Bitcoin Is a Hit in Countries Where Locals Face Currency Troubles

Re:Bitcoin Is a Hit in Countries Where Locals Face Currency ... by rhlala on Tuesday January 09, 2018 @02:52AM (#16104347)

I dont think bitcoin is sustainable now, and miners have too much interest for make any change, If you pick a Cryptocurrency like raiblock, - Transferts are instant. (5seg) - No fees (you send 10 your friend get 10)

And this is for ever and even if all humans on earth use it, instant and 0 fees..

I dont see the benefits in using btc having micropayments/value storage solved.

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Re:Bitcoin Is a Hit in Countries Where Locals Face Currency ... by lug0r on Tuesday January 09, 2018 @03:10AM (#16104416)

The advantage of bitcoin is that it's censorship resistant and descentralised. I don't know of any other knock off cryptocurrency that does fulfill these two aspects.

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Re:Bitcoin Is a Hit in Countries Where Locals Face Currency ... by carlmr on Tuesday January 09, 2018 @04:44AM (#16104825)

There are quite a few, but they operate on the same principles AFAIK.

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Re:Bitcoin Is a Hit in Countries Where Locals Face Currency ... by tobltobs on Tuesday January 09, 2018 @04:32AM (#16104771)

but then again being decentralized results in being unusable as a payment facility.

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Re:Bitcoin Is a Hit in Countries Where Locals Face Currency ... by Ftuuky on Tuesday January 09, 2018 @06:48AM (#16105406)

Not true. Lightning is being implemented and now you can make small quick payments with very low fees.

Bitcoin is still in the early stages, many 2nd layer solutions are to be implemented.

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Re:Bitcoin Is a Hit in Countries Where Locals Face Currency ... by CryptoPunk on Tuesday January 09, 2018 @07:06AM (#16105516)

You need an on chain transaction to create a LN payment channel. And if you only create one payment channel, you are highly dependent on the one peer you connect to, and reveal your entire transaction graph to that peer and the nodes the peer is connected to.

To get decentralized permissionless-ness and privacy, you need many channels. And you need a lot BTC to put in all of these channels, as the LN depends on BTC (or ETH or whatever cryptocurrency you're transferring) equaling the maximum amount you may want to send in any one transaction being locked up in the channel.

With transaction fees exceeding $15, Bitcoin is already unusable for the majority of the world's population, even with the Lightning Network, and even if each user only creates one payment channel.

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Re:Bitcoin Is a Hit in Countries Where Locals Face Currency ... by Goladus on Tuesday January 09, 2018 @10:03AM (#16106599)

Bitcoin is still in the early stages

I would say that Bitcoin is entering phase 3 of its lifespan, having just "rounded the bend" of its money creation curve. 75% of the Bitcoin that will ever exist are already in circulation.

Growth of the supply has slowed dramatically. Even if lightning networks can address the issue of transaction fees (and I'm doubtful), that will not solve the deflation issue, where actually obtaining a usable amount of bitcoin will be increasingly difficult. Due to the semi-anonymous nature of wallets, it's impossible to know for sure what the wealth distribution of bitcoin looks like, but estimates I've seen suggest that the disparities look something like North Korea.

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