Microsoft stops accepting Bitcoin as payment
Joining Bitpay, Steam and a few other companies who early on started using Bitcoin for payments, now even Microsoft stops using it due to high fees and volatility. Even though volatility is normal in all cryptocurrencies, the high price of Bitcoin and it's slow and expensive transactions are making it near impossible to use as a payment option.
This chart from blockchain.info shows the 7 day average cost in Bitcoin that was used to pay for transactions in the last few months:
In the meantime on the highly censured subreddit r/bitcoin it seems like moderators have stopped trying to figure out what fake news is and what isn't:
As Bitcoin is still facing the same problems for years of not being able to be used as a currency anymore, alternative currencies are eating up on it's marketcap daily and I don't see Bitcoin being on the top spot for much longer than Q1 or Q2.
I hope these companies haven't given up on cryptocurrencies in general and will look into using other ones in the future. How cool would it be if Steam accepted Steem. :)
Bitcoin is such a joke. They actually have a rainbow now for their fees! lol
https://dedi.jochen-hoenicke.de/queue/more/#2w
Anyway, Bitcoin is going to slowly die if they continue to do nothing. Lightning isn't going to do anything unless they raise the block size, because it has to be settled on the blockchain when transactions are done on Lightning(not to mention it costs money to setup a LN payment channel...).
A lot of the Bitcoin devs who are currently in power are not the ones who actually made Bitcoin to start with, just a bunch of morons. They cry that Bitcoin is being attacked by Bitcoin Cash, but the irony is that is the free market and people are voting with their wallets on what product they want.
It would be more hysterical if it wasn't so sad. Bitcoin space now is filled with a bunch of FOMOs(Fear Of Missing Out on profits). Ah well!
At least Bitcoin Cash is going strong(and ETH/Steemit!)
Bitcoin is stuck with a problem bitcoin let happen. Every other legitimate crypto has this problem solved in one way or another Bitcoin however is too afraid to move forward so they’re stuck dying.
Other cryptos such as Ethereum have scaling issues as well. Bitcoin still has brand recognition and first mover advantage. It will be difficult to overcome that at this stage. Especially as 90% of people invested in this space don’t care about the tech. It’s all about the speculation!
Plus the big miners love the fees... but the fees will kill it.
Yep, there’s too much self interest rather than the desire to improve the actual tech.
That is the same concern I have regarding the Lightning Network. The cost to set it up and settling the block back on the chain. Just a lot of uncertainty and doubt about Bitcoin's future overall.
Hmmmm
Exactly. Likely a slow and relatively painful death. But it is coming.
https://news.bitcoin.com/bitcoin-fees-are-falling-amidst-greater-segwit-adoption/
I agree with you about the FOMO people. they flock to Centralized services like CoinBase. When they get burned by the long time it takes to settle they cry. I built a Blockchain Accelerator for the Bitcoin ledger. When you use the Bitcoin Core Wallet on your computer it can take weeks to sync. A lot of times it is corrupt and does not work.
People then go to CoinBase or CoinDesk because they are afraid they will miss profits. I built a program that feeds the blocks to your wallet directly from an IBM Sphere server. Meaning you get all the blocks delivered from a private fiber channel. Instead of taking weeks it only takes a few hours.
I felt compelled to help people out. Once you have the decentralized wallet in sync you do not need the online wallets. Thus saving you from the $2.99 fee every time you do something in your wallet.
We created mini trading pools in private using our Bitcoin Core Wallets. There are only a few hundred of us. We have freedom of banks and third party wallets.
As for STEEM and STEEMIT I love it! I applied for the writers account way back when it was BETA. It took about a year to get accepted. Well worth the wait. I am looking forward to the introduction of video to Steemit. That will take a huge chunk out of YouTube.
Is this writers account the same one as you are using now? I signed up and only waited a day. Later I learned that there is a fee in creating a steemit account and that some people had to wait weeks until they got a confirmation email. A year seems really long.
@dtube is here! Upload video right now to the Steemit blockchain :) Decentralized video FTW!
Fuck "Bitcoin Hash".
It is a free market, if bitcoin can't survive against competing against other coins and it dies, then it dies.
Bitcoin is being sabbotaged slowly for years.
Very true, and if it does die off it wasn't as resilient as we were led to believe. There will be other coins.
I really doubt it will die, too many mobs into it :D and dark sides of govs. On the other hand they'd be better on xmr network.
Seems to me like more to it, if they've stopped accepting bitcoin, then somebody somewhere should have answers, it's not looking so good for Bitcoin
Thankfully there are real currencies and money like Bitcoin Cash and Steem that are doing great. Bitcoin Cash is Bitcoin. The Bitcoin I started invest in 2013.
I am looking forward to bitpay adding Bitcoin Cash like a child now.
I was trying to get my $1 worth of bitcoin out of my wallet and it said the minimum amount was 0.016845. There's going to be a lot of people that'll have to add more bitcoin just to get the rest of their bitcoin out.
Trying to purchase some altcoins with Bitcoin is ridiculous. At some points, the transaction fee was $15 for $200 transfer on Coinbase!
Bitcoin is the first, that's really what they have going for them. I see them getting knocked off as #1 pretty soon too. Hey Microsoft, Steem has FREE transactions. Just sayin'!
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Thanks for the post @acidyo.
I do not see then giving up on crypto simply for the fact that we are going to see it in the hands of so many in the future. We are entering the Cryptocurrency 2.0 realm which is a different arena than what we are use to. People are going to be accumulating 25-50 tokens in a few years doing the things they are doing now...just they will be compensated.
For this reason, companies will accept cryptocurrencies of all different kinds. Personally, I believe that there will need to be some way to seamlessly exchange different tokens...I have a feeling the wallets will do this coupled with some type of atomic swap system.
Back to bitcoin, it amazes me that with all the developers on the bitcoin blockchain, they havent solved the basic problems they are operating under. You would think that they could figure it out. I believe they will...it just might be at a time after Bitcoin lost its position on top.
OH NOES HOW CAN THIS HAPPEN
News, news, what to listen now ?
Bitcoin definitely needs to figure it all out! I saw a tweet earlier saying there were 141,000 transactions that were unconfirmed. Bitshares would be able to process all of these in less than 1 minute. Whenever I see "Steam" I double take and make sure I am reading about the correct one! :D
this could be huge for steem! I think alot of money will flow into alts!