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Well, the Bitcoin supporters are composed of a wide range of people. Some of them are too optimistic about the technology. Unlike some people thought, transact
by nas 9y ago
Well, the Bitcoin supporters are composed of a wide range of people. Some of them are too optimistic about the technology. Unlike some people thought, transactions are not cheap (although there are scaling plans to bring the current high cost down). Being your own bank is not easy. All the things that the current banking system does is not useless overhead. So, you can't just throw it all out. OTOH, crypto-currencies potentially allow nearly anyone to be a bank if they want. That could lead to innovation and reduced banking costs. Right now, it is the "wild west" and so caution is advised.
- notyourwork 9y agoYou raise some great points. I would love to see an banking insider document regarding a true assessment of how they could compete with bitcoin. Or in other words, what is bitcoin missing that banks account for in overhead. I want bitcoin to succeed as much as the next but I think a lot of people are naive and convinced its ready just because they can transfer btc from one party to another.
- taysic 9y agoFor one, you can't undo a transaction if you made a mistake. I.e. Put in a wrong amount or sent to an incorrect address. You can't call customer service if you don't see your transaction. I think those are big and come with trade offs. Some others are the huge volatility of the value id bitcoin ..