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Why does Bitcoin suck so much? (self.Bitcoin)

Boneyg001 が 投稿

For real people try saying "theres no fees" or something but for real fuck this shit I'm sick of people who buy bitcoin like say "25 dollars worth" and send it to me I end up with like 22 dollars because of circle or coinbase even when they use a debit card to buy.... Everytime I try to send now it wants a 20-50 cent sending fee whether its 5 dollars or 100... On top of this I could send 300 dollars or 3 and it still takes an average of 1-3 hours to send? Can they not speed it the fuck up? I promise you this currency will never be big if it takes everyone 2 hours to receive a payment.

Tl-DR: Why does this shit take 3 hours to send/receive and still take a huge ass fee... Even with huge payments of 500 dollars+ it takes forever and this isn't just a rare day it's now like everyday everytime no matter what.

edit 1: to all you people saying its it ok to deliver products with 0 confirms, fuck off I almost got scammed good I waited and now look at this https://gyazo.com/e66e3b6662ac77705e10806ca7226077

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[–]sumBTC [スコア非表示]  (9子コメント)

"theres no fees"

This is wrong, there are fees and because you compete against the rest of the world, fees are not guaranteed to be small. For now Bitcoin is for larger and/or international transactions. So traditional money is still king for "normal" transactions. The lightning network might change this but that remains to be seen.

[–]prelsidente [スコア非表示]  (4子コメント)

So traditional money is still king for "normal" transactions.

I remember seeing tons of videos in this sub in 2014 of people paying for their coffee with Bitcoin and people saying "fuck central bank money", "long live Bitcoin".

Now it's "traditional money is king for normal transactions"

I just made a SEPA transfer yesterday between two different countries and it took just a few hours. Bitcoin is going to start losing for international transactions also.

[–]3domfighter [スコア非表示]  (2子コメント)

SEPA is handy if you live in a specific region of the world, but I can tell you from experience that I've saved enormous amounts of time and money on international transfers using Bitcoin. I moved from the U.S. to Costa Rica and I now conduct almost all of my transactions using Bitcoin in one way or another so I can minimize bank fees. Rent payment? Used to be a $45 wire transfer fee on my end, plus another $20 on the recipient's end, while the process took 1-3 days to complete. Now it's about a buck and happens in minutes. Taking funds out of the ATM used to cost me nearly $8 per hundred from my bank. Now using Shift or bitpay I can do it for $3 on whatever the ATM allows me to withdraw. I could go on. Sure, there are uses for which the traditional system still offers better options to the consumer, but Bitcoin is increasingly offering more efficient options.

[–]prelsidente [スコア非表示]  (1子コメント)

but Bitcoin is increasingly offering more efficient options.

The problem is that is increasingly offering less efficient options. in 2014 everyone was using to pay for anything, now people are telling me in here I should use it only for international transfers.

[–]3domfighter [スコア非表示]  (0子コメント)

Would you like me to outline even more ways that bitcoin saves me money vs the traditional financial system? Or would you like to continue to base your opinion on what people are telling you you should do? Perhaps in your region there are mitigating factors that give you fewer options, but from where I sit, along with many others in similar situations, Bitcoin already offers more cost effective options and, as you quoted, are increasingly offering more. I anticipate I'll be using bitcoin for 90% of my financial dealings by the end of 2017.

[–]sumBTC [スコア非表示]  (0子コメント)

I just made a SEPA transfer yesterday

That was money that can be printed out of thin air (unlike bitcoin). Also that transfer was sending money not in your possession at home (like bitcoin) but stored at a bank. So you can't compare the two transactions. Bitcoin is sending digital gold from your living room to somebody else's home.

[–]btcy [スコア非表示]  (1子コメント)

So traditional money is still king for "normal" transactions.

You forget about other cryptocurrencies.

[–]sumBTC [スコア非表示]  (0子コメント)

Adding another cryptocurrency doesn't solve any scaling issues. They are all just pump and dump lies.

[–]subshophero [スコア非表示]  (1子コメント)

He's lying anyway. $25 debit card purchase on Coinbase is 75 cents in purchase fees, not 3 dollars. I've never once sent more than 10 cents in transaction fees, and when I send that high of a fee, I get confirmations within 1, maybe 2 blocks.

[–]prelsidente [スコア非表示]  (0子コメント)

I've never once sent more than 10 cents in transaction fees

You sir, are lucky.

My last two transactions were 40 cents and 50 cents and one of them still took almost a day to confirm because apparently had a lot of inputs. Little did I know.

[–]muyuu [スコア非表示]  (5子コメント)

There are fees if you want to use the main blockchain to persist your transactions. It's the way it should be.

[–]prelsidente [スコア非表示]  (4子コメント)

There are fees if you want to use the main blockchain to persist your transactions.

Wow, so there goes the "empower the unbanked" and "micro-transactions" advantages?

