blocktrades.us is telling us that BTC transaction cost is spiking
Note: each deposit will incur a fixed fee to pay the Bitcoin transaction cost (current fee: 14.779 STEEM). You should send at least 5 times (73.895 STEEM) this amount to get a reasonable exchange rate.
So it is clear BTC won't be a currency used for daily transactions. Can't even used BTC to buy your over-priced Starbucks specialty coffee.
Your coffee costs $5. Add in BTC transaction cost and your coffee just went up to $20.
Anyone that thinks BTC can be a currency for low price daily transactions is delusional.
BTC can be a store of value meaning "digital gold".
That's the future BTC can aspire to
With the current 1mb limit, bitcoin won't even work as a store of value as investors will have to waits days to get their transactions confirmed. That is slower than even the SWIFT system.
The block limit on the 1 mb chain will have to be raised even for LN transactions, because on-chain transactions will be required for opening a LN channel and closing it. So ether way, the block size has to be raised.
BTC is going to need to continue to evolve. Consensus on larger blocks looks to be essential
It was all a matter of time before this happened and honestly I am not surprised . There is more demand which causes a spike in it's price . Best bet is to save up
Sounds good
the transaction cost of BTC sucks
Way too high, at least temporarily
I agree with you.
In my opinion LTC will be the best alternative.
LTC is my second largest holding
What are its advantages over XZC?
This comment has received a 8.33 % upvote from @upgoater thanks to: @fersher.
Digital gold is good.
Taking two days to process a transaction is bad.
Agreed. Two days for a transaction seems like BS in a digital world. But for comparison, how long would it take you to sell 10 ounces of real gold for a fair price?
BTC barely meets the hurdle of being easier to transact than real gold.
Seems clear that BTC will need to continue to evolve, they need to get to a new consensus quickly
For most people BTC is both cheaper and safer to buy, sell, transport and store than real gold, and this in itself contributes to its outperformance over gold, which in itself is retrospectively a reason to prefer BTC over gold.
Agreed, as long as BTC transactions don't take multiple weeks to clear.
still hasn't cleared...OVER two days now..
They need some of the Lightning Network lightning juice.
This may prompt BTC Core to work harder and faster on the lightning interface
Funny how quickly people are panicking ^^
Quickly panic? I've been powering down for 13 weeks. That decision was made a long long time ago, by crypto standards.
I was talking about BTC ^^ didnt even notice you had powered down. Can't say I blame you in the least
Wow, a lot is happening soooo fast. I guess we all need to get used to using BCH for day to day transactions and BTC for store of value!
What about LTC?
I agree, LTC for daily transactions
wow thats huge!
That's what she said.
I use it to buy my coffees. just get a wirex card or tenx card. problem solved.