21 ms·
> That is what bitcoin is supposed to be - sound money. Bitcoin can't be used as money in most cases as transactions are too expensive and slow. It has failed
by Tepix 5y ago
> That is what bitcoin is supposed to be - sound money.
Bitcoin can't be used as money in most cases as transactions are too expensive and slow. It has failed its primary function. Instead of doing something about it, the notion of using bitcoin like money has been abandonded and it's merely a "store of value". That's until people stop valuing it.
- jkhdigital 5y agoIs cash money? What percentage of your transactions are settled in cash? Money and payment settlement systems are not the same thing, although you could be forgiven for believing that. I use a credit card for 99% of my transaction volume, and credit cards are not money. The fact that the notional value of the transaction is denominated in dollars doesn't mean I am actually using dollars as the medium of exchange--the exchange is facilitated by a clearinghouse and my individual transaction may not even result in a transfer of money (actual dollars) between parties, if there is an offsetting transaction (or chain of transactions) within the same settlement period.
- Tepix 5y agoYes, cash is money and a large percentage of my transactions are settled in cash (currently with covid the percentage is a bit lower).