Re:Hard Problems in Cryptocurrency: Five Years Later
by lawn on Sunday November 24, 2019 @03:24PM
(#21623088)
> On those payments 2-4% in the US is much cheaper than the current Bitcoin (and similar) transaction fees.
Bitcoin is a horrible example. Bitcoin Cash for example have fees of less than a cent.
Re:Hard Problems in Cryptocurrency: Five Years Later
by ppf on Monday November 25, 2019 @05:50AM
(#21626965)
It's probably so cheap because no-one wants to use a chain that is so susceptible to a 51% attack.
Re:Hard Problems in Cryptocurrency: Five Years Later
by lawn on Monday November 25, 2019 @10:14AM
(#21628760)
No, it's so cheap because Bitcoin has full blocks and people have to outbid each other to get their transaction through. Bitcoin Cash could handle at least 20x the volume of Bitcoin, with the same low fees.
It's not Bitcoin Cash that's special. It's Bitcoin, but in a bad way. Even Monero has very low fees with better capacity for example.
Re:Hard Problems in Cryptocurrency: Five Years Later
by ppf on Monday November 25, 2019 @10:26AM
(#21628883)
If that's the case, why is the transaction count per time period for Bitcoin Cash about 20% of Bitcoin's? On the other hand, it's a significant problem that Bitcoin Cash has about 2% of the hashrate of Bitcoin. Any sensible person would not put any significant value into Bitcoin Cash when such a small percentage of Bitcoin miners could reorg the chain.
Most payments regular people make every day are sub three-digit. On those payments 2-4% in the US is much cheaper than the current Bitcoin (and similar) transaction fees. That means crypto is rather unusable for most people. I won't even start talking how Bitcoin doesn't compete at all with European SEPA Instant payments for most use-cases.
The only use crypto currently has is censorship resistance, pseudonymity and illegal purposes.