/biz/ - Business & Finance

[Anonymous No.25454661]

>Bitcoin touted as the digital equivalent of cash
>One of the main points that are always brought up in favor of Bitcoin against the current financial system is that transactions nowadays require fees and BTC is set out to solve double spend
>BTC still requires you to pay fees for transactions, and the fees increase in price as time goes on because mining rewards decrease
>If you don't pay a high enough fee your transaction might take hours or days to confirm
>The measurement unit for fees is sats/vbyte and you have to have a fucking phd to understand how to calculate the size of a transaction
>There's no immediate no bullshit way to calculate a suitable fee for a certain transaction, Googling how to do it if you're in a hurry shows this
>It's simple: all you gotta do is work out the size of your transaction in bytes, multiply it by the median byte size, take the answer in satoshis, divide it by 100 million (or 1e8 on a scientific calculator), get the answer in bitcoin and then convert to USD.
>what the fuck

How is this any better for the average person than a simple PayPal % fee? Not to mention everytime anybody tries to explain BTC basics they always imply BTC doesn't require fees to complete transactions, that's so disingenuous

[Anonymous No.25454686]

dr;ns

[Anonymous No.25454722]

>>25454661
https://www.youtube.com/watch?v=YxpXzRgVr5c

[Anonymous No.25454779]

people around the world use in for everyday transactions with no issues. why are westerners unable to figure out how to use it? even though it has been around a decade? why the mental block?

[Anonymous No.25454801]

Its because most people don't actually understand how it works.

Whats even worse is that because bitcoin is so slow and expensive that most people end up using wrapped bitcoin instead and the only thing that does it make it more financially viable to perform a 51% attack.

Seriously, internalize that. There is a fundamental problem with the network if people do not actually use the network.

However we are in clown world, and the markets are irrational, so any actual logic does not work

[Anonymous No.25454832]

>>25454779
Name an everyday transaction that you use bitcoin for. Are you using a wrapped bitcoin or actual bitcoin? Do you even know the answer to that? What wallet do you use, or do you use a platform?

[Anonymous No.25454843]

>>25454722
based

[Anonymous No.25455032]

>>25454779
It doesn't matter how long it's been around, 99.9% of people in the world have never even had a single sat, most people can't even work out a 9th grade equation, do you expect mass adoption to come without issues if you have to pay fees out the ass and calculate transaction fees using transaction size in bytes?

Some platforms don't even let you set your own fees

How do you expect people in the future to buy a cup of coffee with BTC when there's a fee for spending 3 dollars and the transaction has to be confirmed over minutes or even hours?
What if mass adoption really comes and there's thousands of transactions needing to be confirmed in seconds and the mempool is full to the brim? Are fees just going to skyrocket?

This just sounds too inconvenient for ordinary purchases

[Anonymous No.25455167]

>its the future of money
>actually its digital money
>actually its digital gold
>actually its a store of value
<you are here>
>people use it every day
>use case doesn't matter
>well it's first so its best
>it doesn't need to be backed by anything
>fiat isn't backed by anything either!
>this is just a correction
>we'll be right back
>we're accumulating for the next leg
>it can't hit 0
>*ropes*

[Anonymous No.25455203]

>>25455032
well yeah that happened last bullrun, bitcoin fees went to $50 and 3 day transaction times before the normies realized it was bullshit. They were a little more prepared this bullrun by using wrapped bitcoin but then that just exacerbates the issue by leading to potential 51% attacks

[Anonymous No.25455231]

>>25455167
poopy nigger

[Anonymous No.25455262]

>>25455032
What is wrong with you? Have you not paid attention since 2016? It was decided microtransaction will never be settled on the base layer. That's what layer 2 solutions are for. There is literally no point in discussing it. If you are not happy just use some shitcoin.

[Anonymous No.25455381]

>>25455262
It was decided by who?
Wasn't it the whole point of BTC that it would become the new world currency?
That's the way it's portrayed by every outlet trying to introduce it to the masses

I'm no expert, I've been in this space for a short time, but I've been researching the claims that are fronted to people who are interested in BTC that just seem to flake under practical situations

If BTC has a practical use beyond everyday currency I can accept that, but many people are making these disingenuous claims that BTC will be the next cash which just sounds like bullshit at this point

[Anonymous No.25455403]

>>25454661

[Anonymous No.25455404]

>>25455262
> It was decided microtransaction

that a nice narrative but it wasn't decided, it was proven incapable. the only "layer 2 solution" that bitcoin has is lightning network, which is just offchain wrapped bitcoin sent through third party pre-funded nostro/vostro accounts. That leads to a host of problems including
-centralization
-51% attacks
-defeating the entire purpose of bitcoin to begin with
-trusting your money to third parties

You are right that there is literally no point in discussing this. It was proven incapable back in the last bullrun.