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RE: 12/28/2017 The Market View and Trading Outlook

in #bitcoin7 years ago

I've always noticed a drop in and around Christmas time. I could have predicted this one. Then it starts to spike once the new year hits, and then I typically see another big drop around tax time. It's very rinse and repeat but the long term gains have always been on point.

After sending $55 worth of btc from one wallet to another only to get charged a $16 transaction fee, as well as having 1.4 million satoshi (i know it's not a lot) in an online wallet that is costing me over 600k satoshi in transaction fees just to move it, I've come to the realization that bitcoin is no longer intended for low value transactions. I can't even send this to bittrex for trading. My coins are essentially stuck, over $200 in value that I can't touch. Infact, I'm not sure Bitcoin should be used for any day to day transactions. As someone who accepts bitcoin as payments for my business (I haven't had a customer pay in bitcoin yet) I can't see anyone wanting to pay me in bitcoins considering the transaction fees alone. If I went to a business that accepted bitcoin, I'd ask to pay in litecoin instead. It's not worth it. I think if Bitcoin Cash does not supersede Bitcoin Core then Bitcoin Core will be used more for a storage of high value, whereas bitcoin cash will be used as the more day to day transactions coin. Since Bitcoin Cash is just as global bitcoin core could very well be over run by BCH.

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Good analysis and I agree, BTC is just to damn slow and expensive at the moment.

Indeed. I also don't believe that Satoshi created bitcoin thinking it would always reign supreme. However; it was a good start and it will probably always be around, but there is a good chance a newer more technologically advanced, faster and cheaper coin can be the new crypto leader.

I imagine Richard Trevithick thought his adaptation of the steem engine to trains etc. would reign supreme as well.

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