Why (small) merchants should accept Goldcoin and Cryptos in general

[cryptosolar]

Hi,

I ve made a small presentation about:

Why (small) merchants should accept Goldcoin and Cryptos in general

https://create.piktochart.com/output/26112930-ppt

I will try to refine it, during the next few days.

Any thoughts, Ideas or Comments are Welcome 

#YourVoteMatters
#CommunityFirst

[pnyiaart]

i couldn't see the ppt but was reading this https://www.goldcoin.org/2017/12/bitcoin-founder-admits-flaws-validates-goldcoin-gld-approach/ and the main reason why bitcoin has become useless is because of transaction fees but since GLD's fees is already  0.01 when the price is so low, what would happen when the price goes higher?

cmiiw but i don't think a merchant would like to accept a coin that costs more to spend than the actual cost of the item they are trying to sell.

[Aurophilicity]

I still like the idea of GLD having a niche market in developing countries.
More cryptos mean less economic immigrants coming to Europe.
We can stick out our collective middle finger to George Soros! 

[MicroGuy]

i couldn't see the ppt but was reading this https://www.goldcoin.org/2017/12/bitcoin-founder-admits-flaws-validates-goldcoin-gld-approach/ and the main reason why bitcoin has become useless is because of transaction fees but since GLD's fees is already  0.01 when the price is so low, what would happen when the price goes higher?

cmiiw but i don't think a merchant would like to accept a coin that costs more to spend than the actual cost of the item they are trying to sell.

Currently, Goldcoin allows for a certain amount of zero fee transactions per block. Miners can decide if they want to process transactions that do not contain a fee. Currently all miners include these zero fee transactions. Most Goldcoin transactions today are free.

"I don't anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee. The owner of the node would decide the minimum fee they'll accept. Right now, such a node would get nothing, because nobody includes a fee, but if enough nodes did that, then users would get faster acceptance if they include a fee, or slower if they don't. The fee the market would settle on should be minimal. If a node requires a higher fee, that node would be passing up all transactions with lower fees. It could do more volume and probably make more money by processing as many paying transactions as it can. The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces." ~ Satoshi

The 0.01 GLD fee you reference is the default minimum fee but this can always be lowered by miners. In Goldcoin 0.14.2  (the rebase) the default minimum fee will be .001 GLD but this can also be lowered. At the same time, most transactions will remain free since miners do not require a fee.

We are building the Goldcoin network consistent with Satoshi's design.

[pnyiaart]

but should there be a default minimum fee by a fixed number or maybe it should be by  a percentage of the total money being spent? i mean what if the price tomorrow of GLD is $1000 and the fee is 0.001 so to spend $1000 i pay $1 which is very less and more than fair but what if i only want to spend $5, i still pay a dollar to spend 5 dollars? i could use lesser or no fee as you mentioned and some miners might* include them but what if by then the greedy farms are setup and no wants to do it and we run into same problem i see happening with BTC right now, people complaining there txs stuck for god knows how many days just because they forgot to add the large fee? basically the end of small transactions, maybe it is too early to think of this but i am just wondering is all.

[MicroGuy]

but should there be a default minimum fee by a fixed number or maybe it should be by  a percentage of the total money being spent? i mean what if the price tomorrow of GLD is $1000 and the fee is 0.001 so to spend $1000 i pay $1 which is very less and more than fair but what if i only want to spend $5, i still pay a dollar to spend 5 dollars? i could use lesser or no fee as you mentioned and some miners might* include them but what if by then the greedy farms are setup and no wants to do it and we run into same problem i see happening with BTC right now, people complaining there txs stuck for god knows how many days just because they forgot to add the large fee? basically the end of small transactions, maybe it is too early to think of this but i am just wondering is all.

The reason the fees are high in Bitcoin is because of full blocks. It is not because of the client's minimum defaults.

You should also keep in mind that the size of a transaction, and the amount of work a miner has to perform to process a transaction, are based on the number of tx inputs and not the transaction amount.

As long as the network has sufficient capacity, any fee market that develops will be minimal as Satoshi stated.

[pnyiaart]

i get that, small block, lots of transactions and miners free to choose are choosing the ones that pays higher fee, first, but they don't want to increase the block size, since it puts decentralization of the network at risk, or something like that, i don't know much.. but as long as GLD has ways of never running into these problems, i think it has a bright future ahead, just need some direct buy markets, and lots of ways to spend it.