Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Torque
on 23/12/2017, 23:04:56 UTC
Haha, so now the trolls are in an uproar because of the thought that Bitcoin maximalists won't even bother to hold altcoins because they know that such can be traded for as needed for day-to-day transactions?

Well they should be. Because Bitcoin is digital gold, that only has value that continues to increase because people to choose to hold it long term and not spend it.

Altcoins, not so much.

Trading BTC to altcoins "as needed for day-to-day transactions" is pointless. You will incur in more fees (exchanging, txs, etc) instead of avoiding them. At least until Bitcoin deploys LN and/or increase blocksize... but then it wouldn't be needed to use any altcoin.

So, in some way, this situation is forcing us to hold a higher percentage of altcoins than what we would be initially willing/comfortable to. Maybe that is even good for some people, or they think so because of the shorter term higher gains we have involuntarily experienced... but I don't think that is sustainable in the longer run.


When I first heard about Bitcoin, I fully bought in to the whole "digital currency is better in every way to fiat for online purchases" line. Only problem though, is that unless you are trying to buy something illegal, it really isn't better than fiat.

In the past 4 years, I've never come across a single scenario where going through the hassle of buying Bitcoin, getting charged the fee, waiting 3-4 days for it, then spending it online for something, transaction fee, waiting for confirmation, was in any way better or faster than just using a credit card or online bank account. The fee for purchasing the bitcoin + the waiting + the fee for the spending transaction + the time for confirmation just never outweighed just spending my fiat directly in the first place.

Truly, something like Lightning Network is the ONLY way Bitcoin is ever going to have a chance to compete with worldwide fiat transaction systems by giving people an INCENTIVE to buy bitcoin for that purpose. Meaning that it actually HAS TO BE better and faster than using fiat systems online for spending. Even then, I just don't see most people buying bitcoin for the purpose of turning around and immediately spending it online. I just don't.