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Bitcoin's primary use case isn't the same as Visa's. Visa is good at processing many small transactions. Bitcoin is good at storing value over time, across bo
by panarky 6y ago
Bitcoin's primary use case isn't the same as Visa's.
Visa is good at processing many small transactions.
Bitcoin is good at storing value over time, across borders, without censorship.
Since Bitcoin is useful without many transactions, it's deceptive to measure its energy usage per transaction.
It would be equally useless to cite Visa's 10-year stored value percentage gain vs. gold, because preserving value over time is not what Visa does.
- cosmotic 6y agoA bank is good at storing value over time. I'd argue that bitcoin is not, considering all the lost wallets and wild swings in value. From my limited vantage point, BitCoin's actual use cases are underground/gray markets and speculation.
- panarky 6y agoBanks are not good at storing value over time, that's why institutions and high net worth individuals are searching for alternatives. Banks store government money which depreciates gradually in good years, and devalues rapidly in bad years. It's all one direction, toward zero, it never gains value. On top of the relentless depreciation, add the risk of bank insolvency. Banks are terrible stores of value.
- cosmotic 6y agoAre you referring to the low interest rate? I suspect that depends largely on which bank/currency you're referring to. Bitcoin sure doesn't fair very well, except if you invest at the right time. The bank is a known quantity.
- panarky 6y ago> Bitcoin sure doesn't fair (sic) very well, except if you invest at the right time Historically, you could have bought 99.8% of the days Bitcoin existed and you would be up today.