Cryptocurrency is crashing, are you in or out?

[palou]

Ljink96 said:

GProgrammer said:

I highly doubt anyone will do this, Do you know how bitcoin works?

Heres sort of how such a transaction will take place

person goes into KFC

Can I have 3 pieces of chicken cost $10,

cashier : OK that will be $30

person: but it says $10

Cashier: yes but add $20 extra for transaction costs

person: fine heres $30 bitcoin

Cashier: OK come back in 48 hours once the transaction has gone through and been approved and then we will give you your 3 pieces of chicken

Yes...I do know how bitcoin works. This isn't a new concept either, there are a lot of places that already accept bitcoin as payment. I don't think they'll hold you at a restaurant until the transaction goes through. (it has to be delivered I think) This is also another reason why Ethreum is also becoming more mainstream because it can handle transactions much faster. So Bitcoin is a first step but Ethreum should almost negate this conversation. 

Besides...it does work...

https://www.thesun.co.uk/tech/5343653/kfc-bitcoin-bucket-cryptocurrency/

https://www.theregister.co.uk/2018/01/15/kfc_bitcoin_bucket/

The wait times suck, but it works. 

Etherum already had several issues handling transactions stemming from mobile gaming.

 

If the transportation can be ignored, all advantages of a crypto currency can be equivalently found in any physical object. Buying your kfc with bitcoins is in no way superior to buying it with gold, if that happens to be practical, for example.

 

And the decentralization certainly has strong disadvantages. Despite how rare the actual use of crypto currencies currently is, more energy is wasted into their maintenance than would be needed to power all of Ireland. You may dislike banks, but they HAVE succeeded in allowing much, much, much greater volumes of transactions, and much lower fees and much higher speed than ANY current cryptocurrency would be able to. And there ARE benefits to a more direct control over a currency's price. The economy wouldn't be able to function under the current volatility that Bitcoin/etc... are seeing.