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Author Topic: Bitcoin is useless so why high price?  (Read 4588 times)
logosobscura
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December 30, 2017, 11:47:52 PM
 #21

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 fees is really high, but I don't agree that this is useless because I believe in the future of every cryptocurrency and bitcoin is one of them. If you really think bitcoin is nothing then stop holding on it. Bitcoin will be better in 2018 and people who sold it on panic will surely buy back.

First off, why would you say it's useless. I mean, right now, it has a very high price point, plus it's marketability has been really up there. These are not the only things that make bitcoin quite relevant right now. It has really opened a lot of opportunities and doors for bitcoin to be seen and to continuously prove its potential. So, having said, people keep it as an investment or some sort of a savings that they can get or use in the future.

That's a bit of a circular argument. Bitcoin will always have a special place in my heart (and my portfolio)- but it is rapidly becoming legacy tech because of lack of community consensus on solving the scalability issues. Segwit2x doesn't solve them- it just kicks the can for another 3 year debate (by which time it'll be useless), and Lightning is heresy because it goes off-chain. Bitcoin was designed for one purpose- the be a mechanism for a Transfer of Value- it's been argued that it is a 'Store of Value' but it's really not good at that because of the characteristics of cryptocurrencies. Bitcoin is at a cross roads- it can either upgrade itself to face down the 2nd generation cryptocurrencies, or go the way of Betamax and gradually deflate in value over time.

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December 31, 2017, 12:03:28 AM
 #22

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 in downward trend,

when the tx fee becomes more reasonable it will sablise and the market will support bitcoin again, so if you own bitcoin sell it,


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December 31, 2017, 12:07:18 AM
 #23

It's not like everyone has dropped bitcoin all of the sudden, things will stabilize again.
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December 31, 2017, 12:12:39 AM
 #24

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.

Your statements are a bit counteractive, you say bitcoin is useless right now because of the high fees (I agree) but then that you will get rid of it when the fees are low (why move it once the problem which makes it useless  is solved?)

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December 31, 2017, 12:14:30 AM
 #25

It's first cryptocurrency, and many people only heard about bitcoin. Then buy it and the price grow. And so in a circle.

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December 31, 2017, 12:22:27 AM
 #26

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 type of thinking would stop someone from investing in something for the future. Example: Look at any tech company in the early 2000s. Nobody thought they were going to succeed in the current climate. Heres the key. Nobody is investing long term in the current climate. They are banking on the technology surrounding that investment to catch up. Technology will catch up to BTC and make it useful. Just give it time.
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December 31, 2017, 12:46:47 AM
 #27

Bitcoin is certainly useful. Are not we now that many online shops adopt Bitcoin as a payment method on their website. Although Bitcoin transactions are slow and more expensive transaction fees (value is based on Fiat), it does not affect the Bitcoin price, because of the high demand for Bitcoin.
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December 31, 2017, 12:48:15 AM
 #28

The value of something depends on the perceived usefulness of something. What is the use of Bitcoin? It is the first solution to having a world-wide monetary system without authority, an enormous technical innovation and template for everything that followed. As further innovations come into existance, like smart contracts, true anonymity, scalability, low-energy consensus mechanisms, the technological usefulness of Bitcoin will gradually become lower and lower, however, its use as a known brand for newcomers to crypto will still be there for quite some time. There'll be a turning point for sure but it's unpredictable when Bitcoin will be overcome by other coins in terms of market cap and trading volume.
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December 31, 2017, 01:16:24 AM
 #29

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.

I agree. The fee is just ridiculous. Bitcoin was created because mr nakamoto is tired of the transaction fees for sending to other currencies. Bitcoin has forgotten the motto of Mr. nakamoto. Now bitcoin fees are sky high. Not to mention the slow confirmation of transactions. People are tired of bitcoin. This would make bitcoin fall if they do not change this. My bitcoins are stuck because of these high fees.. as you can see bitcoin is going down.

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December 31, 2017, 01:28:26 AM
 #30

Bitcoin not useless. Bitcoin is useful till it has price.  Altcoins also taking price from it.If BTC dies 80-90% of alts also will die surely. That's why its not good to anyone that BCH or Ripple or MIOTA attacks BTC. They harm it and all crypto coins

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December 31, 2017, 01:29:46 AM
 #31

Well, I agree with you. But what I think he meant was Bitcoin is useless as a mode of payment which I couldn't agree more.
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December 31, 2017, 02:06:48 AM
 #32

investment platform! its useless for most of the users, but when you holding 100k btc - you don't care about fees at all. on other hand - bigger wallet also means price drop while you will be selling your btc, so you need to count that as well.

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December 31, 2017, 02:24:28 AM
 #33

Well, I agree with you. But what I think he meant was Bitcoin is useless as a mode of payment which I couldn't agree more.
You are right it is in no way a currency right now. But bitcoin has shown to be a great store of value , anyone who put money in it the last couple of years and just waited have made some nice gains. So the value comes from a store of value/speculation point.

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December 31, 2017, 02:53:39 AM
 #34

Bitcoin is not useless, why are you saying bitcoin is useless when you are here with bitcointalk forum. I don't agree with it.. Bitcoin is very helpful with our society especially for all who wants to earn even with their home. For me, bitcoin now is one of my sources of income now and I can say it can help me a lot especially with my daily needs. So I think transactions fees are reasonable enough to charge when selling bitcoin.
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December 31, 2017, 03:04:43 AM
 #35

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.

The issue is not with bitcoin but what is happening to bitcoin is that of scalability.  I guess bitcoin grew so fast that now it's network is congested.

Once the issue of stability is solved,  you will see that it is not a useless coin.  Besides,  it has changed the world and helped people in ways we never imagined

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December 31, 2017, 03:08:30 AM
 #36

I don't agree with you with the part you are saying because without bitcoin how can a campaign even start don't forget that bitcoin is still the founder and the coins in the crypto market with the highest value, true it is has a slow and high transaction fee, but you could not the hide the fact it is still the highest profitable coin in the market.

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December 31, 2017, 03:09:28 AM
 #37

What do you mean Bitcoin is useless? Why we should here and why altcoins come from? So the answer is Useful'' because the bitcoin is the main crypto currency of digital money.

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December 31, 2017, 03:13:49 AM
 #38

why do you say bitcoin is useless.. its the major cryptocurrency... if bitcoin dont exist other altcoins doesnt exist also..
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December 31, 2017, 03:14:03 AM
 #39

First of all, Bitcoin is the legendary a k a father of cryptocurrencies and usually, we trade Bitcoin for another cryptocurrency and fiat currency which is making the Bitcoin price bigger and bigger. Second, Bitcoin is the only one cryptocurrency who had much popularity in the world and people usually use it for digital transaction. Third, if more people use Bitcoin, it means more miner fees for each transaction *CMIIW*. If you don't like how Bitcoin works and its price, you can always use Ethereum for the alternative.
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December 31, 2017, 03:55:27 AM
 #40

Bitcoin fees are still tiny when expressed in Bitcoin -- the problem is the dollar has crashed relative to BTC so all the poor saps holding dollars no longer have any buying power. Anyone who bought 10,000 BTC for a pizza back in 2011 isn't really sweating .01 BTC fees to move their coins around.
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