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El Salvador is trying to use it a currency. Well, I still wouldn't consider it a currency since pretty much everything will be priced in dollars, but they are u
by frankbreetz 5y ago
El Salvador is trying to use it a currency. Well, I still wouldn't consider it a currency since pretty much everything will be priced in dollars, but they are using to transfer value. One of the man reasons for this was to send home remittances.
Many people still believe Bitcoin could at least be used to transfer value, like a currency. AMC, Starbucks, and United Wholesale Mortgage are all looking into accepting it. Whether these come to be seems to be seen, but there is obviously a lot of people that still expect Bitcoin to be a currency, or at the very least a way to transfer value.
- deleted 5y ago[deleted]
- jacobr1 5y agoMy understanding is that they are trying to use the Lightning Network. Though my brief googling of this only shows speculation that this is the case, rather than confirmation.
- pcthrowaway 5y agoLightning Network is an abomination. The company behind it, Blockstream, actively suppressed the movement to increase the block size, which led to the bitcoin cash fork.
- lottin 5y agoYes, Bitcoin promoters are fully aware that the Bitcoin blockchain is unsuitable for any practical purpose, so they started working on a replacement, the so-called Lightning Network, but it turns the LN is even less likely to work than the Bitcoin blockchain. See this video for some if its fatal design flaws https://www.youtube.com/watch?v=pOZaLbUUZUs https://www.youtube.com/watch?v=pOZaLbUUZUs
- mech422 5y agoBitcoin is generally considered a 'store of value' rather then a day to day 'currency'... Sorta like a savings bond vs a credit card And a few years back, before the transaction fees got so high - there were a few places that took it. NewEgg comes to mind.
- acdha 5y agoMore accurately, after years of failing to be viable as a currency the salespeople started claiming the goal had never been replacing cash and instead was some sort of poorly defined “store of value” instead of what they’d spent the previous decade spinning stories about. Since a real reserve currency is stable and backed by consistent demand, it’s unclear why anyone expects a pure fiat currency backed only by a small community of speculators to be successful.
- dale_glass 5y agoWell, not really. BTC was sort of usable as a currency to a point. You could even buy games on Steam with it. But it had a 1MB block size limit, which was initially implemented to prevent spam. This was obstinately kept in place, and that quickly destroyed its usefulness as a currency -- since now there's a lot of contention, transacting is slow and expensive. This doesn't bother the people who want an asset to buy once, but makes it useless as a currency.
- acdha 5y agoIt was technically possible but nobody seriously did it because the transactions were very slow and fees were massive compared to everything else, not to mention that the deflationary design meant that anyone who did would be mocked for not having held on until the value went up. Remember all of those comments about people buying a pizza with what a few years later would have been thousands of dollars? That sealed its fate as a currency because anyone who has an alternative will be better off using it as long as speculators are pouring money in.
- mech422 5y ago>>the transactions were very slow and fees were massive compared to everything else I gotta admit, this is my biggest issue with crypto. So far, it's just too slow/expensive to be attractive to me as a day to day tool.