Bitcoin and the predictions of John McAfee = $1 Million / BTC by 2020
I do not really think McAfee's predictions are viable with the current methodology of bitcoin. Yes, it is slow. If you know it is slow that is something you can work around and you can treat it like getting access to your safety deposit box. So if it were simply the slowness at issue then I believe his prediction would be accurate.
However, when bitcoin hit around the $20,000/BTC a much bigger problem reared it's head. At that point the fees to move your currency anywhere were usually $36 to $100. In one case I had $138 worth of bitcoin that could not be moved because the bitpay wallet said I had insufficient funds for the fee. I was trying to withdraw it to a bitpay visa. This means the fee at the time for moving bitcoin was MORE than $138!!!!
I stopped using that card at that time. I also stopped sending bitcoin anywhere. What bitcoin I have at this point is simply on exchanges and I use it to purchase and convert to other currencies.
To me bitcoin is extremely unattractive as a currency. It is for all intents and purposes robbery and unusable as a currency. Why? Those fees.
So if it were to hit $1 million per coin then those fees should be fifty times what the fees were on that day.
That is $1,800 to $5,000 fee just to move your money. That is insane. I think that is the #1 reason that bitcoin will not hit $1 million per coin.
If it were to hit that then the miner fees would need to be drastically reduced. There is a little too much greed involved when the fees are so insane. I do realize those fees are used to prioritize tasks. So what? It is a market. If the fees become so unattractive then the project fails.
It is why I no longer use bitcoin for any purchases. I no longer withdraw bitcoin, I only exchange it. Prior to that day I was using bitcoin for most of my purchases. It was what I'd convert to fiat when needed.
In a way the insane fees did me a service. I found much better ways to achieve my needs that save me a ton of money compared to what I was losing by using bitcoin as a currency.
So if these predictions are to happen bitcoin needs some severe changes to it's fee structure. Otherwise, I don't see any sane market using it as a currency. Also I am on some exchanges where I own no bitcoin. In those places I use ethereum as my exchange medium. If I could use steem as an exchange that would be a no brainer as ethereum is faster than bitcoin, but it is still pretty damn slow. I've done some experiments with speeds of Bitcoin Cash, Ethereum, and Litecoin as well. Out of those litecoin was the fastest. Though all of those are way slower than steem.
I do think bitcoin will still have some high moments. I just don't think it will reach the predictions of McAfee.
EDIT: IF these fees remain then the entire LIGHTNING NETWORK Some people are hoping for would be a moot point. The fees are becoming a far bigger issue than the speed.
I am using litecoin to move my value. Litecoin is acceted if you want to chenge to fiat and hads low fees. I wonder if this will change for bitcoin and fees can go down?
I tested all the currencies that coinbase accepts which is where I am converting my fiat and I found litecoin to be the fastest at the moment and have the lowest fees. At the time bitcoin was charging $36+ to move currency I moved currency from bittrex to coinbase for $0.30 using litecoin and it was much faster.
indeed! I am waiting for the day that the steemblockchain will be used for all these things, that would be even better! I saw a guys last on steemit who told to get its transaction trough with bitcoin in 1 hour he had to pay 500$ to transact 2500$. This isnt normal anymore..
I honestly don't think btc will keep rallying like it has. As investors become more educated they'll surely realise the potential of alts and invest more heavily in those.
Yep. That's what I've been doing.
You've got some great points here that should concern us all but on the flip side if you had in BTC a small amount and it turned into a million would a higher fee really matter? I suppose it would but then if it did convert it into other alts or investments if you will to have other ventures. I think BTC still has yet to really spread its wings to the clueless herd that I keep hearing is coming so this alone should grow it's value enormously right? Other than that it still the primary gateway coin to use within the CrYpTo realm. I also think many think of it as the best store of wealth rather than the best useful coin? I don't know your points do raise concern with me. I suppose time will tell for sure? Good to see you my friend. I take it you're doing well? Always enjoy!
Good to see you too. Found out I have high blood pressure, but I got it under control. So yeah I am well. You?
I was using it as a store of value myself and lately Ethereum seemed to be better for that but that is only within the last month or so. I also do some exchanging on binance and they give the option there to do everything in ethereum to other currencies so bitcoin is not needed as the middle man. IF that trend continues I believe bitcoin could lose it's throne. This is also why I invested in a diverse number of cryptos... I own all of the top 10 but Ripple. I won't do ripple even if it goes up. Ripple is a step in the wrong direction.
