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RE: Bitcoin Scaling Debate
No I told here already that I am paying 1-3$ fees right now , on average 1.5$. When the average fee hits 4$, then I'm out.
I assume if this issue is not fixed, we might see 20$ fees easily, even for 10,000 satoshi transactions.
Of course people will quickly use altcoins then, since not everyone is rich enough to afford 20$ fees on stupid TX.
Great, so dont spend 20$ worth of bitcoin.Solves that, that way, when it ends up being worth a shit ton of money, you wont care about a fee to trade it into a lighter coin if you need to make daily transactions!
Ok and then you will have basically 1000 people using Bitcoin, becaue everyone else will be too poor to use it.
What you are saying here is nonsense. People need to have microtransactions, thats just a freedom that people need to have.
When I give my nephew 3$, I should not have to pay 20$ fee on that, nor should I be prohibited to give him that money.
Without micro-transactions, Bitcoin will be no better than the FED.
Your mis understanding Money as a form of wealth storage, and a currency which should act as that instant transfer. BTC was designed for a free market. Free markets have billions of dollars. You as the little guy have a chance to posistion yourself correctly. Long term holds on Bitcoin are smart. Turning it into a fast acting currency wont make sense in any of the big boys minds. The freedom people need to have is in the technology of block chain, not bitcoin.
Your last phrase, bitcoin will be no better than the fed. Doesnt take into account that, no you cant make more bitcoin, like the fed prints money, bitcoin has an transparent ledger, we know where all the bitcoins are, we have no idea how much the fed spent. I promise, this will change for the better, btc will never need that speed. Its a store of value money, not a fast transact. Just like we had gold and silver copper ect, we will see a similar deliniation the fees and the actually digital assets value based of its circulating supply and market cap.
You don't get it, without a network effect, Bitcoin is worth shit.
You have to let the little guy play, otherwise the assets of the big guy are worthless.
Bitcoin is not like Gold, where Gold has an established value. Bitcoin is just a fiat currency.
And without small guys gambling on Satoshidice, or buying items from the 100,000 merchants. Bitcoin is worth nothing.
So if you increase the TX fees up to the point that small guys are squeezed out, the BTC price will probably crash back to 10$, because nobody will use it.
Ok, I dont want to get hostile here.Its my contention that you are entirely mistaken though. I feel if you keep up your good work and study block chain. You will understand. For now your glaring at the big guy like they fucked up. I can tell you one thing. I will never care about a 20$ bitcoin processing fee, and I am not the only one.
Happy investing and speculating~
Look I dont want this to become a heated debate, but maybe you should study how fiat currencies gain their values. Bitcon is a fiat currency, that is undeniable. A fiat currency, but without a central bank.
And Bitcoin has thousands of copycats and better alternatives. I am telling you that most people (average people) will not use Bitcoin if fees become unbearable, it's just reality.
There are more poor people than rich people, and if the poor people don't use bitcoin, then only the rich will. However why would anyone hold money in Bitcoin if the other coins will surpass it's market cap by having more users and a vibrant economy.
If you will have DASH having a vibrant internal economy with tens of millions of users doing commercial transactions every day. DASH's market can skyrockets to 1 trillion $.
Meanwhile you will be holding your lousy BTC at 5-10 billion market cap.
Well that is a scenario that could very well play out if you go by your logic.
Wrong: Fiat: an official order given by someone who has power to do so (Merriam-Webster Dictionary) i.e. fiat currency means a currency that is forced into circulation by a government.
Bitcoin: The technology is known as the blockchain. The "data" transferred is know as bitcoins. Notice I emphasized data because bitcoin is data, with a financial incentive attached to it. Not forced into power, its accepted by the free thinkers, like you and I.
It doesnt matter if the market cap exceed bitcoin, if bitcoin is a store of value as its tech. Your mis appropriating my words. I am for the freedom of everyone. The small guy,himself, must realize he is big. That is life.
Now, as far as your scenario goes, I just dont see it.
My portfolio of land water food family friends has been doing great.
Everything else I add to it is more and more externalized. Start within.
Grow and invest from that center.
This isnt about average people. Its about people who are willing to confront the changes and conflicts. So.... It wont matter if it gets more expensive, we will all adapt.
Grow a business, invest in your community and friends. These are the internal profits we all seek.
WE can agree to disagree, but if you are so convited that you think you right! I would bet against that. Always down for a friendly wager, hahah no wheres the blockchain for personal steem bets?! based of what happens in the future lol each pay into a lil escrow, haha.. anyways best of luck. Nice article. But I disagree on the idea that it needs to become this instant cheap transaction concept.
No I was talking about the technical effects of it. Having people forced to use a currency which has no intrinsic value is the same as people voluntarily using it if it has no value.
The difference is that Bitcoin has value as long as it has certain advantages over the legacy systems (no entry cost, no regulation, low fees, and no transaction prohibition)
If those advantages were to go away (which they slowly do, governments are already regulating it, and the fees are going up)
Then certainly, if we are not forced to use it, we wont. So altcoins will fill this demand then.
We don't need to bet, you will just see for yourself what will happen to your money if the TX fees go absurdly high. Good luck with that.