More than a fiver.
You can easily look into it yourself.

Buy Litecoin.

The ''commission'' is similar to converting your holiday pounds into your San Miguel fund, so no biggy in the grand scheme.
Anyone providing a service needs to be rewarded, that includes plumbers.
As for cryptos going mainstream, bank issued electronic currency is already mainstream. Converting this 'fiat' currency to 'independent' crypto-currency that can't be devalued through constant 'printing', Bitcoin being the most popular choice, will eventually become the norm for many...........imo.
Bitcoin adoption continues to grow and the largest Bitcoin mine continues to be built (Rockdale, Texas).
Unlike the current 'fiat' system that has been imploding since 2008/09 and then again last Sept, Bitcoin isn't going away.

Buy Litecoin.

I reckon you could be making some dosh over these coming months.

'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

Works for me Cryrst.

No sugar for me....but hit that butter like it's page three.

Edited by Stirlingsays (18 Apr 2020 10.41pm)

'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

Why would i choose to convert good money into bad?

With all due respect, you know little about the currency you are continually told to use on a daily basis........despite the fact that it robs you, yet you know everything about crypto-currency?

Go figure.

Edited by .TUX. (18 Apr 2020 10.58pm)

Buy Litecoin.

For balance, before we get the same old well understood takedowns of the current flawed but best worst system...

Here's some equally interesting 'bullets' gathered from various content on why bitcoin, at least, will never become what our resident evangelist claims it will be – as Jack Dorsey puts it, the 'worlds single currency' – is he saying that to increase the price of his already significant holding, or does he really genuinely believe that? I'd say the former.

Here we go kids

• The number of Bitcoin transactions is low (vs trades), and most of those transactions are related to... illicit / illegal activity. It has plenty of value there, from personal experience, TBF. In fact, this is what they are best at. Purchasing drugs, guns, child p***.graphy, money laundering – all untraceable and extremely efficient.

• It, and the others like it are a complement to the existing, agreeably flawed system. Not a replacement.

• Providing Governments continue to remain a 'thing', and 'the system' continues to remain a 'thing' (like it has done for thousands of years) then a system where the government can’t manipulate the money supply is an impossibility.

• Economies rely on central banks and fiscal policy. Debt issuance, managing the business cycle, controlling unemployment, and dealing with financial crises would be way harder and possibly even impossible

• In the event of a financial crisis, there would be no way to add more liquidity back into the system. There would, in effect, be no way of stopping a negative trend. MMT is nowhere near perfect but it only just about works precisely because there is no defined limit. Demand would also increase in this scenario, driving up prices and resulting in people holding on to coins rather than spending them – not a scenario you want in a negative financial event. (BTW if anyone is suggesting that adopting a bitcoin system would lead to the end of financial 'crashes' or any kind of negative financial events, I'd love to hear their reasoning and a detailed explanation as to how – no evangelical segues please)

• I would love to know how interest rates and borrowing work or don't work (in which case what are they replaced with) in a bitcoin only financial system

• No one wants to accept a currency if it might be worth 10 percent less a couple of hours from now. Unless they're buying it to hold on to it to appreciate (note the irony, not spending it, or using it as a method of transaction)

• A financial system run on Bitcoin would have all the bad features of the gold standard and few of the redeeming ones

• When demand is high, transaction fees can be as high as $55 (example from recent overblown peak). That's a lot to pay for a cup of coffee.

• Bitcoin cannot easily scale. The system as it stands is limited to processing up to 7 transactions per second. Think how many transactions are happening every second of every day under the current system. (2.7m – good luck with that)

• And who do you think is leading the charge on developing a blockchain style system without the limitations of scalability, the drawbacks of current crypto systems? The banks.

• Much like fiat currency, a remarkably small number of people control a remarkably large percentage of all the bitcoins in the world. Who'd have thought it.

• Yeah, there are loads of options. Some cryptos have higher thresholds, others can process more transactions per minute. But the sheer proliferation means that in a world of multiple private currencies, transaction and conversion costs become ludicrous. 'Basically, a proliferation of currencies tosses sand into the gears of commerce'. See the era of 'Free banking' in the US for reference.

In short, TUX, your issue with fiat currency is purely ideological, which is fine, nothing wrong there. In fact, it's a shared opinion. The system is a joke. But I like to be as objective as possible. Let's not pretend Bitcoin, or any independently developed crypto currency iis the answer. You need to come up with a better solution to build your life around. And I agree, one is required, albeit unlikely to be adopted. But Bitcoin ain't it.

Governments and banks will develop a blockchain based system to complement or even evolve what exists now – but they will remain the gatekeepers. People like you were around when the internet first came into being. The same arguments and evangelical predictions about it were made – a community driven utopia, free from control, governed and maintained by the people. Same s***, different century.

For ref. I own a reasonable amount of various different cryptos. And yeah, I've got in early enough to make some decent wedge from them. And yeah, I'll continue to hold. But not because I think they'll become mainstream. It's because I've already made gains and will continue to do so until the time is right.

I now await the usual condescending nonsense – 'you don't understand how the fiat system works' / 'You are all sheep' / 'Insert profanity here' / 'I refuse to engage as you clearly don't understand' etc. etc. etc. etc.

Edited by SW19 CPFC (19 Apr 2020 11.45am)

Did you know? 98.0000001% of people are morons.