5 ms·

I don't think #3 is spot on. Bitcoin solves the double spend problem does it not?

• discodave 9y ago
  Banks and other settlement systems also solve that problem.... but cheaper than bitcoin. So, what advantages does bitcoins more expensive solution to this problem give us?
  • femwarrior 9y ago
    Google for "Paypal froze my account" or similar things. Nobody can prevent you from getting a "Bitcoin account" and from spending your coins.
  • programmarchy 9y ago
    Cheaper than bitcoin? I'd love to see your calculations of how Bitcoin is more expensive than the existing banking structure, including the cost of staff, buildings, etc. The banking bureaucracy is massive. Furthermore, there is plenty of criticism that could be levied upon central banking, financing wars between nation states being chief among them. There's an enormous social cost to central banking.
    • mrep 9y ago
      $5 transaction fee for bitcoin versus [1] free (cash/checks), 30 cents + 3% for most credit cards. Unless you are sending huge amounts of money, bitcoin is more expensive. [1]: https://www.reddit.com/r/btc/comments/6gek0z/average_bitcoin_transaction_fee_is_now_above_five/ https://www.reddit.com/r/btc/comments/6gek0z/average_bitcoin...
      • Frogolocalypse 9y ago
        > [1] free (cash/checks), You realize there's no such thing as 'free' right? What's the saying? "If you don't know who is paying for a product you're using that's free, you're the product."
        • the_gastropod 9y ago
          Yes. Banks give out loans. And they share a (tiny) part of their proceeds with their account holders! And the cost of this to the end-user is the risk that if everyone simultaneously tries to withdraw their money, the bank won't have it. That's happened once in U.S history. I think it's a safe enough bet.