News for hackers. Stuff that matters.

A comment on Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record. Parent comment

Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017... by ISL on Monday November 30, 2020 @01:09PM (#25256872)
It depends upon the scaling algorithm -- as volume goes up, there may be efficiencies that allow the (competing!) miners to reduce their transaction fees.

In theory, since there is no notion of a Bitcoin chargeback and no need to extend credit to any party in the transaction, the intrinsic cost of a bitcoin transaction should be lower.

[ Parent | on HN ]
Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017... by arcticbull on Monday November 30, 2020 @01:12PM (#25256912)
The intrinsic cost of a transaction is basically zero, the cost associated with Bitcoin is Smaug-style keeping people off your coins. There is no scaling algorithm and no scaling to date.

Believe it or not chargebacks and credit are good things. This you can find out if you ask literally anyone why they use their credit card instead of their debit card.

[ Parent | on HN ]