https://d3fy651gv2fhd3.cloudfront.net/charts/united-states-m...
PS. Every standard sized bitcoin transaction bar the past three days (and those will too), that people paid over 5c for has been committed to the blockchain.
Oh wait, no it didn't.
How's education costing these days, anyway? Healthcare?
If the person from Europe comes to US, goes to McDonald's, buys a meal whose price is denominated in USD with his European credit card and tells me he made the purchase with Euro, I would consider that a false statement. To me, he made the purchase in USD, his credit card company just will make the FX conversion for him and accept EUR from him when he pays his credit card bill.
Converting BTC to fiat currency on the spot is not really the same thing as using Bitcoin to pay your bills, any more than selling some shares of stock and using the money to buy a house is the same thing as buying a house using shares of stock.
People think that banks hold their money: they don't. The bank simply owes you your money but they don't hold it for you. What you get in return for your money is a statement from the bank what debt they owe you and a device to convert that debt into goods whenever you feel like it. That device is not the same as the underlying money, it is merely a proxy for your debt.
Which you'd find out about in a hurry if your bank ever went under and your card stopped to work.
All the cards I've seen when I looked into it a bit ago converted into fiat at the time of charging the card with BTC (ie, you send BTC, that got converted into fiat immediately (at pretty mediocre rates), and then you could use that fiat to purchase stuff or withdraw cash (at pretty mediocre rates, again)).
All the remarks about the skyrocketing fees can be cut short by pointing out that Bitcoin Cash (which is much closer to the Bitcoin described in the white paper than Bitcoin Segwit [BTC]) doesn't have this problem. Just like Satoshi Nakamoto said that the block size limit could be raised once blocks started to get full, the developers of the Bitcoin Cash software also say the current max. block size of 8 MB can be raised if the blocks get full.
Look at the price. Going bananas.
Not sure there's any response possible for that one. "I don't know how it works, but I think it's dumb."
> Now the transaction fees are exorbitant.
Every standard sized bitcoin transaction bar the past three days (and those will too), that people paid over 5c for has been committed to the blockchain.
Replace by fee is a thing, as long as the tx is unconfirmed it could be replaced. You're effectively saying the wait time is now 3 days unless you want to pay a fee of several dollars. So that rules out most transactions.
How do you pay for anything given those restrictions?
Then you don't understand how bitcoin works, so it's probably best you refrain from commenting on bitcoin architecture.
Lightning network hasn't been rolled out yet. It has nothing to do with our conversation.
You can use this "nonsense" money right now. And nothing that any economist says about it can stop you.