Crypto Transaction Cost And The Lack Of A Physical Property

Crypto Transaction cost and the lack of a physical property are the reasons that most people are still skeptical about crypto currencies.

Crypto Transaction Cost

So let's talk about transaction cost. I recently bought some litecoin via CoinBase it cost me .20 cents USD to purchase $20 in Litecoin. Below is a video I made that will show you the fees I have paid recently for my Litecoin transactions:

I showed you in the video above that I was able to buy litcoin via coinbase, it cost me .20 cents USD. All of my other transactions were:

I bought $12.00 worth of Steem with my litecoin. It cost me a miner fee of: 0.00014432 LTC
I sent $5.00 to ChillyBot with my LiteCoin. It cost me a miner fee of: 0.000144 LTC
I sent approximately $2.10 USD (0.04177702 LTC, Today It's around $2.50 USD) from my Coinpot Wallet to Chillybot. It cost me zero fees!!
Total Cost incured for buying more mining power and buying My 1st Steem is: 0.00028832 LTC or $0.01 aprrox.

The results of my Crypto Transaction Costs are in reality only .21 USD!! CoinBase was the Highest fee. To me I just proved to you that the fees involved are nothing compared to your banking accounts. I have to keep $5.00 in my account at my bank, if I use my debt or credit card at Atm's other than the ones my bank list there are fees ranging from $2.25-$3.35 USD. I have also had to pay $1.50 USD to make pos (point of sell) purchases at local convenience stores when using my debt or credit cards!!

Crypto Does Have A Physical Entity To Secure It's Value

With fiat currencies you have gold and silver that secures the value of said currency. You can hold it in your hands. The gold and silver gives you security should the USD crash you will still be solvent. I mean that you will still have a form of currency that is still valuable.

Crypto currency does not in essence have that. Instead with crypto currency what we have is the worlds computing power and the Internet. All of our computers and smart phones are the gold and silver of crypto currencies. Without the Internet and our computers, smart phones there is no blockchain or crypto currencies. I believe that this new tech is the gold and silver. I look at the blockchain as though we have started to step into a new dimension so to speak. So If you think about it that way then crypto currencies do have Gold and Silver securing them and you can hold them in your hand, it's just different and new to us.

My Final Thoughts About Crypto Transaction Cost And The Lack Of A Physical Property To Secure It's Value

Below is a post from the NYT's that gets into the topic of transaction cost and the lack of a physical property to secure it's value.

The cost involved are low and worth it to me.
If your keep thinking in analog then no you will never see that digitally crytpo currency and the blockchain does have gold and silver securing it's value: The worlds computing power and our devices are the gold and silver, if you are up to date and are able to think digitally in this modern world.

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Check out the post from the NYT's Below:

Transaction Costs and Tethers: Why I’m a Crypto Skeptic

Beyond the technobabble and libertarian derp, what problem does this stuff solve?