Do you consider Bitcoin's slow transaction speeds as a Major issue?

Discussion in 'Cryptocurrencies' started by zghorner, Feb 13, 2021.

  1. zghorner


    Forgive my ignorance please i am just now really starting to research crypto (heads up this usually means a crash is right around the corner).

    As of right now it just isn't really useful outside of being a fancy pants way to store value. Obviously Crypto has been an excellent investment over the past decade, im not about to argue that...but it isn't really viable as an everyday bartering/purchasing currency. Volatility Is another well known issue here...feel free to discuss this as well.

    Is it expected to be able to make faster transactions in the near future with BTC?
    Do you see other/newer coins as adopting this role while BTC remains as an older style of wealth a digital gold bar of sorts?
    johnarb likes this.
  2. Here4money


    That's basically what has happened, other projects are much faster, have higher transaction capacity, and charge a fraction of the fee in comparison. BTC was basically blockchain proof of concept and carries legacy value from sunk energy cost, scarcity, and quite a bit of cultism/nostalgia.
  3. No. BTC is a store of value and for transactions, you just convert some to ETH. Problem solved!
    Trader Curt, johnarb and zghorner like this.
  4. noddyboy


    For someone who sells on the internet, VISA's transaction speed is not that fast. Sure it is confirmed, but there is a risk of chargebacks for 90 days, so you don't actually get the cash for weeks. Paypal holds for 21 days.
    johnarb and Here4money like this.
  5. jys78


    Trader Curt, johnarb and zghorner like this.
  6. Snarkhund


    For ETH you can track gas/transaction prices and move your ETH at the best times:

    zghorner likes this.
  7. destriero


    The transaction speed and BTC volatility make it a risk for any company offering BTC at POS. An order of mag greater risk than normal FX.
  8. It doesn't matter if it takes 2 years to complete a transaction. It's a store of value, it will never be a real life currency that people are going to use to buy things with, and everyone already knows this.

    Visa and mastercard can process 1700 transactions a second. Bitcoin can only process 4.6, which is without a doubt, horrible. That's why some alt coins have better potential for real world use than Bitcoin
    johnarb likes this.
  9. Sprout


    It’s a clearing and settlement layer. It is a base by which to compare, contrast, trade with or contrarian against other cryptos and stablecoins.

    The narrative that it has shortcomings as a currency is a red herring. It can be used for that but not defined nor boxed in by it.
    johnarb likes this.
  10. It does not meet the definition as store of value in any way. Storing something means to preserve value and safekeeping it. With BTC you are at risk of losing your password, getting hacked, getting fleezed by gone-Rogue exchanges and only the rtx 3090 currently fluctuates more per day than bitcoin. Nothing about BTC is a store of value.

    BTC is an investment vehicle, an alternative asset class so to speak but certainly not a store of value

    #10     Feb 13, 2021
    DrCornwallis likes this.