Post
Topic
Board Bitcoin Discussion
Re: What is the biggest problem in crypto currencies?
by
master-P
on 05/09/2014, 05:44:01 UTC
I would like transaction times of below one second. That would be very powerful. And I would like to have the coins stored safely on the block chain without me having to do cold storage myself or having to trust a third party storing the coins for me. And I would like to have zero transaction fees for all transactions. The price/performance of information technology is improving exponentially and having to pay for transactions feels like the old fiat systems.

I agree with all the points mentioned above.
In any case, time is the key to measure success. The problem: people today are generally impatient.
The transaction times are already only a few seconds if a TX has an appropriate fee attached. It will not confirm in seconds, but it will be safe to assume that it will confirm within a few blocks.

Coins that you have in cold storage are stored in the blockchain. Cold storage is a form of additional security, if you want to keep your bitcoin safe then you need to use it. There is zero way around this.

The TX fees are very low as of now. At most it will cost ~$0.05 to send a TX, but often you can send a TX for free. With that being said the TX fees are what gives the miners incentives to mine over time, as eventually the block subsidy will go to zero.