RE: Bitcoin’s Price Will MOON Soon, What We Need To See First
What if... dare I say it... No... no one will like it... What if BTC gets replaced?? Of all the craziness who would dare say such a thing.
who would dare?? ME!!
So many altcoins perform the currency function and have better transactions speeds, fees, and scalability...
Bitcoin is gold you say? Even Charlie Lee claims this and calls his litecoin silver, why would he say this? Cause he wants to remain in the silver position. That's why.
It's gold, it has value, it can't be replaced, the supply is limited yah de yah de yah de...
Well guess what!!! It can be replaced, other coins perform the same function but better!! Are they as secure, maybe not. But they are secure enough to never be hacked so why does that matter.
Is gold that is super difficult to mine more valuable then gold lying on the ground? NO TIS NOT!! MINING FEES DO NOT = VALUE.
#ice.dragon Bro your English is excellent but please, explain in simple word
Obviously not that excellent as you could not understand, but I will and sorry. I was ranting.
My point simply: Bitcoin began as a currency a way to buy something from one person using digital money. It was able to do this because at the beginning the fees were negligible. As time has moved on and the value of Bitcoin has increased so have the fees and transaction times.
Transaction fees because the network can only handle so many transactions at once. So if there are 10 people a minute using Bitcoin to buy stuff we are fine, but if there are millions of people we are not. Likewise as Bitcoins price increases so do the fees. If a Bitcoin rises in price to $1 million then the fees per transaction will increase at the same rate. This is partly why people call it "gold" because it can no longer feasibly be used as a currency but more as something that just has value. And to me it just having value is not enough. Gold is actually limited no one could create more gold, you and I could just copy paste the Bitcoin and create Bitcoin 2 and it would be the exact same for all intents and purposes. Except it would have less value because it would be on a different network. We in no way could create more gold, if we could though that gold would join the same network, the world, and be equal in value to all other gold out there.
This is why the lightning network was created, to solve this issue. The issue of high fees and slow transaction times, it can take up to 30 minutes to process a single transaction which is useless if you want to use Bitcoin at a store. But the lightning network has problems too, some being it makes the coin no longer decentralized while on the network, someone is going to have control which goes against what crypto stands for. The other being as more people use this network fees will have to increase as well, not as much as Bitcoin but still fees. And finally the lighting network is more susceptible to theft and hacking which is Bitcoins main feature security. I am not a tech guy but will post some articles I found relevant on the Lightning Network below.
All that being said litecoin is better than Bitcoin but worse than other altcoins. There are altcoins that are faster, have lower fees, and require much less energy (another factor in the cost Bitcoin takes.)
Some people claim that Bitcoin has value because it costs money to mine it, whereas I do not believe that something costing money means it has value. I could work all day with a pick axe along with 100 people and never find any gold. It would cost us time and effort but the rocks we came out with would not have the value of gold, but the value of rocks.
I guess that is the point I was trying to make I hope this helped and was understandable. And also this is my personal opinion and I am by no means an expert on investing or technology, it is just what I see.
https://www.investopedia.com/tech/bitcoin-lightning-network-problems/
https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
https://thenextweb.com/hardfork/2018/06/26/lighting-network-transactions/