231–235 of 235 posts
Earlier quoted context omitted.
Typically less than half a percent, often lower.
As far as I see, average ETH gas prices have been between ~20 and ~170 USD in the last few months. So, by my understanding (happy to be corrected) for a 1k USD transaction, that's between 2% and 17%. It does get pretty good if you're transacting huge sums. It's abysmal for day-to-day payments.
What does the author mean by "influencing the regime of the entire blockchain"?
This flood of transaction paid high fees, out-competing many other transactions for network capacity. To get your transactions confirmed you had to either outbid the flooder or wait until the flooder either runs out of money or gets tired of hemorrhaging it.
Earlier quoted context omitted.
I have bought domains with bitcoin when they offer. I heard someone used USD for a domain, and it turns out USD is used by scammers!
Was it done out of curiosity a few times or do you use Bitcoin as a currency daily? Do you know anyone using Bitcoin as a currency daily? How many people do you think are using Bitcoin as a currency for legal business VS the number of people using it to speculate on its price and/or shady activities? I'd love to be proved wrong but unfortunately neither of us will be able to collect this information so I guess we hav…
I am only challenging the usefulness of a statement like "BTC is a criminal currency" that is fully applicable to USD just the same.
Earlier quoted context omitted.
Was it done out of curiosity a few times or do you use Bitcoin as a currency daily? Do you know anyone using Bitcoin as a currency daily? How many people do you think are using Bitcoin as a currency for legal business VS the number of people using it to speculate on its price and/or shady activities? I'd love to be proved wrong but unfortunately neither of us will be able to collect this information so I guess we hav…
I use it as a currency kind of to encourage its use. I have several USD accounts to use depending on the merchant, and a couple BTC accounts as well, and I use the BTC whenever offered. My understanding is not many people use BTC as a purchasing goods currency. BTC buys are probably mostly a speculative bet that BTC will become more used and more useful in the future, just like any stonk albeit weirder. I am only cha…
For something to be an actual currency in our world, one minimum requirement would for it to be legal tender. "FIAT" money is legal tender. If I have a 100 dollars in USD, and a debt of 50 dollars, I can settle that debt, period.
If I have a 100 dollars in BTC, and a debt of 50 dollars, my ability to settle that debt relies completely on the creditor to accept BTC as a form of payment. Which is entirely up to the creditor, as he isn't legally required to do so, unless we have an enforceable contract that says he has to.
As long as that doesn't change, and given the fact that the entire value backing of crypto tokens is based on the money invested into them, it is highly unlikely to happen in relevant economies, crypto tokens will not become a widespread currency.
A lot of people laud the fact that crypto is free of government influence. The problem with that is, that this government influence is exactly what makes money work as currency.
Earlier quoted context omitted.
>Probably that it’s very centralized. Or at least that the price is able to be highly influenced by a few individuals/groups. The article and the parent comment are about Ordinals. Your comment appears to be an opinion about Bitcoin the asset and/or network itself.
No, I was talking about Ordinals. FTA, right after the parent's comment: > However, we notice that by spending only 0.005% of the total Bitcoin supply on transaction fees, a single entity can significantly impact the entire Blockchain regime.
Regardless, Ordinals is not centralized. See the correction in the article.