Quote:
Originally Posted by danielpbarron
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.
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.
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I think online wallets could be safe. Paypal is basically an online wallet you just need good security measures. I think blockchain.info does not keep your wallet keys, and i think its possible for other solutions to be built onto the block chain that are decentralized and 100% secure.
As for the large transfers and fees - So your saying on a 10 million transfer they would not charge a large amount? You could be right, thats a good point. I would imagine the banks would do it cheap, probably WU also.
I have not crunched the numbers so im not sure what would need to be charged per transaction. Me personally i think thats bitcoins biggest flaw is the processing power needed to run the network.
Although a new POS (Proof of stake) method has emerged which can run on basic windows PC's, just in the background while you work it takes nothing. People debate if its secure enough tho, so we will see.
This is the way i like to think about it.. its a total gamble investing in bitcoin and other crypto currencies. I am putting in what i can afford to lose, and if it all fails i really dont mind at all and i will have a big laugh.
Most of my friends and family don't understand it and probably think i am crazy.
But the potential is enormous, its a 50/50 shot and ill put a few bucks down ;)