My Bitcoin success story

I'm currently traveling through South America, where credit cards are rarely accepted (only by really high-end restaurants and hotels). I normally take cash out of the ATM and use that, but I screwed up and forgot to take my card back from the ATM so it got eaten. I called the ATM's bank and they said it would take 5 days to get the card back, but I was already on my way to a different country. My bank said they could mail a new ATM card but that would also take 5+ days. So I found myself stuck with about $ 25 to last me for 5 days, maybe even more.

I looked at my different options, Western Union and MoneyGram wanted to charge about $ 15, plus a 3% fee on conversion rate – PLUS a bank wire fee of $ 25 by my own bank!

Then I had the idea to get on Coinmap, and lo and behold there's a cafe that accepts BTC. I stopped in for lunch and the owner asked me if I wanted to sell any Bitcoin. I was like hell yeah, that would be a lifesaver! He used a local exchange rate, which was worse than mine, so not only did I get a fresh stack of cash to hold me over for a week, I did everything completely "off the grid" and actually made a few percent instead of paying like $ 50 in fees.

It was my first cash sale of Bitcoin and it really showed me how useful and flexible having a decentralized currency can be. Anyways, just wanted to share my success story from today :] Cheers all

submitted by /u/btc32123
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Bitcoin – The Currency of the Internet

Bitcoin succeeds in part because it has no leader, no “Jesus”, no “messiah”. Bitcoin succeeds largely because it’s face is… us. Please don’t give anyone such a status. It’s Paramount to Bitcoin’s success.

submitted by /u/Joecracko
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Bitcoin – The Currency of the Internet

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, Ripple, and Ethereum all seeing surges. Richard Hayes, Chief Executive of Perth Mint said: “I think as the world moves through times of increasing uncertainty, you're seeing people look for alternate offerings.
Google Alert – bitcoin

Telegram Followers – The New Metric for Cryptocurrency Success (news.bitcoin.com)

Cryptocurrencies are gauged by the size of their market cap. It’s a crude reckoner, but it’s good enough for most purposes. But what about projects that have yet to issue their coins or host their token sale? Increasingly, investors are turning to one metric that’s hard to fake and indicative of widespread support – Telegram followers.
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Bitcoin

Simulating a Decentralized Lightning Network with 500,000 payments, 0.01% fee per hub and 10 Million Users: 100% success (99.9986%)

I repeated Diane Reynolds' simulation, as described here, using her program. The only change I made was that instead of having "11 different fee policies evenly distributed among users", each node simply asks for 0.01% fee (= value x 0.0001) to route a transaction. Some of the 11 fee policies were quite complicated, like "trying to make channels more balanced".

Here are the main results:

Payments attempted: 500,000

Fee as a percentage of the payment 0.175

Routing failed: 7

Routing failed for bigpayments: 3

Routing failed for midsizedpayments: 1

Routing failed for micropayments: 3

Average lengths of routes: 17.5

So the payment failed for only 0.0014% of the payments. Note that for the last 100,000 payments, routing failed only once (1 midsizedpayment) and from 100,000 to 500,000 only 3 times (1 big, 1 midsize, 1 micro). The average total fee for a payment makes sense, as 0.01% x 17.5 hubs = 0.175% total fee. I didn't realize the program stopped after 500,000 payments and will now try to run it for more payments.

submitted by /u/sumBTC
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Bitcoin – The Currency of the Internet