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Outrageous fees: are you sure we're talking about BitCoin, here? Financial services M-F 9-5: while you generally need to go into a bank to set up an account, t
by dsr_ 9y ago
Outrageous fees: are you sure we're talking about BitCoin, here?
Financial services M-F 9-5: while you generally need to go into a bank to set up an account, that's not always the case. Afterwards, most banking can be via direct deposit, mobile cameras for check deposits, ATMs, and web services.
People who don't have access to banks -- Kenya appears to have solved this without blockchains.
"Millenials largely prefer to invest their money into cryptocurrencies over traditional assets" -- do you have statistics on this?
- admyral 9y agoI'd personally much rather pay higher fees when there is a high network volume than constantly paying fees for the privilege of using an ATM, or servicing my online account, or processing a wire transfer, or reissuing me a debit card or checkbook, etc. For merchants, fees are outrageous indefinitely. Here are a few recent articles on millenial interest in crypto [1] [2]. [1] https://www.finder.com/why-people-arent-buying-cryptocurrency https://www.finder.com/why-people-arent-buying-cryptocurrenc... [2] https://www.marketwatch.com/story/millennials-are-afraid-stocks-are-too-risky-so-theyre-investing-in-bitcoin-2018-02-06 https://www.marketwatch.com/story/millennials-are-afraid-sto...
- dsr_ 9y agoYour personal preferences don't enter into it. The fact of the matter is that bitcoin transaction fees will always be high. The first of your references is from a cryptocoin hype site, and the second one says that "12%" of millenials would put a substantial amount of a windfall into crypto, which strikes me as not being "largely prefer".