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I keep saying this but personally I see bitcoin as a good way to transfer value, nothing else. As soon as you consider it that way, it does solve every issue yo
by dwild 8y ago
I keep saying this but personally I see bitcoin as a good way to transfer value, nothing else. As soon as you consider it that way, it does solve every issue you got with it.
You buy bitcoin > You send bitcoin > He get bitcoin > He sell bitcoin, all that hopefully happens in less than a few hours, to avoid market fluctuation the most.
The only wallet is at the exchange, hopefully for them, it's moving quickly too.
> I am supposed to lay out my entire financial history in a public wallet
Don't hold bitcoin, you make a wallet, you buy, you send, you scrap the wallet.
> trade with people who I don't know
Cryptocurrencies doesn't solve that, HTTPS solve that, you solve that by trust. Sure the old ways to transfer money require less trust from you because you can always revert it by calling your bank, but then it's the other side that need to trust you (and he has much less to works with).
- UncleMeat 8y agoIf you are going to go through an exchange anyway, how is BTC helping you? Both parties still need to trust coinbase or whatever and ultimately the transaction is identical to using venmo.
- dwild 8y agoI can't use Venmo, thus I can't exchange anything between you and me. Cryptocurrencies is this neutral third party that won't care about borders. Venmo could be your exchange, while mine would be something else. That's the beauty of it. We are lucky, we have ways to handle money transfer relatively easily between US and Canada (my country) so that's not so much an issue, but that issue exist.
- UncleMeat 8y agoOkay. So a bank. I bank with foo and can happily send money to you if you bank with bar. How does this function differently?