RE: The Network Effect Cannot Save Bitcoin by builderofcastles

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bitcoin · @builderofcastles · Dec 19 '17

$0.77

Thinking on bitcoin is a hard one.  There are times when I think it should be dead.  And there are times when I think that it is growing to fill a need that other coins can't compete with.

Such as, by a house or a priceless painting.
Bitcoin has the name recognition needed for people trading at this level.  Also, the fees are tiny... comparatively.
Bitcoin also has some of the securist blockchain simply by the number of miners.  Adding to its name for big ticket purchases.

However, I have always been enamoured with the usability of crytos.  And thus, I want to own some bitcoin... for, ummm, buying a house.

👍 kyriacos, jagged, purr-purr, cryptoninja

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@captaincanary · Dec 19 '17

$1.88

If you had the choice of buying a painting with a currency that charged you a $20 fee or one that was free to use which would you pick?

👍 captaincanary, telos

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@builderofcastles · Dec 19 '17

$0.20

When buying anything expensive you use an escrow service.  Sure, it would be cheaper to simply do the exchange, but the numbers are so large you want to be sure of every detail.

Sure, Iota is really cheap to use, but if you didn't have much experience in the crypto market, would you take $1,000,000 of the no name coin, or $999,980 of the name brand coin?  When dealing with numbers that large, trust is the most important.

👍 captaincanary

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@captaincanary · Dec 19 '17

Yeh sure, absolutely Bitcoin has the biggest brand name right now and it's probably the most trusted coin there is, but others will build their reputation over time and if they become as trusted, yet faster and cheaper than Bitcoin they will overtake it. Also the people using BTC to buy houses and paintings are not the largest potential market, those that would benefit the most from the crypto are those that do not even have a bank account, who could never afford a $20 transaction fee anyway

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1 reply

@kyriacos · Dec 19 '17

Thing is you can still do this with other crypto assets.

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