Will Bitcoin ever be used as a day to day currency?
In this episode we talk about Bitcoin and discuss if it could ever be used as a real world currency to replace fiat money around the world.
As usual thanks for listening
Happy Steeming Steemers and Steemettes.
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It would be nice but unless transaction fees come down and transaction speed goes up, Bitcoin will not be practical for most everyday transactions.
Thanks for the comment. I mention transaction speeds in the video but missed transaction fees which is a very good point. Also regulation from government can be a big hurdle to overcome.
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Bitcoin is too expensive to transact with.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
Costs over $2 to send.
I agree. Add that to fees from Coinbase and Bittrex and it adds up. These things need addressing.
High transaction costs are unavoidable in Bitcoin, because it wastes a lot of money on mining, unlike Steem for example.
That is why Steem transactions are free and Bitcoin will never become a day to day payment system for people, that and the fact that Bitcoin simply can not handle more than a few transactions per second.
I agree with the cost implications and that's why the transaction fees will always remain and like you say they are unavoidable. The issue with Steem is when something is created out of thin air it's value is limited. I mean if you lived on a beach you wouldn't pay someone for sand as it's so easy to obtain. Thanks for your comments, much appreciated.
"The issue with Steem is when something is created out of thin air it's value is limited."
Not sure what you mean.
Both Bitcoin and Steem have similar rates of emission.
New Bitcoins are currently emitted (mined) at a rate of 12.5 Bitcoin/block.
Steem emission is currently at about 9% per year, going down to 1% over 20 year period.
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