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Author Topic: The problem bitcoin solves  (Read 871 times)
deisik
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July 12, 2019, 09:12:36 PM
 #41

In other words, if you are sending 1M dollar worth of Bitcoin, you can typically wait and you can pay (actually, if you pay, you don't have to wait)
People moving values of that order will pay up for the fees without a problem, and we're seeing that already-- multi million dollar transactions are sent with fees ridiculously higher than the recommended fee.

It makes sense as well because when you're about to settle a transaction with someone, you don't want to be a cheapskate by including a low fee while a dump would wipe out like $100k of your transaction value in minutes.

It's better to 'lose' $10-$15 in fees and have your transaction included in a timely manner than to lose a lot of value due to a dump because you were trying to save a few bucks

That's the whole point

Bitcoin has become an asset which only rich and superrich can have (think the Berkshire Hathaway stock of Warren Buffett fame here). An interesting development is that Lightning Network is not going to help in any meaningful degree simply because deep pockets obviously don't mind paying an extra couple of bucks if they need to, while the rest of the the pack should look elsewhere (read, in altcoins). To sum it up, Bitcoin is not for the regular 8/17 folks anymore. But you can buy Bitcoin Cash if you want some bitcoins ("Bitcoin for the masses")

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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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July 16, 2019, 06:03:39 PM
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 #42

I believe bitcoin can solve everyone's problems, even for rich people as well, there are tons of altcoins as well as bitcoin so that idea of "only 21 million limited" is bull shit these days, if bitcoin gets too big then ethereum will follow and litecoin too so when there is 50 trillion worth of 50 coins that doesn't make it limited at all and then rich people and poor alike can use crypto currencies all globally to connect to each other.

Internet managed to make the world smaller, I can speak with people from all over the world and I can read stuff people put online anywhere in the world, bitcoin and crypto is solving that financially, bringing people together financially is the next step towards making us a union of humans instead of each nations, with enough interest towards bitcoin and alts we can finally reach that.
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July 19, 2019, 03:41:38 AM
 #43

I believe bitcoin can solve everyone's problems, even for rich people as well, there are tons of altcoins as well as bitcoin so that idea of "only 21 million limited" is bull shit these days, if bitcoin gets too big then ethereum will follow and litecoin too so when there is 50 trillion worth of 50 coins that doesn't make it limited at all and then rich people and poor alike can use crypto currencies all globally to connect to each other.

Internet managed to make the world smaller, I can speak with people from all over the world and I can read stuff people put online anywhere in the world, bitcoin and crypto is solving that financially, bringing people together financially is the next step towards making us a union of humans instead of each nations, with enough interest towards bitcoin and alts we can finally reach that.
Bitcoin may give that stability, it depends on your profession and if you can do it remotely. For example, a coder living in Nigeria and very good at his job can only earn so much in Nigeria, he can't make thousands of dollars a month because nobody can afford to pay him that much. Still, if he is good at his job and finds a remote work and works for bitcoin as well globally than he can write codes for an american company and make thousands of dollars per month, an american company paying like 2 thousand dollars per month to their coder will find it cheap because good coders in USA is usually 5k or more monthly whereas Nigerian will be feeling rich with just 2 thousand. That is bad for the Americans but good in the global sense of what bitcoin is bringing to the table.
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July 19, 2019, 07:08:26 PM
 #44

If we are talking about a limited amount of cryptocurrency, then problems can be solved only with the help of the price of Bitcoin.  if the price of Bitcoin is increased higher than $ 20,000, and it is possible to even give a few hundred thousand dollars, then Bitcoin may be enough for everyone.
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July 19, 2019, 09:14:51 PM
 #45

Bitcoin solves many financial problems especially those related to financial transactions. Bitcoin grants its users the power to own control over their financial lives via its decentralized platform where there is no third party interruption in transactions. This facilitate fast and secured transactions.

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July 20, 2019, 03:47:05 PM
 #46

Bitcoin solves many financial problems especially those related to financial transactions. Bitcoin grants its users the power to own control over their financial lives via its decentralized platform where there is no third party interruption in transactions. This facilitate fast and secured transactions.

Bitcoin is not the best solution to be used in financial services.
In this industry we need a reduced response time and bitcoin blockchain is very slow to do that.
Having said that, if we need to solve problems in the financial industry we need a faster chain that will execute transactions faster than the currenct state of bitcoin chain.
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July 20, 2019, 03:58:45 PM
 #47

Bitcoin solves many financial problems especially those related to financial transactions. Bitcoin grants its users the power to own control over their financial lives via its decentralized platform where there is no third party interruption in transactions. This facilitate fast and secured transactions.

Bitcoin is not the best solution to be used in financial services.
In this industry we need a reduced response time and bitcoin blockchain is very slow to do that.
Having said that, if we need to solve problems in the financial industry we need a faster chain that will execute transactions faster than the currenct state of bitcoin chain.
At the moment, these features Bitcoin does not bring much benefit to users of cryptocurrency.  First of all, you need to wait for the legalization of cryptocurrencies and at least a stronger implementation of Bitcoin's daily life in order to fully appreciate the benefits for humanity.  So far, Bitcoin very successfully performs the function of a very profitable investment.
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July 20, 2019, 04:12:45 PM
 #48

Bitcoin solves many financial problems especially those related to financial transactions. Bitcoin grants its users the power to own control over their financial lives via its decentralized platform where there is no third party interruption in transactions. This facilitate fast and secured transactions.

Bitcoin is not the best solution to be used in financial services.
In this industry we need a reduced response time and bitcoin blockchain is very slow to do that.
Having said that, if we need to solve problems in the financial industry we need a faster chain that will execute transactions faster than the currenct state of bitcoin chain.

And what other chain to be used aside from Bitcoin? Maybe not now that we can have as faster response time on our transactions than bitcoin, but alteast some individuals believed in Bitcoin financial help.

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