[feedjoelpie]

I think you're confusing the present state of cryptocurrency as being its conclusion. Yes, Bitcoin was the first mover, and Bitcoin has the most buy-in. But cryptocurrency in general does not have global buy-in as a way to buy and sell stuff.

A) Barriers to initially acquiring crypto coins remain a bit high. B) Expense of transactions remains way too high, C) Transactions are way too slow, and D) For Bitcoin in particular, the hoarders make it politically difficult for Bitcoin to move to an algorithm that can produce faster transactions and therefore serve as a better means of payment.

All the major blockchains in the cryptocurrency ecosystem, right now, are too slow and expensive to be of much use as a currency to the global economy. It stands to reason that if one of them, unburdened with Bitcoin-holder demands for ever-increasing scarcity, solves that problem (Proof of Stake?), then Bitcoin will be supplanted by a cryptocurrency that improves the currency experience. Several are in the process of fixing that, while Bitcoin is not.

No cryptocurrency's competition is Bitcoin. The competition is old school means of payment. If your currency becomes closer than Bitcoin to being as useful as traditional money, your currency will have an advantage over Bitcoin.

Imagine you sell a phone on Craigslist, for crypto. You and the buyer can either deal with a $10 fee and 30 minutes to an hour of sitting in a Starbucks to complete your transaction, or you can give up, swap cash for goods, and walk away. Which one do you choose? Time is expensive, too.

[mrfusion]

Wouldn’t there only be a tiny chance the guy buying your phone is sophisticated enough to double spend?

That’s what I never understood about small bitcoin purchases.

[LyndsySimon]

Yes. I've transacted quite a bit in person for Bitcoin, and I'm fine with an unconfirmed transaction as long as the value is less than $500 or so and I can see it in the transaction pool.

The way I see it, an unconfirmed Bitcoin transaction is still more trustworthy than a confirmed debit card transaction. At least with Bitcoin, I'm 100% sure the person has the money in the first place, and that once the transaction clears (in ~10 minutes), they can't reverse it later and stick me with the loss.

[tom_mellior]

> I think you're confusing the present state of cryptocurrency as being its conclusion.

I think you didn't read the context. My post was concerning actual, current use cases, not speculations about a hypothetical "conclusion".