Paid off the loan I took out to cover the cost of a Bitcoin transaction.
Not as impressive as a paying off a house, a student loan, a cable bill, the mafia, lunch, or a parking meter but....this is getting fucking ridiculous. (The rise of BTC transaction fees, that is. So thanks Eth, for not costing these amounts).
The cost of a bitcoin transaction compared to the alternative
Say, you live in the US and want to pay someone in Europe. Your home to airport: $20, 1 hour Plane to Europe $300, 10 hours The guy you like to pay, has to come to the airport and return home: $40 You give him some gold Plane back to the US: $300, ~10 hours Airport to home: $20, 1 hour In the mean time you don’t earn any money for about 1 or 2 days: $200 So transaction fee $880.00 , duration 22 hours Bitcoin: $0.25, 0.5 hours 3520 times cheaper, 44 times faster
I've been confused if the investing price of bitcoin is the actual price of a bitcoin. I.e the lastest price spike to $15k, did that mean at that moment a bitcoin was worth $15k? I'm just trying to get more familiar
I have read numerous articles/posts online about the cost of mining a bitcoin. I have also heard at numerous conferences/events that the figure is at circa $4000. (No substantiation offered for this figure, but the figure I have heard muted usually sits around this value). I have often heard it as the reasoning bitcoin won’t drop below $4000 a coin. Whilst I accept there will never be an exact figure for the price due to constantly varying factors ( cost of energy, hardware, laboumanagement, privacy etc etc). I do think we should be able to have an indicative cost/benchmark to create a bitcoin based on existing data. Maybe $4k is the correct figure, I am just interested in how that is calculated. I am not trying to say there is a correlation between the cost of mining the asset V the market value, but it can help give some indication of the “value/cost” for creating the asset, at the point of creation. This obviously won’t factor in any future value or use cases, it is merely a means of measuring the cost of creating the digital asset for use at that point in time, based on the real world consumption costs associated with creating it. Example just taken off Twitter: The correct way to estimate Bitcoin energy usage by ######, not the invalid methodology used by Digiconomist cited in MSM FUD articles. “Annual consumptiom: 35TW/year Capacity: 4000MW % world energy: 0.03% Cost: 1.7B$/year Efficiency gains help offset increased consumption. This gives a total cost of $1,700,000,000.00 for worldwide consumption. “ Based on the above “calculation” that would mean each bitcoin has a creation cost of 1800 (bitcoins mined a day) X 365 ( days per year) = 657,000 Bitcoins a year (2018) $1,700,000,000/ 657,000 = $2,587.52 per bitcoin. Obviously there are a lot of assumptions in the above assessment. -The figure doesn’t include a cost for hardware/maintenance. -The figure doesn’t include any housing or management costs. -The energy $ value makes an assumption of $TW which does change considerably depending on location. Any links or info that would help add some meat to this would be appreciated. Mucho Mucho
I made a formula to calculate how much Bitcoin turnover my business would need to break even on the cost of implementing Bitcoin. Thought any business owners on the fence might find it useful.
This is for a brick and mortar store accepting bitcoin via a bitcoin processor on a tablet. n = number of employees p = how much you pay them per hour t = the cheapest android tablet you can find e = time it takes you to teach an employee how to use bitcoin f = % you pay for CC processing b = % you pay for bitcoin processing c = custom you'll need to do to recoup your costs of implementing Bitcoin c = (n * p * e + t) / ((f-b)/100) So, a business that:
Has 5 employees
Pays them £6.50 an hour
Has employees that can be trained in 1 hour
Can buy a tablet for £89.99
Pays 2% for CC processing
Can pay 0% for bitcoin processing
The equation will look like this: (5 * 6.5 * 1 + 89.99) / ((2 - 0)/100) = £6,124.50 of bitcoin turnover before you break even on the cost adopting Bitcoin. HTH
In Alien, the starship that Ripley blew up cost only $42million. Today, SpaceX Starship will cost at least $2billion to develop. This gives us a sense of how inflation has changed the perception of dollar value since 1979, and why the crypto movement began in Bitcoin.
