The average consumer is not going to partake in bitcoin when transactions can take hours or even days (currently waiting 3+ hours to move money between accounts). Bitcoin is a fad and will never be a real currency due to the massive draw backs that are built into the currency itself and can not be counted. One of the reasons to use Bitcoin was due to the low fees. The fees will continue to raise as mining cost increase and people have to pay higher and higher fees just to get their bitcoin moved to a new location.
You will never be able to walk into a shop and just pay for an item. You will have to wait untill the transaction is confirmed which is currently taking hours and will eventually take days/weeks.
Bitcoin will fail once a better digital currency is introduced.
WTF? There are already shops you can go into and buy things instantly with bitcoins. Shops don't need confirmations except, perhaps, for very large transactions. If they can see that you've paid the correct amount to the correct address, plus a nominal network fee, 0 confirmations is just fine.You will never be able to walk into a shop and just pay for an item. You will have to wait untill the transaction is confirmed which is currently taking hours and will eventually take days/weeks.
Bitcoin will fail once a better digital currency is introduced.
As point of service tech develops, the experience will become faster and seemless.
Bitcoin TX fees are and will always be much, much lower than the fees paid today every time you use VISA, Mastercard, etc (you do know that merchants pay the 2-3% fee for you, right?).
I predict merchants that accept bitcoins will simply offer a discount for those paying in bitcoins. 1% for now (because they will likely use a payment processor like BitPay) and 2-3% once the market is mature and merchants can hold/use their bitcoins and/or properly hedge their exposures.
Please bring the n00b jail back.
