Quote:
Originally Posted by kazbalah
Well that's what online wallets are, aren't they? Small virtual wallet which does not use the power of the block chain to make transactions, its just like a bank account or facebook account with a username and login. Certainly not a place to keep large amounts of bitcoin, just your day to day usage.
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Yes, and online wallets should also not be encouraged. There will come a time when bitcoin has destroyed the dollar and you will have no choice but to use a bitcoin denominated bank account. The "ease of use" services will come after bitcoin has taken over; it doesn't need them in order to be successful.
Quote:
Originally Posted by kazbalah
As for fees, i think it could be sustained at 5 cents a transaction. Still very cheap, much cheaper then banks. In fact you can choose how much you pay, and the less you pay the longer it will take. If your transfering small amounts don't pay a fee, just wait longer. If you want to transfer 10 million, which would cost 400k + with paypal - Put a fee of a dollar and it will go through really fast.
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Actually, a transfer of 10 million would not require any fee; it's only the petty stuff that needs to pay. And the block chain cannot be sustained at 5 cents per transaction; the fee will have to go up in order to accommodate the limited block size.