5 ms·
Bitcoin is a nightmare to use. The transaction can take hours to clear, you need specific forms of ID to open an account, and the fees are insane. I just now s
by vesinisa 6y ago
Bitcoin is a nightmare to use. The transaction can take hours to clear, you need specific forms of ID to open an account, and the fees are insane.
I just now sent $100 to someone in South America and it cost me $17.
Bitcoin is a fad that targets and takes advantage of gullible people and those involved in the illegal drug trade.
- WrtCdEvrydy 6y ago> The transaction can take hours to clear, you need specific forms of ID to open an account, and the fees are insane. This is for exchanges, right? You can have a confirmation with Lightning for like less than 1/100th of a penny and there's no ID requirements for Bitcoin.
- vesinisa 6y agoI wanted to point out how using Bitcoin is in practice at least equally difficult as using Western Union. For any real use case you need to use an exchange, and AFAIK Lightning Network is not yet widely deployed.
- Sohcahtoa82 6y ago> you need specific forms of ID to open an account To start using Bitcoin, you don't need any ID. You can download, install, and use the normal Bitcoin client. You only need ID to open an account on an exchange, and that's because exchanges have to follow Know Your Customer laws just like banks. But if you sell something for Bitcoin, you can accept it without an account anywhere. You only need an account somewhere to convert between fiat and Bitcoin, and even that can be avoided if you find someone willing to sell you coins for cash.
- vesinisa 6y agoYes, any one can transact in Bitcoin quite trivially. But as soon as you want to use it for anything practical outside the tech bubble, you need an account on an exchange. At that point Western Union is probably easier for most people.