What Jack is saying is that he knows nothing about bitcoin.I am a miner who started in 2012. Bitcoin has become none of the things it was hyped to be. It is not even the things people hype it to be today.irreversible public ledger - no
stable currency - no decentralized - no (and suffers from the 51% problem)
cheap - sometimes
fast - no - exchanges are way worse than banks (though not entirely bitcoin's fault)How are you going to get bitcoins to start with?
For most everyone that means a highly risky exchange with high fees. Mining is extremely expensive these days. Normal people are not going to do it.What about transacting directly on the blockchain?A good computer with 24 access to high speed internet. 150GB hard drive storage. 3 days to download the blockchain, then continuous operation after that.
Then to get your transaction actually accepted into the chain by a miner you have to pay a fee which various from a little to a lot. I paid 12 cents for a transfer recently, while others have paid as much as $24 (it depends on how fast you want it to be and the complexity of the transaction). And even after your transaction is in the blockchain (a few minutes to hours or days at times) it takes another hour for the transaction to be "confirmed". (which means it is unlikely to be rolled back)Not to be all negative:bitcoin has been an excellent speculative investment in 2017.
GDAX has reasonably low fees but is hard to use for non-investors.
miner transaction fees (paytxfee) are not based on the amount, though exchange fees are. Thank you for sharing with us...
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