Post
Topic
Board Beginners & Help
Re: Crash! price of BTC
by
CrapMan
on 10/04/2014, 22:55:29 UTC
There are few things that are wrong the system of BitCoins, and mark my words if those things don't get fixed there will be no future for BitCoin.

1- there are too much risk involved in carrying BitCoin, as it takes only to someone to reach out to your private key and all your money is gone and never back! No way to get it back even if you can trace it. While by putting my money in the bank then I have protection against theft, or even better I can pay "life lock" to insure my money. There is no insurance with BitCoins.

2- Transaction fees. when I buy something from Amazon then they carry the transaction fee as Amazon pay the credit card processing company fee for each transaction (such transaction I don't have to worry about since amazon carry it its self), with BitCoin there is no double spending or rejected credit cards which is good for the merchant, however there is a transaction fee that the buyer has to pay (which goes to the miners) so it ends up that I have pay
1- the price of the product
2- tax (if applicable)
3- transaction fees. And this is an extra fee I have to carry if I use BitCoin, which I don't have to worry about if I use my credit card.

Basically and again, BitCoin is good for merchants (if they are willing to carry the fee) but it is not good for the average user who can use cash and avoid the transaction fees.

BitCoin is not cash, that's the truth, may be it wasn't meant to be cash but it isn't anymore. it is now only a mean to trade and may be (may be) a mean to save if the market doesn't crash which also can be avoided by buying gold instead.