Are we screwing this up?
Hello everyone. For the past year or so now, I have become extremely concerned with where bitcoin is going, and where it currently is. I have been involved heavily in bitcoin since late 2013 as both an owner of bitcoin and someone who transacts with it hundreds of times per week as the owner of my website Grindabuck.com. I've never really been too involved on the technical side of bitcoin, but in terms of practical use, bitcoin has always had many positives that influenced my decision to use it frequently and hold it long term. Lately however, bitcoin has reached a point where I believe the long-term health of the coin could be in jeopardy. The price increases have been awesome, but I believe this could potentially just be masking a growing trend of altcoins growing to a point where bitcoin may not be the #1 coin for much longer (Note: it is important to note I do not hold any cryptocurrency outside of Bitcoin). I simply am a Bitcoin user concerned with what I see.
As an example, my website offers cashouts starting at $2.50, and bitcoin is the most common method for getting money off our site. A couple years ago, users could cash out $2.50 for only a .0001 fee, or 2-3 cents. Fast forward to today… our users must pay a .0002 fee, which is significantly less than some websites/wallets have to use, which is equivalent to a 60 cent fee. That $2.50 is now $1.90. Where will this end? If we did not have a wallet solution that allowed us to only use a .0002 fee, we would have to completely eliminate bitcoin as an option for our website.
We are slowly but surely eliminating bitcoin as a means of transferring money below certain thresholds. At what point will this stop? I know solutions like segwit are supposed to fix these things, but im staying out of the technical/political side of this discussion and strictly keeping it about practical situations. The fact is, the current system is failing and desperately needs to be fixed before it spirals out of control. The bottom line is there has to be a fine line between rewarding miners what they deserve and keeping bitcoin usable as a means of money transfer for ALL amounts. We have to work together to make bitcoin work for everyone. If bitcoin cannot evolve to the current price/times, it will fail to stay at the top, and that is bad for everyone. Regardless of what happens.. I am personally in bitcoin for the long haul. My business, however, is on the brink of leaving bitcoin like many others. And there are plenty of cryptos out there that can do what bitcoin can't from a money transfer perspective.
We can not screw this up.
Submitted June 12, 2017 at 11:08AM by chazley
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