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Bitcoin onchain payments are still faster and cheaper than using something like Western Union. The lightning network is even faster and cheaper than that. htt

by neb_b 5y ago

Bitcoin onchain payments are still faster and cheaper than using something like Western Union. The lightning network is even faster and cheaper than that. https://twitter.com/jackmallers/status/1428429890957848591 https://twitter.com/jackmallers/status/1428429890957848591 (tweet text, also includes a video and some more info) "With @Bitnob_official's Lightning Network integration, we now have free, instant, non-reversible remittances of any size to and from the United States, Nigeria, and Ghana. $10 in my US bank account became spendable NGN for @bernard_parah in seconds. Monetary history."

f32jhnjk33jj 5y ago
I don't know a single person who uses bitcoins or a single store that accepts them... and it's very risky for companies due to it's extreme volatility (the price may increase/decrease by hundreds percent within days or weeks)
- anchpop 5y ago
  How many people do you know that send or receive remittances?
- neb_b 5y ago
  That's anecdotal. I know many people that use bitcoin every day. Bitcoin is much more useful (currently) to people that don't have access to traditional banking systems that many people take for granted.
  - avaldes 5y ago
    > That's anecdotal. I know many people that use bitcoin every day. Which country?
igammarays 5y ago
The real value is only in the USD and NGN. Using Bitcoin to move the value is only propped by hype-fueled insanity that doesn't need to exist. International banks could easily create an international money-transfer system that would be far more reliable and secure than any decentralized Ponzi scheme. An in fact, such systems do exist - for example I used to earn in USD and spend instantly in other countries using international Visa/Mastercards like Revolut or Wise.
- neb_b 5y ago
  You are lucky that you had access to those services. In many poor countries the majority of citizens do not have a bank account. Even if international banks created these services (why haven't they done more of this already if it's easy?) these people would not be able to access it.

by neb_b 5y ago

f32jhnjk33jj 5y ago

I don't know a single person who uses bitcoins or a single store that accepts them... and it's very risky for companies due to it's extreme volatility (the price may increase/decrease by hundreds percent within days or weeks)

anchpop 5y ago
How many people do you know that send or receive remittances?
neb_b 5y ago
That's anecdotal. I know many people that use bitcoin every day. Bitcoin is much more useful (currently) to people that don't have access to traditional banking systems that many people take for granted.
- avaldes 5y ago
  > That's anecdotal. I know many people that use bitcoin every day. Which country?

igammarays 5y ago

The real value is only in the USD and NGN. Using Bitcoin to move the value is only propped by hype-fueled insanity that doesn't need to exist. International banks could easily create an international money-transfer system that would be far more reliable and secure than any decentralized Ponzi scheme. An in fact, such systems do exist - for example I used to earn in USD and spend instantly in other countries using international Visa/Mastercards like Revolut or Wise.

neb_b 5y ago
You are lucky that you had access to those services. In many poor countries the majority of citizens do not have a bank account. Even if international banks created these services (why haven't they done more of this already if it's easy?) these people would not be able to access it.