How do you make micropayments with such a high confirmation fee?
Let's try it. Send me a lightning network address and I'll send you 300 sats.
I remember micropayments was to be one of the big selling points.
Yeah but it’s now fucked up. It costs over 5 dollars in fees to transfer 1.
It's probably closer to $10 a transaction. The transaction costs will eventually force retail users to keep their coins on exchanges. But for whales using the network to send $1M+ in bitcoin, transaction fees could be thousands of dollars before they noticed.
You don't, same way you don't use bank draughts for paying for a coffee. The argument made by the developers is that it's supposed to be for large transactions. Personally I think that's a terrible argument and there are better coins out there, but the market seems to think otherwise.
All cryptocurrencies are headed to the same fate then. Verifying and confirming a huge blockchain transaction will always be costly and those who own large servers won’t do it if it’s not profitable.
In practice though, other currencies don't seem to be anywhere near as expensive or time consuming.
There also are potential models where the blockchain isn't constantly preserved: Old wallets which aren't actively being used are redistributed to the network contributors.
the transaction fees cover the miners, I'm mining ethereum making bank.
it's a decentralized miracle, lol.
The new money flows into bitcoin because they learn about it first and are the most comfortable with it. And compared to the other coins, the price volatility is typically less. Maybe one day a coin with better coding will top it, but bitcoin will always be near the top because it was the first.
That's more marketing than fact though. The bitcoin foundation forked the original bitcoin and called their new currency "Bitcoin". I agree they've successfully traded on the name though.
do you make micropayments with Gold? or some form of currency.... lol, Learn$$M8
money is not necessarily currency
lol, Learn$$M8
Don't "learn$$M8" me, brah.
BTC has always been promoted as an alternative to FIAT currencies. Why do you think they even tried to push BTC to FIAT ATM?
And people wonder why cryptocurrency has never been anything more that just a niche market.
Cryptocurrebny is over 1 Trillion marketcap, it's not a niche anymore, it's global.
Ignore at your own peril.
Bitcoin has a fixed supply, it is not Fiat.
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