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YFFA (your favorite fintech app) still has many advantages over Bitcoin. When sending money: YFFA free, Bitcoin not free YFFA instant, Bitcoin not instant Y
by freediver 6y ago
YFFA (your favorite fintech app) still has many advantages over Bitcoin.
When sending money:
YFFA free, Bitcoin not free
YFFA instant, Bitcoin not instant
YFFA has fraud protection, Bitcoin does not
YFFA approved by government regulation, Bitcoin still not
However, there is one thing YFFA does not give you, a shot at 10x or 100x your money.
- simonebrunozzi 6y agoAnd most people in the world can't sign up for an YFFA. (not that Bitcoin is simpler or without its problems, but at least anyone could use it).
- freediver 6y agoTrue, nice catch.
- averynicepen 6y agoWorth noting is that one of the original goals of Bitcoin (in the whitepaper) was to eliminate fraud that results from a system that allows reversible transactions (for example, charge backs, a check that appears to deposit but then bounces, etc.) Fraud protection is a result of these types of problems being unavoidable, and needs to be mediated by the financial institutes. Bitcoin's proposed solution is a (cryptographically) permanent one-way transaction, that can only be initiated by the person who owns the Bitcoin. The analogy would be an in-person cash transaction - $100 in my pocket can only be handed over if I choose to do so, and no amount of begging or pleading with the receiving party will allow me to convince them to give it back. I think any fraud that can be committed in cash though, would probably be applicable to Bitcoin. But I can't seem to think of any examples off the top of my head, so LMK if you think of any.
- eecks 6y agoYFFA can also just ban you for any reason
- freediver 6y ago... but if you lose it, you haven't kissed your money goodbye for good.