How crypto flips commerce on it's head

in bitcoin •  5 months ago

I was taking my son to get a haircut yesterday, while waiting I was holding $20 in my pocket ready to pay when I had a thought.

Cryptocurrency flips commerce on it's head

Before I explain what I mean, let me explain how I got there.

I'm holding this $20 thinking what if they took Bitcoin. I started to think about how a small transaction like this would look like with fees. The fees shift a lot, but they are much more reasonable now than a while ago. At this point it dawned on me, I'm worrying about the fees, not the barber.

Businesses are typically responsible for transaction fees, it's a cost of doing business. If crypto becomes mainstream and is used for every day purchases, this is now the responsibility of the consumer. This is a very dramatic change in how business is conducted. This will almost definitely work in the business side's favor. Prices will not likely lower to reflect this shift of responsibility.

While it isn't a big deal for large purchases, the majority of purchases on a day to day basis are likely $20 or less. The worst case scenario for Bitcoin transactions.

But the lightning network solves this problem

I am familiar with how the Lightning network aims to help in this regard, but that just brings us back to a centralized banking style system.

Zero transaction fee crypto

This is a scenario where STEEM dominates, no transaction fee three second transactions would change the world in terms of day to day purchases on crypto currency. Imagine where Bitcoin would be if there was zero transactions fees in terms of adoption? I know this isn't sustainable for Bitcoin and it likely would never exploded in price if there were no mining fees nor would the network be stable, but fun to think about.

Doesn't change much, but was a thought I had the other day that I found interesting.

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Steem and SBD seems to be more suitable for day-to-day small value transactions than bitcoin due to speed and low fees. With LN you still have to initially open the channel with someone, and both parties have to be online.

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Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!

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Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!

@ipromote must be an ugly and old person! He/she wants to be famous by flagging other people's blogs! What he/she has only is money! He must have a horrible face like demon/vampire!

It's said that vampire loves to suck blood of other people in the western society. Maybe vampire is living in a big house with a lot of money, but he always has a bloody red mouth! Nobody really likes him!
@ipromote is like a vampire of Steemit!

He/she always tries his best to suck my blood. But God knows how painful it is for vampire to suck blood every day. Vampire can't live like a normal person.

In ancient China, there was such kind of story, too. A man named Hu contracted a disease: everyday he must eat the flesh of a child. So when we were a child , our mother told us not to cry, otherwise we would be found and eaten by that Hu who must eat child's meat each day!
God knows Hu was also very miserable! He just developed a kind of odd illness. If he didn't eat child's flesh, he would keep vomiting.
This time, @ipromote flagged all my 3 blogs at a stroke for no reason, I am really shocked!
Maybe he/she will keep vomiting if he doesn't flag other people's blog everyday!
I forgive him and pray for him/her! May God heal @ipromote!

The zero transaction fee and the three second transaction time is what is going to boost the steem blockchain and make it wildly adopted by many users in the years to come.

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Agree with you @ipromote, that is why Steemit is so amazing and that is why it wins over all other crypto. Steemit is just waiting for it's popularity, if it integrates with payment methods it will be awesome. Just imagine paying for haircut with upvoting, if you have enought SP :)

Here is why I love Steemit:

@ipromote your right bro I already suggest some to someone who wrote about same things that who local shop will move to cryptocurrency and set their payment method as an in any crypto coin so everybody know about Bitcoin and their transaction fees is too much and then they will never look at others but expect STEEM and STEEM DOLLAR all coins have their transaction fees so for locals this is too good and apply this in there payment method it will boots there revenue and and also use this paltform for adversitement and they will get a lots of sell form this network I have Ideas and I will work on those in future :D

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Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!
@ipromote must be an ugly and old person! He/she wants to be famous by flagging other people's blogs! What he/she has only is money! He must have a horrible face like demon/vampire!

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Help@ipromote set free the snake of envy in his/her heart! He/she is a lunatic!

The Lightning Network for me, sadly, is not the messiah coming to save bitcoin like everyone wants it to be, Its too centralized, there's still a fee for opening a channel and if you take segwit adoption numbers as a reference for how the LN will be adopted.... well... lets not go there....

Steem on the other hand has an advantage with the no transactions and 3 second transfer times, but if you are running a business that does many transactions you would probably need to do a small investment in Steem to get enough bandwidth but that would still be your own money but invested in Steem instead of money going into miner's pockets.

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Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!

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Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!

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Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

But it's the same now. When you pay with credit card, some sellers charge that fee to a customer.

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Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

Great post. But I don't see the transaction fee for bitcoin to reduce.

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Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

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So what did we learn today ?

STEEMIT IS THE BESSST STEEM IS GREATEST :)

sorry i got hyped

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Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

I don't think this is as big a deal as you are making it out to be. In most cases buyers are not so price sensitive that a percent or two difference will make for that much difference in volume. Certain markets, sure, but not the majority.

If my haircut is 18.95 or 19.26 doesn't make that much difference.

Indeed, in many independent businesses you can ask for a cash discount and get it.

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Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

hopefully future changes can be useful for many people.

I agree! I think there will be a huge change if crypto will enter the mainstream market. Well, the winner will be us crypto holders if that happens.

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Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

wow. tremendous movement. very great. who photographed it was very great know how it can be amazing results it. once great😲😲😲👍👍👍👍👍👍👍👍👍👍👍👍☝☝☝☝☝☝☝☝☝☝☝☝☝☝

Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

Do you know there is a vampire in Steemit community? read this story!
https://steemit.com/ulog/@goldenpath/the-story-of-the-vampire-of-steemit

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Give me a gun! Let me shot the vampire of Steemit!
He/she has a big big big big big red mouth!
吸血鬼吸血鬼吸血鬼!

For @ipromote, he/she only wants to show off his Steempower and be famous by flagging other people's blogs!
He/she must want to be famous to death!
If you really have enough money,it is OK! You shouldn't exert your power online, nobody knows who you are! You can't be famous! Nobody knows who you are!
You'd better post your real photo like me!
Maybe you're an old and ugly person! People like you must be ugly!

Help@ipromote set free the snake of envy in his/her heart! He/she is a lunatic!

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Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

·

Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!

·
·

Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!