I am new to nano and drawn to it as I learn about the superior speed and energy efficient of nano comparing to bitcoin. This almost sounds too good to be true. There is a few things that I would like to learn more and I hope you guys help can help me. I am particularly interested in the use case of cryptocurrency as digital gold (store of value) and right now we all know that bitcoin is king in that regard. Nano does have one big problem in my view. It doesn’t seem to have a way to incentivize people to adopt it. From what I understand (please correct me if I am wrong), nano coins were created at once and already distributed and right now for new users to acquire nano coins, one has to either purchase it or get them as gifts/donations? We can’t argue that the biggest reason for someone to purchase cryptocurrency is a chance for it to appreciate in value. Bitcoin does a really good job at this by creating an ecosystem of miners and users. There is a real cost of producing bitcoin, thus miners are incentivized to either sell it to make immediate profit or hold it for appreciation. Early adopters are rewarded because the protocol is designed to exponentially reduce the supply every halving cycle driving the price up (at least it somewhat follows the stock-to-flow model) In order to convince people to use nano and compete with the network effect that bitcoin has, there need to be good reasons for early adopters (esp financially) more than just saying that it’s faster and much more energy efficient. How would you convince someone to adopt nano as digital gold? Or is the goal of nano really is not for it to be digital gold but something else?
I am interested in supporting the adoption of crypto. Thinking of sponsoring a few local bitcoin machines that have decent premiums (rather that the 10%+ I have been seeing). Any leads on how I could get started with this (lower cost devices to utilize with decent owner/operator support)?
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Bitcoin has seen explosive price action over recent days. As of this article’s writing, the asset trades for $11,200 — more than 10% higher than it was 24 hours ago. The recent price action was expected by many market commentators. Though, data suggests that there were also many Bitcoin traders liquidated, suggesting they weren’t expecting the asset to move so fast. Bitcoin was first presented to the world in 2009 by an anonymous identity known as Satoshi Nakamoto. As Bitcoin works on a decentralized network, it is completely free from the involvement of third-party financial institutions or central banks. The Bitcoin blockchain facilitates instant peer-to-peer transactions at minimum transactions fees required to maintain the network. The total number of ... Bitcoin Avg. Transaction Fee historical chart Average transaction fee, USD 0.00031 BTC ($3.99 USD) 0.0000007 BTC/byte. Share: btc eth ltc bch bsv xmr xrp etc zec dash doge btg vtc rdd blk ftc nmc nvc. Scale: linear log. Latest Prices: BTC/USD: 13024.47 (bitasset) BTC/USD: 12993.37 (hitbtc) BTC/USD: 12974.68 (gdax) BTC/USD: 13002.43 (coinbasepro) Zoom: 3 months 6 months 1 year 2 years ... Bitcoin Price in USD, Euro, Bitcoin, CNY, GBP, JPY, AUD, CAD, KRW, BRL and ZAR. Generate Interactive Graph. Bitcoin (BTC) current price and Bitcoin details. Existing circulation, market capitalization, volume of transactions and more details of Bitcoin. Coins 6.958 +4. Market Cap ... How Much Does it Cost To Buy One Bitcoin? To buy one Bitcoin, you would think you have to pay just what its worth on a given day but no, it is really not that simple. You can buy Bitcoins from a number of sources, cryptocurrency exchanges, local sellers on peer-to-peer platforms or even Bitcoin ATMs. In all these options, you have to pay a certain trading fee to the exchange or the ATM for ...
Bitcoin Price Today !? This is a live video of the current bitcoin price today. If you are looking to buy bitcoin or sell bitcoin - this is a great place to ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Tim Draper predicts the price of bitcoin after the halving! - Duration: 49:17. Crypto Finder 281,763 views. 49:17. Anton Kreil Annihilates Retail Brokers and "Trading Educators" - Duration: 2:02 ... Many pundits are saying Bitcoin is in a bubble and the price is not warranted. Is that true? Is a Bitcoin price of $1'200'000 possible in 2021? This is going to be the main question in todays episode together with some interesting news as far as adop...