoption and everyone is hearing about it, the media are just talking about bitcoin and every man and his dog is learning of it. A lot see it as a scam/ponzi while the one with more knowledge are seeing it as a way to move money about without problems at the boarders.
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January 25, 2018, 07:09:34 AM
 #105

Bitcoin is the father of all coins and with lightning network implementation coming soon, your question now should be why we need so many alt coin to perform similar function (like BCH, LTC and so on)

BTW, the transaction fee now drop to around USD$1.xx, time for bitcoin usage to fly...
Good point. Looks like op underestimates the potential of the king of the crypto world. I do realize that the current transaction fees and confirmation time when it comes to bitcoin is annoying and expensive sometimes, but this is only a temporary problem. The upcoming integration of the lightning network will help solve these problems to a large extent which is something many people fail to think about.

Also, I advise people to use segwit wallets to store their bitcoins which will further help alleviate these problems to an extent. I am currently using a segwit wallet and an happy with the confirmation time and transaction fees.

I think he still does not know how the updates are coming in the way. Off course  if transaction is slow, surely devs are making their ways to make the transaction fast. Not just in bitcoin but in other alt coin also. They cant just ignore problem just because they are profitting. It is a multi million dollar investment so we have to wait for the update. It is global so we cant expect instant fixes.
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January 25, 2018, 07:09:54 AM
 #106

Well as for me, bitcoin is not useless. I also suspect the low increase in the price of bitcoin for the passed weeks now to be as a result of the high transaction fee in the blockchain. Having known that one of the aim of bitcoin is no or low transaction fees, but now the transaction fees has become very expensive.
Leocrypto da Vinci
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January 25, 2018, 02:20:14 PM
 #107

The price of a currency, or of any other asset, it's not only based on today utility, but also in the future one.
Everyone knows the limit of bitcoin, and the fact that is practically useless, due to high fee and the slowness of the system.
But we trust that in the next future all these issues will be solved.

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January 25, 2018, 03:22:52 PM
 #108

people are interested in bitcoin because the price is high, we can exchange it for a low fee fee if we can find the right exchange, so we will not lose if have bitcoin

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January 25, 2018, 03:28:55 PM
 #109

I figure its what everybody need to live with right now and the main thing we would all be able to do is simply to opening that things will show signs of improvement either by plan or by botch. Things simply needs to show signs of improvement on the grounds that without that, I see bitcoin losing its position extremely quick to other alt coins that are seeking that position which is truly happening quick and the arrangement of change that ought to be seen in the coming year should be put on hold for the present.
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January 25, 2018, 03:30:05 PM
 #110

There are several reason but the main reason is that  bitcoin is a way to buy altcoins. anybody wants to buy altcoin have to buy bitcoin first. bitcoin price is high because of this.
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January 25, 2018, 04:28:24 PM
 #111

How do you say its useless? Based on my knowledge about it, bitcoin is the latest currency and other companies are accepting bitcoin as payment. Through this, many people are earning and its a big help for them because here you can work without any documents. Anyone is  welcome to work and invest here, but sometimes we just need to be careful because there are scams.

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January 25, 2018, 04:44:06 PM
 #112

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

This will make bitcoin no longer the king of crypto, the owner will hold a certain amount of his possession for quite a long time because of considering the purchase price and the cost of withdrawal is quite expensive.

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January 25, 2018, 04:48:14 PM
 #113

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

Some coins stagnate and have no active development. Bitcoin is obviously very different and has very active development - when Lightning Network arrives, speed will be vastly improved. In short a cryptocurrency isn't a static thing. A coin that is slow now may stay slow, may get slower, or may have people working hard to solve the problem.
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January 25, 2018, 04:58:57 PM
 #114

Well the high fee is already being quite a problem from a long time, and yes many people don't like this aspect about bitcoin.
But bitcoin is not useless, you can't expect to get something big without sacrificing at all.
And you ask why the price is high? It's because many people want it. The higher the demand is, the higher the price will be. Economic law, i bet you know that since it's learned at school.
But still i think, bitcoin is still useful and great, if you compare the high fees and the profits you get, i think it's still a positive for the profits. So don't need to complain, and just leave if you really want to, just don't regret it later.

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January 25, 2018, 05:00:14 PM
 #115

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.
You are viewing the price too much. The coins that were built after Bitcoin are still alive correct?

 
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January 25, 2018, 05:21:55 PM
 #116

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

Bitcoin is the father of the crypto-currency industry. He is almost 10 years old and during this time there were no critical failures in his network. Yes, now there are problems with the speed of transactions and their cost, but this issue is being addressed. For example, the Ligthin network is being tested. I think that bitcoin will be fine
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January 25, 2018, 06:50:25 PM
 #117

Bitcoin is discussed in another section, but I am talking about something different. I do not think you will find experienced traders who share your viewpoint and call Bitcoin useless crypto. BTC is the way to invest money and earn a lot. As for cash out, seek for the better exchange.
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January 25, 2018, 06:54:32 PM
 #118

I think everyone understands that the only useful function of bitcoin is its changeability, bitcoin itself is supplied with demand due to its history, not more than that
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January 25, 2018, 07:08:31 PM
 #119

Bitcoin is useless because of his price and long transactions, but the same time I think it's useful for big transactions, that you can't realise in banks.
Why so big? I think because of pumping and speculative activity, there are no more reasons.
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January 25, 2018, 07:38:39 PM
 #120

Bitcoin is useless because of his price and long transactions, but the same time I think it's useful for big transactions, that you can't realise in banks.
Why so big? I think because of pumping and speculative activity, there are no more reasons.

Well, although there is a lot of speculation regarding bitcoin, I think that bitcoin is not that overpriced. It is kind of useless right now for small transactions, but as you pointed out, it might be a good solution for big ones. It also has the potencial to grow a lot more, if it's scalability problems get solved, so I would say that bitcoin is already pricing the potencial it has once those problems are solved. So although it's still speculation, since small fees and fast transactions are not a reality yet, it's price is a way of people supporting it, and claiming their faith in it's future development. It's normal to invest in startups for it's potencial, and I guess that is what is happening with bitcoin right now.

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