How crypto flips commerce on it's head
I was taking my son to get a haircut yesterday, while waiting I was holding $20 in my pocket ready to pay when I had a thought.
Cryptocurrency flips commerce on it's head
Before I explain what I mean, let me explain how I got there.
I'm holding this $20 thinking what if they took Bitcoin. I started to think about how a small transaction like this would look like with fees. The fees shift a lot, but they are much more reasonable now than a while ago. At this point it dawned on me, I'm worrying about the fees, not the barber.
Businesses are typically responsible for transaction fees, it's a cost of doing business. If crypto becomes mainstream and is used for every day purchases, this is now the responsibility of the consumer. This is a very dramatic change in how business is conducted. This will almost definitely work in the business side's favor. Prices will not likely lower to reflect this shift of responsibility.
While it isn't a big deal for large purchases, the majority of purchases on a day to day basis are likely $20 or less. The worst case scenario for Bitcoin transactions.
But the lightning network solves this problem
I am familiar with how the Lightning network aims to help in this regard, but that just brings us back to a centralized banking style system.
Zero transaction fee crypto
This is a scenario where STEEM dominates, no transaction fee three second transactions would change the world in terms of day to day purchases on crypto currency. Imagine where Bitcoin would be if there was zero transactions fees in terms of adoption? I know this isn't sustainable for Bitcoin and it likely would never exploded in price if there were no mining fees nor would the network be stable, but fun to think about.
Doesn't change much, but was a thought I had the other day that I found interesting.
Steem and SBD seems to be more suitable for day-to-day small value transactions than bitcoin due to speed and low fees. With LN you still have to initially open the channel with someone, and both parties have to be online.
Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!
Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!
@ipromote must be an ugly and old person! He/she wants to be famous by flagging other people's blogs! What he/she has only is money! He must have a horrible face like demon/vampire!
It's said that vampire loves to suck blood of other people in the western society. Maybe vampire is living in a big house with a lot of money, but he always has a bloody red mouth! Nobody really likes him!
@ipromote is like a vampire of Steemit!
He/she always tries his best to suck my blood. But God knows how painful it is for vampire to suck blood every day. Vampire can't live like a normal person.
In ancient China, there was such kind of story, too. A man named Hu contracted a disease: everyday he must eat the flesh of a child. So when we were a child , our mother told us not to cry, otherwise we would be found and eaten by that Hu who must eat child's meat each day!
God knows Hu was also very miserable! He just developed a kind of odd illness. If he didn't eat child's flesh, he would keep vomiting.
This time, @ipromote flagged all my 3 blogs at a stroke for no reason, I am really shocked!
Maybe he/she will keep vomiting if he doesn't flag other people's blog everyday!
I forgive him and pray for him/her! May God heal @ipromote!
The zero transaction fee and the three second transaction time is what is going to boost the steem blockchain and make it wildly adopted by many users in the years to come.
Agree with you @ipromote, that is why Steemit is so amazing and that is why it wins over all other crypto. Steemit is just waiting for it's popularity, if it integrates with payment methods it will be awesome. Just imagine paying for haircut with upvoting, if you have enought SP :)
Here is why I love Steemit:
Since you @ipromote have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!
wow. tremendous movement. very great. who photographed it was very great know how it can be amazing results it. once great😲😲😲👍👍👍👍👍👍👍👍👍👍👍👍☝☝☝☝☝☝☝☝☝☝☝☝☝☝
@ipromote your right bro I already suggest some to someone who wrote about same things that who local shop will move to cryptocurrency and set their payment method as an in any crypto coin so everybody know about Bitcoin and their transaction fees is too much and then they will never look at others but expect STEEM and STEEM DOLLAR all coins have their transaction fees so for locals this is too good and apply this in there payment method it will boots there revenue and and also use this paltform for adversitement and they will get a lots of sell form this network I have Ideas and I will work on those in future :D
Help @ipromote set free the snake of envy in his/her heart! He/she is a lunatic!
@ipromote must be an ugly and old person! He/she wants to be famous by flagging other people's blogs! What he/she has only is money! He must have a horrible face like demon/vampire!
I agree! I think there will be a huge change if crypto will enter the mainstream market. Well, the winner will be us crypto holders if that happens.
Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!
https://steemit.com/ulog/@goldenpath/the-story-of-the-vampire-of-steemit
But it's the same now. When you pay with credit card, some sellers charge that fee to a customer.
Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!
Great post. But I don't see the transaction fee for bitcoin to reduce.
Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!
So what did we learn today ?
STEEMIT IS THE BESSST STEEM IS GREATEST :)
sorry i got hyped
Since you have enough Steempower, I wish you spend them by flagging all my blogs! I'll setup more Steemit accounts in order to allow you spend your Steempower!
Please remember: Every time you flag other people's blogs, you just waste your own Steempower! My accounts are zero! I can set up a lot of empty Steemit accounts! I love to play with wealthy Steemians like you @ipromote! The play of poor people and rich people are most wonderful! Most of wealthy people just keep away from poor people! Only you love to keep in touch with poor people! Thank you so much!