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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

#31

Post by StavrosK »

lend000 wrote: post #29
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…

How much time and money would it cost you to send a gold bar to the other side of the world? Many people misunderstand the true value proposition of Bitcoin, which is to replace something like ACH (and use second layer payment processors for day to day purchases which are aggregated before reaching the blockchain, just like we do with dollars...)

I didn't say Bitcoin isn't good for anything. I said it isn't good for the thing I wish it would be good for.

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

#32

Post by ufo »

tr4cefl0w wrote: post #17
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.

Lightning network has been "around the corner" for as long as I remember...

And even if it reduced people's needs to one bitcoin transaction per month (say, to deposit their paycheck), it would still reach full capacity with just 8 million users.

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

#33

Post by supermdguy »

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…

Going mainstream isn't a problem in itself. The problem is that most "mainstream" usages of bitcoin are just using it as a way to get fiat money. For example, the price is currently shooting up because people think it's going to give them a lot of fiat money when they sell it later. If everyone used bitcoin to directly buy and sell things, it would be fine for it to be mainstream. The transaction fees would also be much lower, because there wouldn't be the fee to convert it to fiat money.

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

#34

Post by StavrosK »

ojr wrote: post #25
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…

Anyone that says digital tulips at this point sounds hurt that they didn't invest, do some research on Bitcoin Cash, so this time next year you don't look as foolish

Ah, the obligatory ad hominem.

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

#35

Post by fiatjaf »

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…

Who fucked it up so hard?

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

#36

Post by StavrosK »

nadam wrote: post #12
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…

I hope so, I did send ETH yesterday with minimal fees and instant confirmation, but no stores accept ETH as payment.

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

#37

Post by StavrosK »

supermdguy wrote: post #33
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…

Going mainstream isn't a problem in itself. The problem is that most "mainstream" usages of bitcoin are just using it as a way to get fiat money. For example, the price is currently shooting up because people think it's going to give them a lot of fiat money when they sell it later. If everyone used bitcoin to directly buy and sell things, it would be fine for it to be mainstream. The transaction fees would also be m…

I'm not saying going mainstream is the problem, I'm saying it didn't go mainstream enough. I agree with you, it would have been great if we could use BTC to buy and sell stuff instead of just speculate.

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

#38

Post by tr4cefl0w »

StavrosK wrote: post #21
tr4cefl0w wrote: post #17

Earlier quoted context omitted.

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.

My wallet does support Segwit. The recommended fee was $3 and it took ~15 minutes to confirm.

Segwit to Segwit? Because it’s less than a buck for me since beginning of november.

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

#39

Post by baby »

endijs wrote: post #14
baby wrote: post #8

Earlier quoted context omitted.

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.

What you're saying doesn't make any sense. There is no point doing this.

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

#40

Post by bitxbitxbitcoin »

backtoyoujim wrote: post #26

> , a Nobel laureate in economics, said recently that bitcoin "ought to be outlawed” because it’s designed to evade regulation and "doesn’t serve any socially useful function." A world where if something is not required it is forbidden is not a world that I want any part of Nobel winner or otherwise.

The Nobel prize in Economics isn't a real Alfred Nobel prize as set aside in his 1985 will, either... So you're not the only one :).
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