A lot of what is being shown in the video “What is Bitcoin” isn’t true now. In the video, it says that since there is no bank as a middleman, there are lower fees. But as of today, this isn’t true. The other day I wanted to transfer a few dollars worth Bitcoin from my Xapo Wallet to my friend who doesn’t have a Xapo account.
Do you know how much they charge to transfer 0.00169750 BTC? I was given an option to either select the Standard priority which costs me an additional 0.00150966 BTC or a high priority transfer which charged me 0.00195806.
I have not sent bigger payments recently, so I do not know how much they charge for bigger payments. But I guess the charges aren’t low either way.
Bitcoin isn’t the same it use to be back then, back in 2009-2011 it was pretty much the currency that was a threat to the Government, but now it is a tool for everyone to make money.
Almost all the Governments around the world have started building laws for crypto currencies, if you sell your cryptocurrencies and convert them back to fiat you gotta pay the taxes.
Maybe Bitcoin still is the coin it was once promised to be, but there are many coins out there whose sole purpose is to make money for its creators. The other day someone shared a link to an ICO which raised around 19,000 BTC, and these guys do not even have a proper idea of what their coin is going to do and why anyone should join their network.
I am someone who loves bitcoin, but I am worried that Bitcoin isn’t the same it was meant to be. Most people aren’t buying Bitcoin because it gives them some power over their own money, but most guys buy it because it gives them some good return on investment. Very few people actually use Bitcoin for day to day use.