RE: Why Blockchain Technology will continue to fail to deliver
Not only that every transaction costs money, whereas most means of payment come for free, most credit cards even offer some sort of cashback for doing purchases. Could Bitcoin ever compete against that?
This is completely untrue and a false statement. The credit card payment might seem free to you but the merchant is being hit up for it. In the US that is anywhere from .75%-3% on average based upon how many transactions are done a month. That is a lot more than Bitcoins.
Also, there is a large fee for companies to send money, especially overseas. What do you think the transaction cost of a US or UK company paying a supplier in Vietnam is? Well over 5%.
I agree with the point that I do not think that BTC will ever be a payment system (although lightning does hold some interesting possibilities if it is pulled off), to state BTC has transactions costs while others are free is misleading.
@TaskMaster4450 I totally agree with You AND will further weaken the viewpoint of this misleading post.
On Oct. 16th of this year, $194 MILLION was sent via Bitcoin from one side of the planet to the other...
It took LESS than 30 minutes AND cost 10 CENTS...
https://www.google.com/search?q=On+Oct.+16th+of+this+year%2C+%24194+MILLION+was+sent+via+Bitcoin&rlz=1CAACAP_enUS814&oq=On+Oct.+16th+of+this+year%2C+%24194+MILLION+was+sent+via+Bitcoin&aqs=chrome..69i57.1482j0j7&sourceid=chrome&ie=UTF-8
With traditional banking (( THIEVES ))... it can take 4-5 days OR 4-5 WEEKS depending on many variables....
AND the average COST is $10,000 per million being sent.
THIS is WHY Bitcoin is HATED by the world's CENTRAL BANKERS, because they will become irrelevant IF the common people wake UP and their Awareness grows to Higher levels... 'and for many other reasons, which I won't go into in this reply.
Bitcoin is attacked daily... the common people need to understand they are being manipulated as MUCH or even MORE than ALL the cryptos combined, including Bitcoin. (( This does not mean all cryptos are viable, functional or have utility. ))
The sad fact is that this misleading Post has currently made over $121... I wrote a Post OVER a Year ago stating that Bitcoin was being manipulated by the Central Bankers and I made less than $5... hence I rarely Post... just mostly curate.
I'm a semi-retired Investment Banker who lost my JOB + CAREER because I spoke the truth ( was a Whistle-Blower )... which may have been a Good Thing because I took care of my Father, got rid of his Cancer and learned many things, on a much deeper level than I would have if I continued to MAKE so much money.
REAL Wealth is not always measured in paper currencies (( backed by Nothing with absolutely no Intrinsic value whatsoever))...
There are other forms of wealth that may be MORE important... like kindness, awareness, compassion, Good Health, Good Family/Friends, patience, Love, etc... Sorry 4 the extensive rant.
Cheers 2 Everyone reading this !!
To quote myself;"Undoubtedly you are able to send millions of dollars abroad for a relatively small fee."
Banks are thieves. Acknowledged. Yet transacting via a bank is usually free of charge, there are of course exceptions.
I talked about attacks with superior hashingpower, not about price manipulation.
It's likely that big players, maybe even central banks are supressing the price.
You are mostly talking about things that are not mentionend in the article.
Small e-commerce operators pay through the nose and a hidden fee is that most e-commerce operators have almost zero defense against a refund claim because their transactions are card not present. The refund is often a penalty plus the full amount of the transaction (incl. the fee) too.
PayPal doesn't work for many people; frozen funds, deplatformed - basically very very few rights and high fees.
The question I ask any FinTech is whether or not the current centralised ways of doing things add enough value to the economy relative to what they take out; I'm not convinced that's the case for much of the transactions that are going on.
Valid points, I agree. The problems of existing solutions do not make BTC look any brighter although.
From the consumer viewpoint being able to refund purchases is of course a huge plus.
These points don't make BTC look better but they do point to something else perhaps having a place.
Consumers can already get refunds for purchases. A business that wants to preserve its reputation had better be refunding purchases even if they were done in BTC. Is it really worth all the extra fees as a consumer just to have the ability to force a refund? Sometimes yes, often time now.
Think of it this way - if you don't trust a company enough to put things right (via refund if due) then why deal with them in the first place?
You are correct. I could have been more precise there, but the article already is pretty lenghty.
Basically I adressed the consumer perspective, where transactions are either free or even rewarded via cashback ( which of course also has drawbacks, but the majority either does not care or is accepting them). Merchants would probably not want to speculate on the price of crypto and hence convert it to fiat immediately, which comes with fees as well. Therefore i would not think it's as viable as accepting traditional means of payment.
To your second point, I acknowledged that, if I may quote myself: "Bitcoin transactions are expensive. Undoubtedly you are able to send millions of dollars abroad for a relatively small fee."
And LN might bring a change, but I really wouldn't hold my breath for it to take BTC to the mainstream.
Thanks for commenting, appreciated!