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The aspect I like the most is BTC becoming a global currency. It's so nice wiring "money" to friends/family/businesses and not worrying about exchange rates, mu
by corford 9y ago
The aspect I like the most is BTC becoming a global currency. It's so nice wiring "money" to friends/family/businesses and not worrying about exchange rates, multiple banks taking a percentage en-route, sending limits, choosing between SWIFT, SEPA etc. or trying to track down the beneficiaries bank address. Sending BTC is so frictionless: open wallet, paste receiver's address, specify amount and hit send (transparency bonus: watch in real time as your "money" instantly starts moving through the network and gets confirmed in the receiver's wallet).
Admittedly, for now at least, you still need to on-ramp/off-ramp BTC in to fiat in a lot of cases but as bitcoin adoption increases this will become less and less of an issue (you can see the beginnings of this already with a lot of employees working for companies that have done an ICO opting to be paid in BTC/crypto-currency rather than fiat).
- wil421 9y agoIn order for me to actually use bitcoin in my daily life I would need to convert it to dollars to make it useful. My landlord, car loan bank, utilities, local grocery stores, gas station, and car insurance do not accept bitcoin. Venmo or even Paypal is arugueably more easy to send money than anything. Type my checking account details and send to a friend.
- corford 9y agoPaypal has existed since 1998 but it took 10+ years for it to achieve deep, global merchant penetration and consumer acceptance. Bitcoin needs time but I don't think it's unreasonable to imagine it will one day meet and then surpass the current ubiquity of Paypal (and similar) as a payment method (especially for cross-border purchases/transfers). It already wins on utility and transparency. It just needs wider adoption (and less volatility, which wider adoption will help with).