Re:Bitcoin Blows Past $9,000
by wyager on Sunday November 26, 2017 @07:29PM
(#15783944)
When the lightning network is completed, it will effectively re-enable the use of Bitcoin as an ultra-low-overhead transaction mechanism. Right now, Bitcoin is only cost-competitive with credit cards for reasonably large transactions, on the order of $70-100.
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Even at that amount it's not really worth it. I paid with Bitcoin for a $70 purchase the other day and paid $2.50 in fees. I won't do that again. Compare that to the past when my fees would be less than a penny and not worth worrying about.
As for lightning network, let's wait and see once it's actually completed. Can Bitcoin afford to wait that long? The core developers are taking an awfully big risk when Bitcoin cash had shown that bigger blocks are not an issue.
Re:Bitcoin Blows Past $9,000
by thisacctforreal on Monday November 27, 2017 @12:09AM
(#15784998)
With Stripe it would have cost $2.33, at 2.9% + $0.30
Though it wouldn't have taken hours, potentially up to a day, to complete the transaction.
It takes 90-180 days for a credit card transaction to clear, while it takes a bitcoin transaction ~10 minutes. You’re comparing the wrong thing. Retailers typically just eat the CC chargeback fraud costs, while bitcoin stores don’t (because the transaction clears pretty fast anyway).
And a SEPA Credit Transfer is about 30 cents and soon enough will be done in less than 15 seconds (SCT Inst).
Why bother with Bitcoin if my Bank can do it cheaper and faster, even with lightning?