What economic relevance does Bitcoin have, please? It is not used as a currency because transactions are expensive and traceable at all levels, it is purely an object of speculation. The only economic relevance it had was to those who sold you the shovels and electricity to mine it.
In my opinion, if you limit the number of transactions, you completely take yourself out of the running as a "currency". How else is it supposed to absorb the number of transactions if someone really wanted to use it?
In my opinion, if you limit the number of transactions, you completely take yourself out of the running as a "currency". How else is it supposed to absorb the number of transactions if someone really wanted to use it?
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@PowerWordChill not yet in force, eh? So for now it's just hot smoke and the second layer would, in my opinion, almost be a splintering?
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@Madhatter5566 Ask yourself why Bitcoin is the 10th largest asset by market capitalization and tell me why that has no economic relevance.
The network has to be slow and it has to finance itself in the long term through transaction fees. Bitcoin focuses on decentralization and security. Bitcoin can scale in 2nd layer technologies such as Lightning. This means that transactions cost almost nothing and you can also use it to pay for your coffee (which I have often done, by the way).
Bitcoin is not a "currency", that is correct. However, unlike the currencies of the states, Bitcoin is voluntary. Anyone can use it, no one is forced. However, you are forced to use the euro.
To become money, Bitcoin must fulfill the 3 functions of store of value, medium of exchange and unit of account. We are well on the way to fulfilling the Store of Value. In order to ever fulfill the other two, it MUST first become a store of value. Otherwise it will not become a means of transaction and certainly not a unit of account.
Bitcoin is only 15 years old and you criticize it for not being used as a currency (which, by the way, it already is to some extent today) and I always ask myself with such statements what exactly you imagine something like Bitcoin should look like. Should it fall from the sky, not be dependent on any central authority and be used immediately by everyone in the world? No, it's a bottom-up movement that takes a very long time.
The network has to be slow and it has to finance itself in the long term through transaction fees. Bitcoin focuses on decentralization and security. Bitcoin can scale in 2nd layer technologies such as Lightning. This means that transactions cost almost nothing and you can also use it to pay for your coffee (which I have often done, by the way).
Bitcoin is not a "currency", that is correct. However, unlike the currencies of the states, Bitcoin is voluntary. Anyone can use it, no one is forced. However, you are forced to use the euro.
To become money, Bitcoin must fulfill the 3 functions of store of value, medium of exchange and unit of account. We are well on the way to fulfilling the Store of Value. In order to ever fulfill the other two, it MUST first become a store of value. Otherwise it will not become a means of transaction and certainly not a unit of account.
Bitcoin is only 15 years old and you criticize it for not being used as a currency (which, by the way, it already is to some extent today) and I always ask myself with such statements what exactly you imagine something like Bitcoin should look like. Should it fall from the sky, not be dependent on any central authority and be used immediately by everyone in the world? No, it's a bottom-up movement that takes a very long time.
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•@Madhatter5566 The Lightning Network is of course already "in force". Transactions in the Lightning network are also much more anonymous than on-chain transactions. Lightning is also not the only 2nd layer technology - but at the moment it is the most widely used.
https://mempool.space/de/lightning
https://mempool.space/de/lightning
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@Madhatter5566 A suggestion from me: Get involved with the Lightning Network, send me an Invoice and I'll buy you a beer😉 Then you too will be in possession of the scarcest commodity in human history.
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@Madhatter5566 Bitcoin will live longer than you. The Bitcoin network will outlive you.
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@stefan_21 I asked about the economic relevance. Don't blurt out a lot of text without even answering the question.
My God, these Bitcoin disciples
My God, these Bitcoin disciples
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@Madhatter5566 You just don't understand the point and are trying to make a name for yourself with your comments. Maybe it's also because of your name "Mad Hatter" :D
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@stefan_21 All I find it that is more in a beta state!? Its a proposed solution but not wide spread.
And i dont think its the same as working directly in the Blockchain itself.
And i dont think its the same as working directly in the Blockchain itself.
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@Madhatter5566 You claim that Bitcoin has no economic relevance because the transactions are slow and expensive. That's exactly what I answered.
You're not exactly creating a basis for discussion with "My God, those Bitcoin disciples".
You obviously don't know a lot of things - like the Lightning Network, for example - but you're also not open to learning anything and then I can't help you either :)
You're not exactly creating a basis for discussion with "My God, those Bitcoin disciples".
You obviously don't know a lot of things - like the Lightning Network, for example - but you're also not open to learning anything and then I can't help you either :)
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