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The hurdle for bitcoin is finding a way for people to turn it into a currency they can use. This is where you end up with a centralized exchange layer built on

The hurdle for bitcoin is finding a way for people to turn it into a currency they can use. This is where you end up with a centralized exchange layer built on top of it. I can make a $12,000,000 transaction for $.35 but if I actually want to get the money, I have to pay 2.5% to a legit exchange or take my chances on some janky ass exchange. Why not just transfer the money via ACH and pay the small fee and save myself the headache?

jerry1979 6y ago
You can start by asking people to take bitcoin for various transactions. For example, my friends and I all use it settle debts between each other.
- anakaine 6y ago
  The barriers to entry, usage, and understanding are just too high for average Joe. That and how the value of their money fluctuates compared to fiat makes it more difficult to use as a daily currency. Also, when things go wrong there's nobody to turn to in most cases.
  - spurgu 6y ago
    > The barriers to entry, usage, and understanding are just too high for average Joe. Mentioned in another thread[0], the Phoenix wallet more or less solves this on the Lightning Network. [0] https://news.ycombinator.com/item?id=25706312 https://news.ycombinator.com/item?id=25706312
- nly 6y ago
  Bet you don't lend one another bitcoin though
gruez 6y ago
What kind of an exchange charges 2.5%?
doggosphere 6y ago
In a long enough time frame, people transact with cryptoassets directly and don't need to exchange into fiat. We are early in this development, money as we know it is changing.
- JohnWinner 6y ago
  Over a long enough time frame the chances that you get hacked, scammed or make a fatal mistake and lose all your cryptos is high. Putting anything more than pocket money in this is idiotic.
qes 6y ago
2.5% is way too much. I pay 0.15% and the exchange has been around for a decade without ever losing funds. It's even now licensed as a bank in the U.S.

jerry1979 6y ago

You can start by asking people to take bitcoin for various transactions. For example, my friends and I all use it settle debts between each other.

anakaine 6y ago
The barriers to entry, usage, and understanding are just too high for average Joe. That and how the value of their money fluctuates compared to fiat makes it more difficult to use as a daily currency. Also, when things go wrong there's nobody to turn to in most cases.
- spurgu 6y ago
  > The barriers to entry, usage, and understanding are just too high for average Joe. Mentioned in another thread[0], the Phoenix wallet more or less solves this on the Lightning Network. [0] https://news.ycombinator.com/item?id=25706312 https://news.ycombinator.com/item?id=25706312
nly 6y ago
Bet you don't lend one another bitcoin though

gruez 6y ago

What kind of an exchange charges 2.5%?

doggosphere 6y ago

In a long enough time frame, people transact with cryptoassets directly and don't need to exchange into fiat. We are early in this development, money as we know it is changing.

JohnWinner 6y ago
Over a long enough time frame the chances that you get hacked, scammed or make a fatal mistake and lose all your cryptos is high. Putting anything more than pocket money in this is idiotic.

qes 6y ago

2.5% is way too much. I pay 0.15% and the exchange has been around for a decade without ever losing funds. It's even now licensed as a bank in the U.S.