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'I can't do anything with Bitcoin that I can't do more easily with my credit card.' That's false as your credit card issuer controls who you can and cannot tra

'I can't do anything with Bitcoin that I can't do more easily with my credit card.' That's false as your credit card issuer controls who you can and cannot transact with. With BTC you control whom you transact with.

jjeaff 9y ago
In other words: Bitcoin is mostly good for illegal transactions.
- forgotpassagan 9y ago
  I wasn't going to say it... But somebody did
- alehul 9y ago
  Primarily, with another use being those who lack a proper banking system.
  - forgotpassagan 9y ago
    I doubt it with the insane transaction fees and confirmation delays, they're better off using Western Union on both counts at this point
- rrich 9y ago
  It can be an equalizer, no doubt about that. Probably the biggest reason I hope it works its way into our culture the way credit and bank card transactions have. That and privacy, which these exchanges have none of.
- CrystalLangUser 9y ago
  Illegal transactions? On a public ledger system? BTC was always about reducing control from a few centralized parties. I don't want my bank or paypal account being arbitrarily frozen. Nowadays BTC is not very good at transactions due to exorbitant fees + very slow confirmation times, but things like ethereum, bitcoin cash, and altcoins offer options. ETH is very quick.
  - bigtunacan 9y ago
    How does ETH compare to LTC in terms of T/s?
- bigtunacan 9y ago
  No, that’s a commonly held misconception likely tied to the fact that it was being used by people in conjunction with Silk Road. The public ledger system ties history to the transactions so you can trace the flow back in time. Law enforcement officials probably love that aspect. Good old fashioned cash is much better for criminal activity. A crypto like Zcash (another fairly large crypto) that utilizes zk snarks to encrypt transactions and then decouple coins from their history would be much better suited for illegal transactions.
thevardanian 9y ago
Well. That's true until the government gets involved regulates it, and starts to actually monitor all transactions. For Bitcoin like technologies completely lack privacy.
vikascoder 9y ago
In the absence of regulatory intervention. The biggest risk for Bitcoin is for a country like the USA to outlaw it.

jjeaff 9y ago

In other words: Bitcoin is mostly good for illegal transactions.

forgotpassagan 9y ago
I wasn't going to say it... But somebody did
alehul 9y ago
Primarily, with another use being those who lack a proper banking system.
- forgotpassagan 9y ago
  I doubt it with the insane transaction fees and confirmation delays, they're better off using Western Union on both counts at this point
rrich 9y ago
It can be an equalizer, no doubt about that. Probably the biggest reason I hope it works its way into our culture the way credit and bank card transactions have. That and privacy, which these exchanges have none of.
CrystalLangUser 9y ago
Illegal transactions? On a public ledger system? BTC was always about reducing control from a few centralized parties. I don't want my bank or paypal account being arbitrarily frozen. Nowadays BTC is not very good at transactions due to exorbitant fees + very slow confirmation times, but things like ethereum, bitcoin cash, and altcoins offer options. ETH is very quick.
- bigtunacan 9y ago
  How does ETH compare to LTC in terms of T/s?
bigtunacan 9y ago
No, that’s a commonly held misconception likely tied to the fact that it was being used by people in conjunction with Silk Road. The public ledger system ties history to the transactions so you can trace the flow back in time. Law enforcement officials probably love that aspect. Good old fashioned cash is much better for criminal activity. A crypto like Zcash (another fairly large crypto) that utilizes zk snarks to encrypt transactions and then decouple coins from their history would be much better suited for illegal transactions.

thevardanian 9y ago

Well. That's true until the government gets involved regulates it, and starts to actually monitor all transactions. For Bitcoin like technologies completely lack privacy.

vikascoder 9y ago

In the absence of regulatory intervention. The biggest risk for Bitcoin is for a country like the USA to outlaw it.