Bitcoin transaction fees are currently around $8.
My credit card pays me 2% to use it.
No one wants to use the Bitcoin blockchain for average transactions.
No one is buying Bitcoin as anything other than a speculative investment right now.
My credit card pays me 2% to use it.
No one wants to use the Bitcoin blockchain for average transactions.
No one is buying Bitcoin as anything other than a speculative investment right now.
A cryptocurrency that would ACTUALLY be used as a currency needs a resilient network. But if operating a node yields no financial incentive, how is that network supposed to be created?
Cut out all of the alternative currency speculation and just let the technology do the work on people's money.
If Nano becomes an established currency, then a grocery chain can just rely on the existing Nano nodes to process its transactions (which will still be free), they don't need to run their own node for it.
Why do we have to invent an all new currency for these technologies to use? There is no good reason, other than to make early adopters wealthy, which they would like very much.
What's stopping the US government from taking nano and creating a USD-backed version?
My wife lived in US for a while, she is now in EU. She still has some bank account there with a few thousand dollars on it. She can't transfer it to EU (some limitation of that account), she can only get cheques, or ask for some credit card. I told her to see how to purchase crypto with that card, and then transfer the money like that. It's fucking 2021, are you serious?????
So yeah, if you expect banks to come up with a system that can compete with current gen crypto, good luck to you.
I use a major US bank. They offer $0 wire transfers to EU accounts. Wire goes out same-day.
Would much rather do that than transfer to a crypto exchange, convert to crypto (with fee), send crypto (with fee), exchange crypto on the other end (with fee), and the transfer to other bank.
> Wire goes out same-day.
That it goes "out" the same day is pretty obvious. That it arrives 1 second later a bit less.
My credit card pays me 2% to use it.
If there’s a problem with my transaction, I click some buttons and the card company reversed the charges.
If I lose my card, I call them up and get another one overnight without losing all my money.
Why would I give all of that up, pay exchange fees on both ends of a transaction, pay transaction fees (however small), and wait longer for my transactions to clear?
Why do we need to invent an all-new alternative currency and asset class just to use these technologies? Why do I have to invest in 1 of 1000s of altcoins just to arbitrary change numbers in a shared ledger?
This is not even some dispited facts (that this is one of major reasons for why some people want a new currency), this thing has been discussed over and over into oblivion, since the beginning of cryptocurrencies. It is a question that has been answered millions of times at this point. You just haven't researched any of it.
I'm not necessarily saying this system is better or worse than some alternative, just pointing out that it's not all upside.
Most cryptocurrencies are plagued by the same issue. Everyone and their mother still come out with their own cryptocurrencies, but none has been proven to have any actual usefulness outside of speculation. I guess Monero and ZCash are at least really used as a transaction method because of the "black market", but, outside of anonymity, they also have the same fundamental issue that btc has.
Raising this in response to Bitcoin’s limited throughput is a nonsequitur, as this is latency, not throughout. Yes, the time between initiating and settling a credit card transaction is nontrivial, but that doesn't effect the number of transactions the system can process per second. If the credit card system didn't have the throughput to handle transactions at the rate they are initiated, there's be an ever-growing queue, and there isn't.
Also, your credit card pays you 2% because they extract a larger fee from the merchant, who will raise prices to cover that expense. So you're not really saving money.
That's not how it really works, but you're right that $8 is a pretty insane transaction fee.
Bitcoin transaction fees are set by the sender. At least, that's true if you aren't a nOOb and you control your own wallet.
Transaction fees vary, at this very moment, between 1 satoshi/vbyte to 9,900 satoshi/vbyte. That range is 10^5. See https://mempool.space/
Last week at this time, a tx could be placed in the very next block for 13 sat/vbyte.
But sure, claim it's "$8". But it's better to educate yourself before sprouting off like that.
With Bitcoin you pay the fees you want to pay. If you want fast settlement, you pay more. If you want to pay next to zero, you can do that too.