When the fees are higher than a bank, which is one of the main selling points of cryptocurrency. When Bitcoin has raised in price so does the mining fee. All apps and wallets that don't let you choose your own mining fee, I transfer $40 worth of bitcoin from my copay to my jaxx wallet and then again through shapeshift in an effort to get Dash. Now I have nothing, transfering out of Copay it took 50% even with the custom mining fee put on $1.00. Then jaxx of course only has three levels of mining fee to choose from.
Perhaps there was a time when cryptocurrency offered an advantage and a philosophy that appealed to people, but much like the marijuana industry, by the time the powers that be agree to accept it, they have already plunged their greasy hands into the cookie bowl. I can't think of anything more consumerist than dealing with cryptocurrency. Much like the taking of blogging, affiliate marketing and online retail, you may think you are a business owner or some kind of savvy whiz, you are actually a customer, paying for hosting, shopify memberships, wordpress plugins and facebook advertising. Show me something where the wild west is still a theme and I will be there, but as of right now, i think if you don't already have a vast amount of bitcoin there is no reason to pay attention or waste your money.
Now the forums are full of people that are disappointed and ICO's are being born every second. The bubble will burst. Yes, bitcoin and the rest are a speculative items, but dealing with the process of acquiring bitcoin, keeping it, selling it and using it to buy something, is far from easy and no different then the bank back fiat currencies. Bitcoin is not made to scale and as it increases it value we will see higher fees and smaller "mirco-bitcoins" But if you have $10 purchase for bitcoin and the fees exceed the price of the thing you want to buy, then calling it a currency is giving currency a bad name. the value is spent once you consider spending it.
Show me a way that this makes sense and it is not just another good thing gone horribly wrong. I understand that the miners need to be paid and persuaded to do the work. Serving the people who can afford to be first, is inherently wrong anyway, another form of capitalism gone wrong. That's not even the issue, it is the monopoly on the platforms I mention in the headline, generating hateful comments all over the internet, with stories of them taking up to 80 percent on a transaction. i thought the normal stock market was corrupt and vulnerable to manipulation, but this takes the cake as far as flat out robbery.
You have to buy bitcoin first in order to get other currencies easily. The bank has better phone support for troubleshooting and other issues (which is saying a lot for a giant faceless evil entity) I am left with no one to blame but myself. The fee was clearly stated 4% before the transaction and then after it says, we took $30. For all the pioneers of the cryptoworld who started this as a true fuck-you to the status quo and had ethical implications for doing what they were doing, it has changed directions and is now a clusterfuck of confusion, and newbies are stepping up to the table and getting their asses handed to them, being cleaned out and escorted off the premises. The age we live in is, be an asshole and learn programming or be forced to eat shit in America, one of the most unethical garbage dumps in the world, a place where stressed-out people steal and sell worthless shit to each other while praying they don't get sick.
So for all you aspiring crypto-traders, just don't. You might as well roll your money up really tight and cram it directly into your asshole.