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Why I don't use BTC

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Avatar for Telesfor
Written by   369
1 month ago (Last updated: 3 weeks ago)

In my last article "Why do I use Bitcoin Cash" I announced to write why I do not use BTC. The easiest answer is: Because I do not own BTC. I dropped my entire BTC because it has become useless to me. In 2017 and 2018 the fees became so high and unpredictable that I could no longer use it. Many merchants have stopped accepting BTC. I had to wait a long time for confirmation and pay a lot of money for it.

More and more people have bought BTC in order to speculate and get rich quickly. People who often did not make a single transaction and only speculated with their BTC on exchanges. Little by little, BTC did not become money, but a share. A bad stock. And I don't need a bad stock. If I want to buy stock, I buy stock in companies that create value and produce something. What does BTC produce?

Other people have bought BTC and do not sell or use it. These are hodlers. Why are they holding it? I don't know. Some say BTC is digital gold. But is it?

Gold is a metal which has always played a special role in the history of mankind. Gold is used to make jewellery, gold is used to make televisions, smartphones and thousands of other goods. Gold has a utility value. What is the utility value of BTC? Compare the price of BTC and gold last year.

Source: tradingview.com

Which is the better gold?

As you can see, I am not a hodler. I am of the opinion that Bitcoin is to spend and not to hodl. I also have some crypto, which I do not spend, but it is not excessive. If I were to lose everything (which of course I don't hope to do) that wouldn't be a big problem for me. But these are cryptos I can use and do use. They are cryptos, which in my opinion will be used more and more often in the future because they have a utility value.

There are some BTC supporters who place their hopes in Lightning Network, which makes cheap transactions possible and could give the BTC a utility value. But I am convinced that Lightning Network has no future, and here I wrote why.

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Avatar for Telesfor
Written by   369
1 month ago (Last updated: 3 weeks ago)
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Comments

very interesting to consider.

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1 day ago

Your points are indeed good. Many people wouldwant to hodl and hold in BTC other than cryptocurrency.

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1 month ago

Your article is enlightening for me. All I thought that if you have BTC you can easily make it doubled. As whatnim seeing in trading and etc. Thank you for this.

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1 month ago

Informative article. Thanks for sharing.

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1 month ago

Hmm... Those are really deep insight's on why you don't use BTC, I didn't even think this far I just generally didn't like the idea behind it especially the receiving duration and the rate charged.. but when compared to gold BTC is not all that valuable to hold onto. Now I heard of lightening network, I haven't heard about it before... I think I have to make research before your next post.

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1 month ago

I'm glad my article got you thinking. I am curious if you share my opinion about Lightning Network, which I will present in the next article

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1 month ago

Well and well, am not really conversant with crypto currency and how it works, i have been trying to earn some btc Satoshis from a faucet to no avail. It's here in read.cash that i got my real first crypto which is BCH, and have been able to bring it home in my account. Honestly i don't think it can be better than this. I will not try BTC knowing the cost of bringing it home. And again hodlers has made BTC far from the reach of ordinary people by holding it, and from your article who knows what may happen to BTC tommorow. It's better to have something you can spend than living on speculations.

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1 month ago

The price of each crypto can change quickly. Not only BTC price is very volatile. Also BCH price can fall or rise quickly. Maybe it will stabilize at some point, but even at the moment I would advise everyone to keep only a small part of their assets in crypto.

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1 month ago

The first reason is that fee has become too high for transection! I also dont like it for this reason.I always tell my group to use BCH or ETH.But rcently I have started to like BCH more after coming to read.cash platform.

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1 month ago

I think that Ethereum is also a very good platform. Unfortunately ETH is sometimes also very overloaded and you have to watch out for the fees (gas).

$ 0.00
1 month ago

Thats too right also! Just 2days ago,I had to give 0.60$ fee to withdraw 4$ of eth!

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1 month ago

Yes, it seems that something that is very avoided for Bitcoin is the problem of transaction costs which are quite expensive.

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1 month ago

Thank you for this very informative article! I am new to crypto currency and just using faucets to earn them. 👍

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1 month ago

It is perfectly legitimate to use the faucets to get some BTC. If somebody can make money from that, it's good. I wrote why I don't use it.

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1 month ago

I don't really understand the use of cryptocurrency but this article may help to understand the real value of it. Thank you for sharing this article it can help the newbies on crypto platforms.

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1 month ago

Many many thanks this article very helpful and more information about bitcoin. I have many idea for your article information. I mostly depending bitcoin cash . Many online earning work I used bitcoin thanks your article.

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1 month ago

Am new in the crypto world and my experience so far with BTC has been bad compared to BCH, high transaction fees and also takes much longer to process...not good

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1 month ago

I have a very good experience with BCH. More about Bitcoin Cash you can read here: https://read.cash/@Read.Cash/whats-so-great-about-bitcoin-cash-26bdb6f0

$ 0.00
1 month ago

Thanks,my list of where i can spend my BCH just got bigger!.Am not only sure how I can withdraw it from the mobile wallet to my bank account

$ 0.00
1 month ago

That depends on your country. I don't know which of your Exchanges will exchange BCH into your local currency. Maybe you can find something at https://local.bitcoin.com

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1 month ago

I am a newbie in this kind of online earning source. I don't have any clear idea about all these. I can get some information from your article in this regard. Great job!

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1 month ago

What do you do with the BCH you earn here?

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1 month ago

Earlier i had some earning sources. I used to teach students but now for this pandemic everything is stopped. So,i spend this money for my necessary stuffs.

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1 month ago

My question is how do you spend Bitcoin Cash. Do you exchange it into your local currency? Who, how?

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1 month ago

The fees problem doesn't exist in the case of BCH as they are very low. But i have a question not very related to your article: If BCH made it and become as popular as BTC now ( i mean high price and famous), then what can stop what happened with BTC (fees becoming so high) from happening again with BCH? I don't want to be understood as i'm doubting BCH because i'm not, but I couldn't find an answer to this question.

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1 month ago

That's a fair question. BTC price increases because the BTC block size is only 1MB and the Bitcoin Core developers do not want to increase it. This means that only a maximum of 6 BTC transactions per second can take place. BTC also has a special mechanism RBF (replace by fee) which makes it possible to increase the fee for broacasted transactions afterwards, which leads to a constant increase of fees when there are many transactions.

BCH has no RBF and the block size is much higher, now 32MB, which is quite sufficient at the moment. It is even much too much. Bitcoin Cash makes updates 2 times a year to improve the software. If necessary, the block size can be further increased.

Bitcoin Core does not do any updates at all.

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1 month ago

I understand. Thanks for the very detailed answer. But from the same answer I can also understand that BTC is going straight to the wall; if they don't increase the block size and also due to the RBF the fees will just keep growing until you have to pay a huge amount as fees, maybe even as much as the amount you want to send. I guess at that time the developers will increase the block size just a little.

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1 month ago

No, they won't do that. They want people to use the Lightning Network developed by the Bitcoin Core developers, not the blockchain. I'll write about it in my next article.

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1 month ago

That's interesting...Well i will be waiting for that article then.

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1 month ago

This article clarifies certain things about BTC as some people may not know, especially the newbies. Thanks for clarifying it.

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