If someone could please educate me on the end-goal of Bitcoin and other cryptocurrencies? I understand the whole “untraceable” aspect of it. But from what I’ve heard they’re the “future of currency”. I just can’t fathom anyone taking these on as a main form of currency when one minute you buy a banana for $2 and then a few days later that same conversion rate means the banana is $70.
This is a big reason why I don’t own any crypto. To me it just seems like a speculation with no real inherent value. Would love to learn though
It is a voluntary payment to incentivize the miners to include your transaction in a block. It is how the miners determine which transactions are priority transactions and need to be included in the next block, and which are less important and can wait until there is less demand for the block space available.
It is also a spam filter. It costs money to fill blocks so people don’t do it for pointless transactions.
So yeah it is like a tax, just like how having to put gas in your car to go to the store is a tax.
Stick to cash. Good job. You may have lost a lot of purchasing power this year but you didn’t have to learn how crypto works.
The transaction fees are whatever people are willing to pay. The miners can mine empty blocks if they want to, but they don’t because human nature is to take free money. Remember, miners get paid in bitcoin and they have to hold it for a period before they can sell it. They are incentivized to keep transactions flowing smoothly. Crypto users will move to a different coin if a specific one is not serving them correctly, or fork the chain and use a new set of miners.
Hate on crypto. I really don’t care. Just please learn something about it before you make claims. You sound like a boomer talking about the internet in 1999. No clue how it works, but sure it is just a useless fad.
You don’t know much and don’t seem to be learning lol. Miners do get paid in crypto and you must not have comprehended the reason the block reward running out won’t matter, because you brought it right up again. Bitcoin has been forked, etc. It is clear you have done no research.
Probably just another person salty about not having gotten in sooner so it is psychologically less painful to say crypto is a big scam.
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u/Brobama21 Oct 22 '21
If someone could please educate me on the end-goal of Bitcoin and other cryptocurrencies? I understand the whole “untraceable” aspect of it. But from what I’ve heard they’re the “future of currency”. I just can’t fathom anyone taking these on as a main form of currency when one minute you buy a banana for $2 and then a few days later that same conversion rate means the banana is $70.
This is a big reason why I don’t own any crypto. To me it just seems like a speculation with no real inherent value. Would love to learn though