Isn't that what Bitcoin Cash is for and why they split off? Bitcoin Core has super high transaction fees and will evolve not into a currency but a vehicle for wealth storage (much like gold).
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I keep hearing about these high transaction fees but I've never seen them. When I send the equivalent of tens/hundreds of thousands of USD I pay a few cents of a dollar. It does take a few hours, sure. But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars.
So as far as I can tell fees are still ridiculously small. Large transactions are usually not that urgent.
> But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars.
When was the last time you sent a wire? For accounts with $15,000 minimums it's usually free, can be set up from your phone and, depending on your bank, either clears within minutes or by close of business.
Good point. I assume you are talking about national transfers (within the same country) and during the week?
What is your experience wiring $X0,000 abroad as a consumer?
My last international wire was for $60,000. It arrived same day in Switzerland. I set it up from Citi's iPhone app and paid nothing for it.
I assume using this?
> Citibank, which offers free international wire transfers to other Citi accounts through the Citibank Global Transfers service.
There is a major caveat. If you need to send money to someone who doesn’t have a Citibank account, the fee is a steep $35.
Are you actually sending that amount around?
Not me, obviously, but check for example:
https://blockchain.info/tx/d977d0f521b2470d44a6222c3d8fa99da...
($400,000 transaction for $2 fee or a 0.0005% fee)
Yes.
It's more complex than that. Both Bitcoin Core and Bitcoin cash teams want to scale things up, Bitcoin cash is doing it one way and Core another way (look for "Lightning Network"). Nobody in both camps want Bitcoin to remain a store of value, we all want it to replace fiat.
No, even the Bitcoin Cash blockchain could not handle even a small percentage of HFT traffic. Like the poster above said, this activity is all internal exchange accounting.