Quote from: Iranus on September 01, 2017, 04:54:08 PM

Quote from: WildWestRider on September 01, 2017, 03:39:35 PM

I haven't had enough coffee yet this morning and my mind is on a 3-day whiskey weekend. Please explain "Bitcoin as a currency is deflationary." I want to understand everything. Thank you.

It's not quite correct to say that BTC is deflationary. Basically, the supply increases by a fixed amount every block. That amount begun at 50 BTC per block (a block being mined approximately every ten minutes), and the amount halves every 210,000 blocks (about four years).

Eventually (around 2140) the total supply will have been reached and then you could say Bitcoin is deflationary because there will be a small number of coins that are lost and become inaccessible, pushing down the supply just slightly. But even while the supply is increasing, it's very different to the modern fiat's system concept of inflation which is for it to happen for as long as possible and pray that people keep taking out loans from banks.

Quote from: pat_13b on September 01, 2017, 01:14:11 AM

In the case of Bitcoin, it seems to me that the transaction fee is always worn by the buyer and that would make it simply feel more expensive.

Bitcoin brings financial sovereignty for digital money. I agree that this may be a problem to the average consumer, but there's no way of fixing the problem without compromising that sovereignty.

People aren't stupid though - it's not like they could never consider the fees from credit cards and other modern payment systems.

Thank you for the explanation!