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«could never replace a national currency» There are plenty of scenarios for Bitcoin to succeed and be useful without necessarily replacing national currencies.
by mrb 6y ago
«could never replace a national currency»
There are plenty of scenarios for Bitcoin to succeed and be useful without necessarily replacing national currencies.
«transaction times in the tens of minutes»
Wires take hours/days. Credit card transactions take 1-2 days before the seller's bank account is actually credited. Obviously speed isn't an issue for adoption given that people tolerate systems much slower than Bitcoin.
«maximal global transaction rate of 5-10 per second»
Bitcoin Lightning Network supports thousands/millions of transactions per seconds.
«Blockchain couldn't replace»
IMHO it shouldn't replace, but complement.
- tekknik 6y ago> Wires take hours/days. Credit card transactions take 1-2 days before the seller's bank account is actually credited. Obviously speed isn't an issue for adoption given that people tolerate systems much slower than Bitcoin. Wires take hours, rarely, if ever days, and in my experience the money is in the receiving account before I hang up from sending it. Also people tolerate this system because there is nothing else available, and much of it is not a result of lack of desire but anti money laundering. Countries are already moving to digital currency tokens.