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A decentralized, global currency that makes sending/receiving money cheap & easy anywhere in the globe. I do think payments will come in time as well with Visa
by nightski 5y ago
A decentralized, global currency that makes sending/receiving money cheap & easy anywhere in the globe. I do think payments will come in time as well with Visa & Square both heavily invested in the space.
It doesn't need to be optimal or better than any of the other solutions. Because the above is enough.
Something like that takes time. Like you said it's not just about the technology (which itself has evolved a lot). It's about momentum, knowledge and trust.
We now have the crypto.com stadium in LA (ex Staples Center). It's gaining momentum with the public, corporations, and financial institutions. The decentralized nature has made it so far resilient to bans & attacks.
It's fine if crypto gets heavily regulated. In fact in my opinion that would only build trust in it. The space does not need to be the wild west.
But people take more time to change than technology.
- riantogo 5y agoWon't regulations make it expensive? I don't think the technical aspects of money causes the high transaction cost. The regulations does.
- grey-area 5y agoCurrent fees are very high: eth $81!, Bitcoin $2.78 Time to confirmation varies from 300-600 seconds compared with ~ 1-3 seconds on traditional networks. I’m afraid it is neither cheap nor easy.
- keymone 5y ago0 fees on bitcoin with lightning. confirmation as fast as your internet latency. no tradeoff in security or underlying asset - it's still bitcoin.
- pcthrowaway 5y agoThere are other blockchains without those issues. I'm not naming names but if you care to research the space at all you'll find many, with various strengths and tradeoffs.
- TimJRobinson 5y agozksync, Optimism, Arbitrum, DyDx, Loopring are all available now, have instant confirmations, and cost <$1 for transactions. They are layer 2's on top of Ethereum. This is why Visa and other major financial firms are building on Ethereum.