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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

#21

Post by StavrosK »

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.

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

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

#22

Post by paulgb »

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.

The huge transfer of wealth into China (where mining has shifted) is also an interesting economic outcome that doesn't get discussed a lot.

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

#24

Post by StavrosK »

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.

Wait, they'll add it as a currency but not let you withdraw, deposit or pay with it? So it's basically purely for speculation?

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

#25

Post by ojr »

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

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

#26

Post by backtoyoujim »

> , 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.

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

#27

Post by StavrosK »

Tyrannosaur wrote: post #20
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.

And then I remember that 1.5% on a $20 purchase is 30 cents and am sad again. I'm not going to pay for my $10 game on Steam with BTC, as much as I'd like to, because I don't need a 30% fee.

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

#29

Post by lend000 »

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...)

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

#30

Post by legojoey17 »

option_greek wrote: post #13
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.

The 4$-10$ fee being mentioned is a flat flee when transferring between wallets.

When you are trading on an exchange, there could very well be nothing happening in the background. It's instead a process that's just flipping some bits for who owns what in their own database.

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