Mint 15 bitcoin
For a long time, this was basically invisible to people, because the going fee was tiny — typically a few US cents, for processing within an hour. That changed in for the simple reason that a lot more Bitcoin transactions started happening as the bubble took off. This, remember, was the cost of executing a single Bitcoin payment.
Sample Reddit comment from last September: But these fees internal to the Bitcoin system are only part of the transaction cost.
Because Bitcoin is not widely accepted, retailers who do accept it need to turn it into their regular domestic currency. Because its value is so volatile, they generally do not want to take the risk of holding it any longer than they have to. No institution has taken on the responsibility of converting Bitcoin into currency at a fixed rate — and it would be insane to do so. That alone makes Bitcoin, or any cryptocurrency, far less liquid than the competition — that is, electronic bank money denominated in a national currency.
At best, this would be not so far from the situation internet retailers face in accepting foreign currency. In any international transaction someone — whether the buyer, the retailer, or a financial institution in the middle — has to change currencies in the foreign-exchange market, and that adds a small cost to the purchase around 3 percent , usually borne by the purchaser. For one thing, Bitcoin adds such a cost even to domestic purchases, when buyer and seller share a currency and the transaction could have happened without any need for money-changing.
In fact, the cost is doubled: But it gets worse, because Bitcoin is not just another currency. It is much more volatile: The time it takes for transactions to be recorded in the blockchain is uncertain but often around an hour, and much longer in high-transaction periods. But it can be substantial for some currencies. This opens yet another wedge between what the buyer pays and the seller receives, on top of the transaction fee and any institutional fees.
And there is no cryptographic protection from a liquidity seizure on the markets, should people suddenly become wary of Bitcoin for some reason or another. In fact, most retailers accepting Bitcoin do not do it directly. They use institutions to handle the backend, making it relatively painless and mostly risk-free. Of course, they charge for the service, one way or another: That is, they cut costs by avoiding actually using the Bitcoin infrastructure.
Can fractional reserve banking be far behind? The lesson here is that institutions spring up in response to problems because money cannot manage itself, even with all the cryptographic innovation in the world.
Perhaps this emergence of an infrastructure of cryptocurrency middlemen shows a certain maturation of the currency, just as banks inevitably grew up around currencies. Most casual users of Bitcoin engage through an online service, and so get the worst of both worlds. They pay, one way or another, for the transaction costs and risks of bitcoin, and also get the problems of trust and security that come from dealing with institutions — the very trust problems which Nakamoto had presented Bitcoin as the solution to.
Anyone using an online service to manage or trade their Bitcoins must trust institutions with untested reputations, at best. The record has been rather patchy. Some choice epitaphs from the tombstones in the Bitcoin failure graveyard:.
There are signs that the middlemen have run into difficulties with transaction costs. Since then, the average Bitcoin transaction fee the one internal to a Bitcoin payment, not including other costs of moving into and out of Bitcoin has fallen back down to around ten to twenty US cents, as the mania has subsided and a blockchain code tweak has spread.
But if the pace of transactions picks up again, at some point Bitcoin will reach the bottlenecks. Not that many people are using Bitcoin for any kind of retail payment. Take a look at a current list of retailers that accept it: For the small companies that bother with Bitcoin, the extra hassle can be considered a marketing expense: When a Morgan Stanley report last year revealed that the number of the top internet retailers accepting Bitcoin had fallen to just three, Business Insider put a positive spin on it: But as an asset, the only slightly plausible rationale for its value was its supposedly glowing future as a transaction method.
In spite of all this, Bitcoin has non-negligible value — half as much as a few months ago, but much more than a year ago. This is almost entirely held up by speculative demand — people HODLing on because they hope to ride the price back up, or avoid realizing their losses.
There is a genuine use-case for Bitcoin and other cryptocurrency, and that is their ability to facilitate private online payments: Adoption in China was critical to the early success of Bitcoin; for a while in , yuan-denominated Bitcoin trades outpaced dollar-denominated Bitcoin trades, and it has continued to be a major venue for mining and trading in spite of official crackdowns.
Any of these reasons can make someone willing to endure the hassle and risk and transaction costs of using the clumsy currency. But this does not justify any particular value for bitcoin, not matter how limited the supply.
It competes with other cryptocurrencies and its own hard forks new versions of the currency , like Bitcoin Cash , created when the network splits over code changes. In the unlikely event it is widely adopted, there is nothing to prevent the development of the dreaded fractional reserve banking in bitcoin. So it is likely to have a niche in the monetary system, but a small one. Its critique of the monetary system is not our critique. There is a view that since banks and central banks are no friends of ours, anything that threatens them must be at least a little welcome.
Bitcoin has little to offer anyone except its enthusiasts, and speculators will only hang around so long as it is plausible that its value might keep rising. Conservatives and libertarians are obsessed with managed money because they need a scapegoat. Were Bitcoin to somehow replace fiat currency and the banking system — forgetting for a moment all the reasons that is not going to happen — it would leave capitalist social relations intact, but blinder and harsher.
The gold standard ultimately fell because it ran up against a rising labor movement; our present arrangements are a tenuous compromise that emerged in its wake. Our solution leads in the opposite direction to Bitcoin: That cannot be coded. Ultimately, Bitcoin is one of those disruptive technologies that mostly disrupts its own users. We should leave them to it. Experience so far suggests it is more likely to go the second way.
What cannot be coded is: The Liquidity Problem To be a good means of payment, something needs to be widely accepted in payment, and usable with a minimum of transaction costs. Some choice epitaphs from the tombstones in the Bitcoin failure graveyard: Self-Disruptive Technology In spite of all this, Bitcoin has non-negligible value — half as much as a few months ago, but much more than a year ago.
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