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Every minute, there are thousands of bitcoin transactions happening at dozens of exchanges, and it's happening instantly with very low cost. Because it's off-ch

by 6nf 6y ago

Every minute, there are thousands of bitcoin transactions happening at dozens of exchanges, and it's happening instantly with very low cost. Because it's off-chain. That's what you're missing here, not everything needs to be on-chain to be valuable. Exchanges and businesses and services can aggregate.

dragontamer 6y ago
But if it's off chain, why use Bitcoin at all? If you never actually use the blockchain, then you don't really know if those BTC you 'bought' even exist.
- bitexploder 6y ago
  It’s still backed by the currency. Kind of like how when you make a stock trade the actual trade isn’t cleared for some time. In this way the blockchain of Bitcoin is simply transparent and easy to follow, if slow and expensive.
  - dragontamer 6y ago
    A big criticism of the current market is that Tethers aren't backed by anything. Nonetheless, there's a huge BTC and USDT and USD trade going on.
- efwfwef 6y ago
  The same reason why when you use Venmo you don't think "wait, why use USD at all if it's all a database?" The truth is, the current financial system is just a large number of databases trying to sync with one another, and one of cryptocurrencies' goal is to decrease this amount of databases.
  - dragontamer 6y ago
    > and one of cryptocurrencies' goal is to decrease this amount of databases. And replace them with one of the biggest wastes of electricity? What's the point of "getting rid of databases", when you end up needing them for something as fundamental as an BTC/USD exchange anyway?
    - efwfwef 6y ago
      > biggest wastes of electricity you're aware that you're talking about legacy cryptocurrencies?
rohitb91 6y ago
The whole point of bitcoin was to be decentralized. If bitcoin transactions are loaded up on an app like robinhood, then it’s no different than robinhoodbux
- 6nf 6y ago
  You don't have to use the aggregators, it's just more expensive without them.

by 6nf 6y ago

dragontamer 6y ago

But if it's off chain, why use Bitcoin at all? If you never actually use the blockchain, then you don't really know if those BTC you 'bought' even exist.

bitexploder 6y ago
It’s still backed by the currency. Kind of like how when you make a stock trade the actual trade isn’t cleared for some time. In this way the blockchain of Bitcoin is simply transparent and easy to follow, if slow and expensive.
- dragontamer 6y ago
  A big criticism of the current market is that Tethers aren't backed by anything. Nonetheless, there's a huge BTC and USDT and USD trade going on.
efwfwef 6y ago
The same reason why when you use Venmo you don't think "wait, why use USD at all if it's all a database?" The truth is, the current financial system is just a large number of databases trying to sync with one another, and one of cryptocurrencies' goal is to decrease this amount of databases.
- dragontamer 6y ago
  > and one of cryptocurrencies' goal is to decrease this amount of databases. And replace them with one of the biggest wastes of electricity? What's the point of "getting rid of databases", when you end up needing them for something as fundamental as an BTC/USD exchange anyway?
  - efwfwef 6y ago
    > biggest wastes of electricity you're aware that you're talking about legacy cryptocurrencies?

rohitb91 6y ago

The whole point of bitcoin was to be decentralized. If bitcoin transactions are loaded up on an app like robinhood, then it’s no different than robinhoodbux

6nf 6y ago
You don't have to use the aggregators, it's just more expensive without them.