[zMiller]

Spot on.

Use as currency for Bitcoin (and other coin networks) is still in it's infancy and cannot scale the way it needs to should it want to replace fiat.

The important distinction I would draw though that stores of value have historically been cumbersome to transport and liquidate, Bitcoin solves that problem in a very good way.

I feel it's important to also address this 20$ bitcoin fee meme that seems to be going around. While based in truth it is not 100% accurate.

You have the capacity to set your own txn fee on the Bitcoin network. If you don't mind waiting a couple of blocks (1-3 hours) to get your transaction confirmed , then the fees fall down to single dollars and even lower. If you're selling a bulk commodity to a distributor in another market , you don't need ecommerce style confirmation times. Same goes for transferring large sums of wealth.

With that said, things like the lightning network will resolve alot of issues with Bitcoin scaling and in my (humble) opinion this is why LTC is pumping. (Atomic swap + Transfer over LTC )

[vkou]

> You have the capacity to set your own txn fee on the Bitcoin network. If you don't mind waiting a couple of blocks (1-3 hours) to get your transaction confirmed , then the fees fall down to single dollars and even lower.

This is infeasible because of insane volatility that BTC is experiencing. You either pay through the nose for a fast confirmation, or you are overpaying, or underpaying your counterparty.

Not to mention that VISA tends to be able to handle a bit more then 3 transactions a second. For some reason, BCH's market cap has not surpassed BTC's crippled protocol... Perhaps it's because nobody is using Bitcoin to transact.

[wunderg]

VISA max transactions per seconds around 65000 right now. With daily average 1700 per second and daily high around 25000 transactions per second during holidays and such. I just don't see any cryptocurrency to be able to handle that.

[tomkarlo]

"Single dollars" is still a nosebleed-high fee for a simple electronic value transfer. Consider that pricing on something like an ach transfer is quoted in fractions of a percent (so like 75 cents for $100 USD sent - and caps out entirely at some low value like $5 per transaction regardless of the payment size.

[zMiller]

International ACH transfer ? Any international Wire or remittance in general will cost you at least 25$.

[mr_spothawk]

And you have to get permission from a bank to perform the transaction.

[TheCoelacanth]

There are cheaper forms of transfer, yes, but there are also much more expensive forms of transfer. A wire transfer will cost you $25 or more and yet there are still millions of them sent per day.

[taysic]

According to this fee estimator https://estimatefee.com/, 3 hours is an $11 fee currently.

[Frogolocalypse]

If you choose an arbitrary '3 hours' you can make that fee anything. Any transaction of 50c for a standard fee until one week ago (and they'll clear too) will have been committed to the blockchain.