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All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

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Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#11

Post by tomrod »

StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

Wow, that's a huge transaction cost!

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#12

Post by nadam »

StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

Other cryptocurrencies, which are meant for payment (like Dash) will eventually make it into the mainstream. It's a matter of 1 or 2 years in my opinion. Bitcoin is digital gold, that is also a valid use case IMHO, and a good first step for cryptocurrencies. (Real gold has a 7 trillion market cap.)

(Warning: this will be downvoted because of mentioning Dash. Edit after multiple downvotes: Naive people think that they will be able to stop the (by far) best payment focused cryptocurrency by silencing others. The growth of Dash shows its dominance is inevitable.)

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#13

Post by option_greek »

StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

I really don't get the $4-$10 fee that everyone keeps talking about. The exchange I trade on charges me a minimum fee of 0.0001btc (which I keep cribbing about) to withdraw btc. I know from experience many of the times even fee below that gets happily accepted. 0.0001 translates to $1.2 fee.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#14

Post by endijs »

baby wrote: post #8
StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

Heard revolut is going to accept it as well.

Revolut will not accept. But you will be able to exchange USD, EUR and other currencies to Bitcoin (and vice versa). But you will not be able to transfer Bitcoin to Revolut or transfer Bitcoin out of Revolut. At least not at the first iteration of crypto currency support.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#15

Post by firstplacelast »

eqmvii wrote: post #10

Something I rarely see discussed is the gender breakdown of bitcoin ownership. I'd be surprised if it wasn't something like 90%+ men mining, trading, and owning bitcoin. If bitcoin really takes over the world, it's going to look like a bunch of dudes printed themselves a fortune and then convinced the rest of the world to buy it from them.

If you're that concerned you should vote to increase taxe the wealthy. Hell, vote to tax wealth itself.

Then you won't need to worry about things like this as much.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#16

Post by MadSudaca »

eqmvii wrote: post #10

Something I rarely see discussed is the gender breakdown of bitcoin ownership. I'd be surprised if it wasn't something like 90%+ men mining, trading, and owning bitcoin. If bitcoin really takes over the world, it's going to look like a bunch of dudes printed themselves a fortune and then convinced the rest of the world to buy it from them.

> it's going to look like a bunch of dudes printed themselves a fortune and then convinced the rest of the world to buy it from them.

Just like fiat money.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#17

Post by tr4cefl0w »

StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

Like many, you’re not aware that the Lightning Network is on its way and will solve most of these issues.

Moreover, transactions between Segwit-compatible wallets is pretty fast and cheap.

I’m kind of tired to hear people complain about the fees while all they have to do is use a different wallet that supports Segwit.

Edit: Ah, the downvotes. I was expecting them.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#18

Post by influx »

eqmvii wrote: post #10

Something I rarely see discussed is the gender breakdown of bitcoin ownership. I'd be surprised if it wasn't something like 90%+ men mining, trading, and owning bitcoin. If bitcoin really takes over the world, it's going to look like a bunch of dudes printed themselves a fortune and then convinced the rest of the world to buy it from them.

What do you see as the barriers for women to participate in bitcoin?

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#19

Post by Top19 »

dreamdu5t wrote: post #9

Bitcoin is what’s wrong with our society: An obsession with money over health, community, housing, food, etc. Bitcoin epitomizes our embrace of the new capitalist dystopia.

I’ve also seen this connected with the rise of individualism that’s been going on since the early 80’s.

Allegedly though, according to the historian Arthur Schlesinger Jr, societies tend to move in 40 year periods of either community or individualism. Assuming individualism started in 1980, this would have it end in 2020.

These two books sum it up well:

The Cycles of American History https://www.amazon.com/dp/0395957931/ref=cm_sw_r_cp_api_hYSi...

The Revolt of the Elites and the Betrayal of Democracy https://www.amazon.com/dp/0393313719/ref=cm_sw_r_cp_api_CXSi...

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#20

Post by Tyrannosaur »

StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

So... I totally agree that the transaction fees are much too high. But it doesn't bother me as much as it bothers many people because every time I start getting upset, I remember that VISA's fees are 1.5%, PayPal's fees are 3%; basically everything has transaction fees and the world has not come crashing down on them.
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