Hi all, i would like to discus a few things ive noticed with crypto currency and maybe you could answer a few questions i have,
lets start with Bitcoin.
bitcoin is number one crypto currency currently around the $4k mark you can pay for just about anything with the currency but what is it competing with. lets say old payment methods like paypal,which charge fees for using said transaction. from what i can see paypal is a one off fee of 3.4%. today i bought some crypto sent it to my wallet, which cost me. i then sent it out my wallet again to buy something else, which then cost me again. i needed to send $20 and to do so cost me $6.47 total lose about $7. i work that out at let say 33% fees just to shift coins about. if i was to do that using pay pal it would have cost 91 cents.
another questions is why is certain crypto prices raising so high, eventually wont that price people out of the. market what is causing the growth. all crypto has to be bought with money to start with, so how can it replace what has always been around. will companies start paying employees with crypto and if yes, with so many around how would you know what to choose to be paid with. could you be paid on the friday and broke by the saturday depending on a market crash.
as you maybe beware im new to crypto i do own crypto as im interested by its uses but have many question going round in my brain. so i decide to write this post to see what comments come back. thanks for listen hope to hear from you in the comments