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because the poor people can't move $10 around without paying $3 for it. Have you ever tried moving small amounts of money in poor countries ?
by whb07 6y ago
because the poor people can't move $10 around without paying $3 for it. Have you ever tried moving small amounts of money in poor countries ?
- joosters 6y agoHave you not heard of M-Pesa? Very popular mobile phone-based money transfer service, low fees (far less than $3 or the 30% you claim), you can even pay companies directly with it
- whb07 6y agoYes I've heard of it. So bitcoin is this but better. I agree with you.
- joosters 6y agoFaster than bitcoin, cheaper than bitcoin, easier to use than bitcoin, more reliable than bitcoin, far more widely accepted than bitcoin. Hmm...
- Ar-Curunir 6y agolol even the main people behind Bitcoin Core development have abandoned the idea of Bitcoin serving as means of day-to-day small transactions.
- whb07 6y agoWhy would it be the responsibility of one layer to deal with another layer?
- Ar-Curunir 6y agoThis separation of layers nonsense is only something that’s been proposed to cover up flaws in the core protocol. The original paper didn’t envision a store of value, but rather a means of daily transactions
- whb07 6y agoPerhaps. But while Satoshi is clearly a genius. Give the guy a break, he’s not a fortune teller. Many current day protocols have improvements needed but that’s besides the point.
- jermier 6y ago> he’s not a fortune teller Many have speculated he may be a time traveler, although they don't give any reason. The only thing I can think of is he possibly traveled back in time after witnessing a massive economic downturn that had people eating rats off the street and an even further (much more serious) dichotomy of rich and poor. Bitcoin could level the playing field stopping banks from having nearly full monopoly of your money.
- londons_explore 6y agoIf you want to convert it to real cash, the fee is pretty substantial...
- ipython 6y agoThat’s my point, however you said it clearer than I did. I don’t see how bitcoin making it easy for billionaires to move money equates to poor people being able to use it to move $10.
- dmix 6y agoBitcoin makes it easy for people with a billion dollars in bitcoin to move it around (or any value). There’s no way it’s then suddenly a cost effective way for normal currency billionaires to move money around. Converting that amount to BTC would require serious fees and resources. So this point is largely moot to any wider discussion.
- harpratap 6y agoNot really sure which poor countries you are talking about but in India the smaller the amount, the cheaper it is to transfer. <10k INR is most simplest transaction you can do by simply downloading any payment app and using UPI. >100k INR is where transaction costs usually creep in.