[–]muyuu [スコア非表示]  (0子コメント)

Outside of the main blockchain unless they can afford to pay for the space. That's why LN and other solutions on top of Bitcoin need to gather support.

Having every cup of coffee forever in every node is not sustainable over the long term if adoption picks up.

[–]3domfighter [スコア非表示]  (2子コメント)

How do you figure? Last I checked you still couldn't use any traditional financial institutions to turn your mobile phone into a merchant and/or savings account in rural Guatamala (to pick one example). Further, the fees are usually zero or optional, particularly for small transactions. Even if there is a nominal fee you do realize that merchants are passing the 1-5% fees charged when they accept credit/debit card payments are passed on to you in the price of the product or service, don't you?

[–]prelsidente [スコア非表示]  (1子コメント)

fees are usually zero or optional, particularly for small transactions

What? Have you been using Bitcoin lately?

[–]fallenAngel2016redditor for 2 months [スコア非表示]  (2子コメント)

With WU you can send worthless fiat for only $5

* $50 limit.

[–]3domfighter [スコア非表示]  (1子コメント)

Yeah, for all his complaints I'd be interested to hear if he knows of a more efficient method of remittance. Particularly for what I'm guessing he uses bitcoin to buy.

[–]Joeroast [スコア非表示]  (0子コメント)

Most I've ever had to pay for a transaction fee is 0.008 And it usually takes around 5 minutes for the first confirmation.

[–]3domfighter [スコア非表示]  (0子コメント)

First of all, debit card is one of the worst ways to buy if you're looking to minimize fees. The only reason I'd ever use a card is if for some reason I need it right away. Second, I've never been asked for a transaction fee that wasn't optional. Third, it's instant. Some third-party services may require a certain number of confirmations, but the payment is sent instantly. Not sure who you think "they" is, either. Seems like you're using a different bitcoin than I am...for real.

[–]ElectricOrangeJuice [スコア非表示]  (0子コメント)

I agree with almost all of your points, because for everyday use bitcoin is impractical. For now, you should really think of bitcoin as something in-between a regular currency and an investment asset like gold or silver. Sure you can pay for goods and services in some places using Bitcoin, but chances are that it costs more and takes longer for day-to-day stuff like ordering a pizza.

Most people that have bitcoin use it for one of the following:

a) Short-term speculation. The price fluctuates a lot, so you can make (or lose) a lot of quick cash by playing the market.

b) Long-term value-store. It's a lot like gold in that it's something you can invest in, in small increments — Like x percent of your paycheck each month, and it will (Hopefully) keep it's value while your regular paper money slowly depreciates over time. Bitcoin, of course, has a couple of benefits over gold in that it's easier to acquire, easier to store and move around and easier to cash out if you need some paper money down the road. It also has the potential for significant appreciation as usage picks up.

Now, I'm speaking from a western perspective. If you live in, let's say, Venezuela or India, I could see paying a little extra in fees being a worthy trade-off, in order to keep your assets safe from corrupt government intervention.

[–]Frogolocalypse [スコア非表示]  (0子コメント)

You know where the door is.

[–]1977topps [スコア非表示]  (0子コメント)

Simple.... Don't use it.

[–]prelsidente [スコア非表示]  (0子コメント)

Some people are chosing not to see this, but I also have gone through your pain.

From what I understand, the days of almost-free bitcoin transactions are gone for the time being until Lightning network or something (don't know exact details).

So for now, it's not really useful except for speculation and long term investment.

Hopefully it won't take long to implement those new features people here talk so much about.

[–]subshophero [スコア非表示]  (6子コメント)

Are you retarded?

Edit: Payments are instant. Receiving money to your DNM account is not. ;)

[–]Boneyg001[S] [スコア非表示]  (5子コメント)

Nope... All payments sent/ received are "unconfirmed" and idk what a dnm account is I don't have that

[–]subshophero [スコア非表示]  (4子コメント)

You can still spend "unconfirmed" BTC. The BTC still goes to the merchant instantly. The fact that your "merchant" hasn't received it yet tells me its a DNM account.

[–]Boneyg001[S] [スコア非表示]  (3子コメント)

https://gyazo.com/e66e3b6662ac77705e10806ca7226077 yeah and get scammed for trying to send it

[–]subshophero [スコア非表示]  (1子コメント)

Listen, your post is bullshit. Your embellishment of Coinbase's fees discredit you. Your belief that this currency "won't make it" because it takes "2 hours to send payment" is actually retarded. Regardless if takes 2 hours to send payment, that's still days quicker than a credit or debit card payment. Do you think merchants have immediate access to CC payments in stores? They don't. CC payments go through in batches, 2-3 times a week.

[–]3domfighter [スコア非表示]  (0子コメント)

To be fair, I can batch my CCs each day, so only 12x slower than his stated claim. Except on weekends when computers apparently don't work? So the times when payroll needs to be paid and I have my busiest days I can't access my CC/Debit Card payments until Monday. So, in the fairest sense, this guy's claims still are absolutely fucking retarded.