No it's not. In Bitcoin-based blockchains like Bitcoin (Cash) and Bitcoin Core (BTC), a transaction spends the entire UTXO value, no matter how much is being transferred. One needs to estimate the actual value being transferred, as blockchain.info does with Bitcoin Core:
The USD value of the estimated volume of effective transfers is 10-20% of the USD value of the total BTC transferred that's shown on bitinfocharts.com.
Ethereum-based blockchains use accounts, where transactions spend only the amount being transferred, and not the entire account balance, so the nominal transaction volume shown on bitinfocharts.com for Ethereum, is more reflective of the volume being effectively transferred.
No it's not. In Bitcoin (Cash) and Bitcoin Core (BTC), a transaction spends the entire UTXO value, no matter how much is being transferred. One needs to estimate the actual value being transferred, as blockchain.info does with Bitcoin Core:
Ethereum-based blockchains use accounts, where transactions spend only the amount being transferred, and not the entire account balance, so the nominal transaction volume is more reflective of the volume being effectively transferred.
This is fucking stupid - it can transfer more value in one transaction than MasterCard no problem we all know that - just because some whales moved their cold storage to dump isn't anything to celebrate
Good luck if that’s what you’re waiting for. Bitcoin went from 1,000-20,000 as a tiny niche so I’m not so sure it needs to meet your standards. This misses why bitcoins $ goes up. Not for transactions more than other aspects of a finite product on a global market, available for purchase always. How many speculators have a goal of owning a certain amount of Bitcoin? How many lost bitcoins? The scale of bitcoin is massive and is too much for a Reddit post. Wall Street, companies, central banks. The adoption will come in waves.
Right now the scale of bitcoin is tiny; niche. It can’t execute a comparable number of transactions as visa without crashing. At the 20k peak of bitcoin it would take 30min+ -3hrs and 100 dollars worth of bitcoin to verify a transaction.
It’s scale right now is minuscule and will remain that way until something changes within the actual system. As it stands, it’s fairly worthless and becoming more so by the day.
Then to an exchange, where someone else purchased it, and then tumbled it and eventually sends it to a cold storage. Probably 1/1000th of that is actual transactions, buying stuff with bitcoin is retarded. You don’t get cash back, and you can’t chargeback if the company fucks you.
Paying with cash is stupid? Most of the world uses cash still and developing countries are skipping charge cards and going straight to digital apps instead.
They don't care about cashback or chargebacks. That's a very North American centric view of blockchains.
coolalee< 2 years account age. > 100 comment karma.6 months ago
Cards and digital apps share the ability to charge back you doofus. China skipped cards, just like eastern europe skipped checks - rate of adoption was too damn slow and the grand new thing that came after it got adopted instead.
Paying with cash is objectively stupid compared to other methods of payment, especially when considering theft or refusal to issue services. And you are stupid if you think what people in Ghana do define what should be popular.
>Paying with cash is stupid?
>Most of the world uses cash still
Most of the third world, maybe. Which aren't exactly known for their excellent education systems. But they don't have the ability to pay with cards because they don't have the infrastructure that our banks do in the first world. Otherwise they'd probably do the same.
>That's a very North American centric view of blockchains.
Didn't realize they didn't have banks in Europe.
Can I ask why you are here though? Isn’t the whole point of crypto to get the banks out of our lives. Also that cashback is charged to merchants in processing fees, which they in turn build into the price of their merch. So $1 candy bar is actually .95 plus .05 fees and you get .03 back.
coolalee< 2 years account age. > 100 comment karma.6 months ago
No, the whole point of crypto is literally to get rich. Stop lying to yourself. Biggest surges of interests coincide with shit like mining becoming more and more profitable or btc mooning.
If I want to buy a pack of smokes, I'll use my visa, as it's cheaper, faster and has safeguards like 3d secure and chargebacks in case someone scams me.
If I want to store my savings, indexed funds are the obvious choice for anyone with 3 neurons to clap together. Not a currency that can drop by 50% just because.
Also, you could by a candy bar with gold nuggets and you're still paying $1, which includes the "hidden" chargeback tax, so I'm not sure what the hell you on and about.
No, the whole point of crypto (originally) is so we have an alternative to banks and governments controlling our monetary transactions. I realize this is a market sub and I regret opening my mouth and catching downvotes; I think most of the people here are like you and just care about getting rich.
I’m well aware of the benefits of credit cards and index funds, I have and use both. But I also think the govt and banks have too much power and an alternative system would be valuable for us to have access to as well. So there is a sort of idealism here on my part and i understand if you think that’s foolish. Yes I did make a nice profit last year but I also held on to half my bags because I believe in the ability of crypto to upset the current system.
I don’t need to deny reality to profit off of bitcoin. Bitcoin has the potential to be a good store of wealth, and a good way to transfer large sums of money. It will never be good for a consumer purchasing things, it’s only good for businesses, because you give up all protections as a buyer when you send irreversible payments.
The other sweet thing about your card/bank that bitcoin doesn’t offer is 0% fraud liability. Someone can run up in your house put a gun to your head and take every penny you have in crypto. Can’t do that with my bank account. Someone could hack your wallet. Can’t do that with my bank account (I mean you could but it really isn’t my problem).
And last but not least, BTC is deflationary while the dollar is inflationary... so yeah, spend your BTC and then you’ll look back on it like that idiot that spent millions of dollars on a pizza order.
> Can I ask why you are here though? Isn’t the whole point of crypto to get the banks out of our lives
Nope. That trend started quite late. The 'banks' are evil started 5 years after Bitcoin was out.
It is not and will never be about replacing banks. Just some stupid ancap came up with this shit recently, and shill it to other ancaps.
LOL. "The banks are evil started 5 years after Bitcoin was out."
It's like even Jesus told us this and if you understood anything about money and banks and how they create fiat money you would not be here thrashtalking bitcoin because your life sucks and you have to flame something.
Also your argument is not even an argument. There will be companys that use crypto like paypal and even have their own credit card. You sound like some guy from 20 years ago that said "the Internet will never replace paper news".
Boy, this is utter BS.
Edit: There are already companies that offer paypal like services and credit cards (Former Monaco, now [Crypto.com](https://Crypto.com)) even with cashback.
Edit2: Sorry for flaming.
Bitcoin has already overtaken services like PayPal in total money handled. That stat is far more relevant as both the service and the cryptocurrency essentially provide some of the same benefits. Paypal is branded as an easier way to incorporate money directly into one’s bank account or use one’s cards online. However, it seems that people are tired of the fees and prefer the use of Bitcoin. Compared to credit card transactions, Bitcoin usually handles more money per transaction.