So I just realized i had some change laying around, turns out its worth a few hundred dollars now so decided to buy something online. Its amazingly easy to use this shit.
However, after a couple of transactions i was down about $70 in transaction fees. There was barely enough left to make the purchase so the transaction fee was very low(0.00158483 BTC($25)). I had to wait about an hour for the confirmation and if bitpay makes a return ill be down another $50 just to make the purchase.
Why are people still paying the same fees at these high exchange rates? The miners are going to ruin the network by not accepting lower transaction fees.
Xavier Garcia
Lightning network
Adrian Garcia
You're doing it wrong. You use the BTC to purchase a large amount of money on a prepaid credit card or something all at once so you pay a single transaction fee. You don't make a lot of little transactions with BTC and pay a fee each time, that's retarded.
Luis Bennett
so the bitcoin blockchain is deprecated?
Parker Morris
>You don't make a lot of little transactions with BTC >that's retarded wow. time to short i guess.
Carter Nguyen
fuck off
Joseph Hernandez
That's fine. You just don't understand economics.
You don't sell off $5 dollars worth of stock because you want to buy lunch, either.
Brandon Ward
if you actually need to use btc you should trade it to something like eth and then into usd to your bank
Levi Davis
oh lord. bitcoin is not a fucking stock you imbecile.
oh ok
Lincoln Powell
At this point BTC is best for sending large sums of money to someone without needing to deal with banks. Until lightning network comes don't microtransact with it
Ayden Cooper
Would you say the general consensus value is so high because it's so useful as currency, because it's a great median for getting other currencies that have some use for pthc trade and drugs like Monero, or because people are pumping and dumping like an unregulated stock?
Jose Baker
Both, and it's also used for money laundering. North Korea probably uses crypto currency to circumvent embargos, too
Jayden Morris
Just go and convert it to Etherium or whatever, m8.
Connor Green
I genuinely hope the DPRK is doing that.
Ryder Price
bitcoin has turned into everything Satoshi Nakamoto (or whatever his or her real name actually is) never wanted it to be and it's been perverted by every fucking stupid money grubbing scumbucket since day one.
That's Humanity for ya, yep, without fucking fail.
Ryan Richardson
How is this a bad thing?
Carter Lee
You're too young and ignorant, son, move along.
Lincoln Turner
>You're too young and ignorant, son, don't improve yourself t-thanks
Adam Williams
wtf? the fees are even higher than paypals
Thomas Hernandez
Paypal does currency exchange?
Adam Robinson
Agreed. It's hilarious what it's become.
Jeremiah Perez
What did he fucking expect? It was a thing rife for abuse. The entire design of it is wide open for said abuse, not to mention shitty for scaling and easy to hack. (GPU then ASIC mining)
Bitcoin may be the one that kickstarted the CC meme, but it most certainly will not survive after the whole idea matures. Bitcoin is a rotting corpse. Even as I sit watching it bounce around from +1% to +3% gains right now. (2 as typing, down 1.98 literally as I finished typing) It's way too fucking volatile and easy to abuse for anyone to take it seriously beyond making a quick buck through pump and dumps. (like the one going on now) 2.28%
Brody Brooks
Lightning network Its a layer above Bitcoin I'm testing it right now, fees are so low
Grayson Nelson
Fees on Bitcoin's lightning are $5 per channel and a user has around 5 channels And transaction is literally 1 satoshi
Austin Davis
1 satoshi is less than a cent Pic related, it's pretty good I would say 3-4 months before it's more commonly used It uses Bitcoin 100% and uses blockchain as the judge
Cooper Morris
Other cc are more volatile Cc will mature for payment, just not now
Cameron Hernandez
Lightning uses Bitcoin blockchain, just google it
Levi Turner
Bitcoin is not currency but value store like gold or to facilitate large transfer of wealth like bearer bonds.
James Long
>he didn't change his bitcoin to an altcoin with a much smaller transaction fee Fucking tard, haven't you read the new or something?
Wyatt Smith
you do with robinhood
Leo Rogers
Lol no it's going exactly as expected, it still is not being used by anyone. Difficulty will adjust to use as well, people ware willing to pay the fees so the fees are high. Everything is in equilibrium you see?
Justin Adams
Except that value can change 10% in a minute
Angel Hill
So wait until it goes back up. Worse case scenario is becomes worthless. Basic gambling/investing without government safety nets.
Lucas Diaz
btc started out as a currency but the core developers have decided not to scale blocksize thinking that the average consumer can't buy a 500gb hd. This means transaction fees are huge because only a small number of TX can be processed each block. You pay to play. Because they think expanding block size will lead to centralization where only the wealthy can buy a hard drive - they are going to build separate middleman networks to process offchain transactions instead....
It's all interesting considering the fundamental point of the white paper - a p2p proof of work system setup properly should give the lowest fees possible for any transaction. Period. So now we need a new alt coin to do what bitcoin was suppose to so we can have a global currency that could be used for any transaction world wide, quickly, easily, and cheaply.
2017 bitcoin is not the same product as 2011 bitcoin.
Tyler Long
>That's capitalism for ya FTFY
Also
Ian Rogers
what a retard. for every petty thing done with crypto there are billions of dollars being exchanged in new markets
Austin Young
Wake me up when I can actually buy something with bitcoin.