I just joined binance not long ago and have yet to do anything with it. I didn't realize Ethereum was used in this manner there. Good to know. You may be right. I'll be lookin' into that as BTC still seems to be the only one everywhere else that reigns supreme. I do think it'll go up however but that's just my opinion. The name is too well known for the ones who haven't learned anything about CrYpTo'S yet not to invest in it when they do. Also for some reason I just feel like the 21 million number will have something positive to do with its value in the future? I'm not a fan of XRP either because of who's behind it also but then again look at Wall Streets tentacles around BTC and futures. Sickening.
I'm glad you're allgood my friend. I'm great just out playin' in the not so normal Southern snowy weather with the kids today as schools were closed here. We're good here just livin' life and enjoying the crYpTo fire sale :)
What are your thoughts on kucoin's exchange? Any experience with it as of yet? Under my blogs I have a referral code if your looking for a new one. If not no biggie. I figure it doesn't hurt to have many on hand due to the bogging down or the different prices. Any thoughts if you do have experience with it let me know.
I've never even heard of it.
I never use BTC for anything except to exchange some coin for another on bittrex. I never send it from one wallet to another. When I buy with fiat to trade for other currencies on exchanges that have more coins to offer I buy LTC, ETH, or BCH.
I do hold 0.1 BTC because I don't want to miss out if it does go way higher but I think it's not gonna be in the #1 spot forever and I'm not really worried about missing a ton more theoretical upside on it that might or probably won't happen...Hell, it may not even be #1 market cap by end of 2018.
I agree that all sums me up too. I was mostly using bittrex and have lately been sending coins I need to convert to fiat to coinbase, though I never send bitcoin. I recently also got a binance.com account and it is nice for being able to buy some currencies I wanted that are not on bittrex. There they have a bitcoin based market like bittrex, but they also have an ethereum based market too, so you don't have to use bitcoin at all there if you want.
It doesn't have steem or steem dollars there though.
Fantastic post friend
yes man I do not really think McAfee's predictions are 100 % correct with the current methodology of bitcoin. I hope Bitcoin authorities will decrease its fees.
I'm NOT a MacAfee fan for a number of reasons.
not the least of which is that antivirus program of his.
hate's it I do.
I don't approve of his life style either...
(drugs)
BUT...that said.
I think he's got a point.
if you take it as CRYPTO in general
NOT just Bitcoin.
Yeah, he specifically said bitcoin. Crypto in general though it is possible.
Oh and I don't remember his anti-virus sucking when it first came out. He sold it pretty quickly. Even he has bashed and done videos bashing what the anti-virus became.
I personally don't give a shit one way or the other about drugs. I don't do them. Yet I believe people should be able to do what they want with their body and if it results in consequences then they are responsible for those consequences.
I don't drink alcohol either. Same reason. For me drugs and alcohol are pretty much the same thing.
I've worked around potheads and I've worked around drunks.
I much prefer to work around drunks.
But I agree with you.
Perhaps we should not only NOT ban/regulate drugs.
Perhaps we should subsidize them.
(get the users dead quicker)?
dunno...my experience with Mac Coffee antivirus was most unpleasant.
it was more of a pain than the virus was.
Depending upon when you did McAfee Anti-Virus it can indeed be worse than the virus though John McAfee had already sold the company and was not really involved at that point. It was pretty good when it first came out, but then again there were not that many Anti-Virus programs. It was mostly between that and Norton at the time. Both of them suck badly now days.
Awesome McAfee Video
McAffee's seriously doubling down with that prediction, lol. I think we could see 6 figures by next year, but I wouldn't bet my dick on it...
If you do... just say you were talking about spotted dick. I gave you an easy way out of that bet. :)
Yeah I spent $30 to move $100 worth of bitcoin.
I wasn't paying attention at the time. It really pissed me off.
I think he's going to pull a Spartacus move and say "I meant all altcoins."
I'm Bitcoin.
I'M Bitcoin.
No I'M Bitcoin.
I'm XVG. Damn you Mcafee.
Well the way he phrased it all he has to do is actually cook a meal of spotted dick himself and then eat that meal. He can then say he honored his word. Had he said cock he could cook a chicken. If he says penis then he could potentially try to cook a penis of some animal though that one would be difficult to avoid. :)
man those fees are insane
Yeah... they were high before. I treated them like an expensive ATM fee. Though when they hit those ranges it was incredibly stupid. I switched to some litecoin I sent to coinbase for $0.30. That was a much nicer fee.