Post
Topic
Board Bitcoin Discussion
Re: Bitcoin seems dead as a currency. Be welcome to share your thoughts
by
bitart
on 11/02/2018, 22:22:05 UTC
Before starting with the topic I would like to clarify something: my account was hacked a while ago and recovering it was practically impossible since I had no BTC address on the signature. So, that's why I had to open a new one, I haven't done it before simply because I didn't need it, I have been away for a long time but I was here by the time Bitcoin was worth about $500 or even before that. I've become interested on it back then and started to collect them from faucets. Not long after that I started to collect other cryptos from faucets. I've seem Bitcoin and the others to evolve over these last years and frankly speaking it's a kind of sad to see the current status of the Bitcoin.

I am also worried about the money invested in Bitcoins mainly for safety aspect. Have tried to diversify by buying from different exchanges so that I do not loose all at same time.
If you have bought as much bitcoin that makes you worry about the investment, first go and buy a hardware wallet (Trezor or Ledger Nano S) and transfer your bitcoin to the hardware wallet. Don't store your coins on the exchange, unless you want to trade with all of them. It's always better to diversify but that doesn't mean that to diversify between exhanges. Paper wallet is also OK but it needs some reading but hardware wallets work  out of the box.
To be ontopic a bit:
It seemed to be dead as a currency at last Christmas, but since the price and the tx fee has fallen and now if you use SegWit address, you can manage to send your transactions with reasonable fees. If you have time, you can try lower fees too like 10 sat/B, because I think the ViaBTC accelerator is running empty these days... so if your 10 sat/B transaction won't confirm in a few hours, you can still try to accelerate it.
On the long run, wait a bit until Lightning network gets widespread and the micro transactions (coffee, newspaper, etc) will run with fees close to zero. Devs needs some time but fortunately now the network is better than in December 2017.