questionJoelDalais - 04/06/2017 - 12:54:55
If it costs you £10 every time you use bitcoin, even if you only want to send £15
AND - the expectation (from /r/bitcoin) is that you run a 'full node' (they are not 'full nodes') - which costs you £20 a month in electricity.
Would you bother getting any bitcoin in the 1st place?
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CommentMuz1980 - 06/06/2017 - 18:04:13
There are many reasons to buy Bitcoin. Here are some.
-Bitcoin can be considered to be a store of value (i.e. like gold, which people use for the same purpose). Although its price is volatile, its a lot less volatile than it used to be.
-If you do not trust the central governments of the world, and who would after the 2008 crash, Bitcoin is an alternative which you could still use to pay people with in the future in the event of any crash in regular currencies. With more people using it, there will be more opportunities for easier exchanges (such as the development of things such as 'off the chain' transactions).
-Bitcoin's value has been going up and up for the past 6 years. So there is every reason to own at least some as an investment.
Also, you do not need to run a full node to own Bitcoin. I'm not sure what you mean by this.
JoelDalais - 06/06/2017 - 18:09:02
Bitcoin is not 'digital gold'.
The very title of the White Paper is;
"Bitcoin: A Peer-to-Peer Electronic Cash System"
Not a 'digital gold system', or a 'settlement system'.
I agree with your other points. And yes, you don't need to run a full node, that's what I was saying. It's people on /r/bitcoin that state that you need to run a 'full node' (this is wrong of them).
Muz1980 - 06/06/2017 - 18:14:16
No, of course it is not. Nor is it a get rich scheme, which some other people seem to think it is.
But its also important to point our that is still has some distance to go before it can be considered to be cash, since it is not widely used, and even if it was, people would not be willing to wait around for the confirmations every time they made a payment. But hopefully, these problems can be solved when it does happen to become more widely used.
JoelDalais - 06/06/2017 - 18:56:42
dnair28 - 18/06/2017 - 07:45:47
Is Satoshi Nakamoto still answering questions about bitcoin? Has anyone tried to contact him at his white paper email address firstname.lastname@example.org?
dnair28 - 18/06/2017 - 07:47:58
And will these transaction fees come down after the next soft/hard fork?
mwri - 21/06/2017 - 19:29:03
LiteCoin has lower fees and faster confirmation times.
LiteCoin is the brother of BitCoin, it is the twin of BitCoin and always has the technology before BitCoin, it will also be doing Cross-Chain Atomic Swaps with BitCoin soon.
If you want to see which technology BitCoin is going to get in the future, look at LiteCoin for an early peek.
Keep in mind, these are "currencies", not "money" just as fait currencies are.
The real core data structure of these coins dates back to 1979 :)
JohnnyD - 21/06/2017 - 20:35:11
worth investing in then mwri ? more than bitcoin?
mwri - 21/06/2017 - 20:43:49
Well, as always, keep in touch with the market and changes :)
But, Asia is buying it at premium and it is going to be the first I think to have a Cross Chain atomic swap with Bitcoin.
LTC has a place, I think it is better for micropayments.
Take a look at coinmarketcap website and see the action on the exchanges.
See the chart? That was Asia buying and they're still buying (at above current prices). There is plenty of room in this market for many currencies just as there is with fait currency.
You can use Coinigy to arbritrage trade on exchanges for exchange pairing spreads.
It is holding quite strong and long for now, compared to 2014 but these times are different. Layer 2 is starting to wrap around the chains.
Always keep in mind, blockchain (merkel tree's) are separate from the coin (distributed application, aka, smart contract).
Btw, Litecoin and Bitcoin can support smart contracts (via MAST, and indeed they will).
Litecoin is always going to be testing future Bitcoin technology.
Check mapofcoins website to see their relation.
Also check the developers, theyre moving back to it and brought bitcoin devs with them, and planning a future for it.
If it moves, trade it, right?
I think it has plenty of upside and after all this Segwit politics (the political fighting that is not present in LiteCoin), side-chain and off-chain usage is going to bring them together.
LTC will get Confidential Transactions before BTC (but it will also get them).
Next news, BTC-LTC atomic swap (I believe).
4x the supply, merchants hit with high completion times and fee's on BTC are looking at LTC. I expect more LTC news more frequently going forward, LTC has typically been in the shadows of BTC but it is very closely related in many ways.
mwri - 21/06/2017 - 21:00:18
Here is the history of LTC
This is where it was announced in 2011. Helps to know the history and politics of it.