Quote:
Originally Posted by Mihkel05
Nothing wrong with a $5 fee. Mildly amusing going back and reading the comments about people insisting you could send money anonymously for free anywhere! Guess this is what happens when people don't understand the underlying technology at all.
BTC isn't gonna be for poor people much like the current banking system. No one wants to provide a tool for poor people without any meaningful amounts of money to send money.
Wrong.
A higher blocksize or payment channels will definitely make transactions cheaper. Yes, there is no "free" in terms of "no price to pay". There's simply another price to pay - you have to trust either miners or whoever runs the payment channel. Or off-chain like coinbase for that sake.
If the chance of fraud were 0,001% instead of 0,00000000000001% and people could pay $0,5 instead of $5, we all know what they would do.
Some people say BTC is good enough as is and does not need to improve in order to survive. No way to prove or disprove, only the future will show.
However, I do doubt. Long term, black market, and gambling as the only use cases suck since those people need normal users to cover and provide plausible deniability. Right now speculators take that role. I doubt that's a long-term solution tho.
You will not have this type of hockey stick growth curve forever. Out of the gazillions that join BTC right now (to get rich quick), of course, there will be enough to pay a high transaction fee. But that's not sustainable nor a sign of a healthy system. Just like taking a pain killer isn't solving any problem, you just buy time.
I can't evaluate which scaling solution is better, but if for some reason I knew that transactions can't possibly be cheaper no matter which solution, then BTC would be dead from my pov.