Newbie BITCOIN Criticisms: Rage Against the Crypto
hE DoEsN'T uNdeRstAnD ThE bLoCkcHaIn!! Oh I forgot to tell you, that within Bittrex, I also traded some BTC to get 0.1 ETH in order to get that ETH destination to have some ETH in it. The $8.00 of ETH still NEVER EVER SHOWED UP. What a joke. Welcome to the Junius Maltby Channel!
My BTC Wallet: 189oA75Fma4jNAkcDetQX6YQpsBDktH9Wm
Bitcoin Cash: 1B12a2S9nmmdaWYkrTeZEzyeaXGsqzd2aR
You just don't understand the blockchain ;)
Hey @juniusmaltby, I can appreciate your concerns and frustrations and I believe it's a good thing to listen to many cryptocurrency perspectives.
One point I would make wrt your observations on the high transaction fees for BTC is that for many holders of Bitcoin, it's being done as a store of value. And whether or not you buy into Bitcoin being a good store of value, the idea is that those who do are typically not making many transactions (i.e. they are HODLing, holding-on-for-dear life).
And, as a second example, if you want to send a LARGE sum of BTC to someone anywhere on the planet, then the relatively high BTC transaction fee is just a drop in the bucket. Try sending say $100K USD fiat to another country and see what kind of transaction fee you'd pay!
The transaction costs are much more of an issue when cryptocurrency is used for commerce (e.g. micro-transactions to buy your Starbucks coffee, etc). Bitcoin is not designed or optimized for micro-transactions. There are other cryptos (think Litecoin, DASH, etc) that are designed for commerce applications and one, or several, of them will likely fill this role eventually.