@oliverlai, The cost of transaction and the waiting times is ridiculous with BTC, and thats why it cant really be used for purchasing much things apart from things that price. I havent watched or read msm in around 9 years so im just saying it from a view from the outside :)
The basics of a currency is that it becomes worth more, the more that it is used. Id guess that 98% of people that have bitcoin in good amounts will just hold it, thus its not really a coin anymore, its like an asset as is gold. It was the first and always will be, but its not safe and private. How easy do you think it is to trace and locate all the wallets of bitcoin and then to start charging taxes? How much would bitcoin tax be?! Hahaha I am a true anarchist and nonconformist who steers clear since a while of the system. To tell you the truth I will just keep 0.1 Btc that I mostly end up giving to my nephews in years to come. There are much better things out there to get rich with without being stuck to Bitcoin lol.
I dont know about you, but when growing up, the rich were rich because they had shares in successful companys and they were rich from that. Now with Tokens, *the working class people" have the chance to become something like "high flying investors" of the future.
So what wise invester would put all there finance on one thing thats old, slow and not private?
Yesterday I found Hexx and took profits from DNT to use to place a buy order with after the hype there.
Seriously if you look on coinmarketcap.com and see the tokens that are ranked in the 200s, go see the website, see what they are about, and then see the price of pennys they want as a share and go find them even before they hit the trading sites :)
Currently Bitcoin is working pretty much like it did in earlier times - transactions are going through, there is no congestions, and one can get a transaction confirmed even with a minimal fee.
However, the main developers of Bitcoin thinks the congested situation is all OK. There is a hardcoded cap on the transactional throughput, meaning that Bitcoin currently can't be used as a a medium of exchange for the masses. Too many people trying to transact at the same time, and we get congestions. When there constantly are more people trying to create transactions than what the network can handle, we get longer periods where transactions are getting stuck despite quite hefty fees paid. And, surprisingly enough, quite big parts of the community seem to be comfortable with that, claiming that Bitcoin is meant to be a "store of value" and not a medium of exchange.
To be fair, they do have a road map involving second-layer-transactions, which may really rock (i.e. lightning network). However, the congestion problems and schism between "small-blockers" and "big-blockers" have been a big set-back for Bitcoin and crypto as such.
Great info :) Yes i heard about the development plans on btc but havent looked more into it 😂 I think im just getting more drawn now to coins with anonymity- yesterday I found HEXX,waiting for hype price to drop down though ☺
not sure if i actually sent that message before, " i just read your message, best to mail me movingman@protonmail, I have to do the morning shifts from 6 am til 9am thursday, friday but I can help out both days after work!"
btc like anything else needs a period of time to grow up. it will be great some day.
e.g. the speed and cost problem like you mentioned will be handled with lightning network soon.
and e.g. people don't like its traceability, so there came monero and zcash.
i have great hope on this thing :D
Yeh its bound to be great as it already is for sure.. Just easy to be manipulated also by dumping like yesterday. I brought my first silver yesterday and wrote a post on it,it was mainly inspired from your post 😂