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Go look up MPesa. Been around as long as Bitcoin, and unlike Bitcoin it’s banking thr unbanked, allowing FG cheap transfers and being used in millions of real

Go look up MPesa. Been around as long as Bitcoin, and unlike Bitcoin it’s banking thr unbanked, allowing FG cheap transfers and being used in millions of real life transactions all across Africa. So yeah, Bitcoin and most other crypto are a joke compared to actual real life in use technology. Edit: Bitcoin does fewer than 300k transactions a day, so let’s be generous and say it does a million. That’s 365million transactions a year. MPesa has been regularly handling over 15billion transactions a year. https://www.statista.com/statistics/1139181/m-pesa-transaction-volume/ https://www.statista.com/statistics/1139181/m-pesa-transacti... https://www.statista.com/statistics/730806/daily-number-of-bitcoin-transactions/ https://www.statista.com/statistics/730806/daily-number-of-b...

Melting_Harps 4y ago
MPesa is awesome, but entirely outdated and relies on a central entity; it was a good solution for its time, but it fails to do much other than scale. There was a bitcoin version of that called Bitpesa, which has been in Africa for some time, too. > So yeah, Bitcoin and most other crypto are a joke compared to actual real life in use technology. > Edit: Bitcoin does fewer than 300k transactions a day, so let’s be generous and say it does a million. That’s 365million transactions a year. MPesa has been regularly handling over 15billion transactions a year. BTC transferred $3 trillion last year, rivaling Visa/MC [0], so your point is entirely disingenuous, hence why you posted this on a throwaway. 0: https://www.financemagnates.com/cryptocurrency/news/bitcoin-network-processed-3-trillion-worth-of-payments-in-2021/ https://www.financemagnates.com/cryptocurrency/news/bitcoin-...
- thawaya3113 4y ago
  Volume doesn’t matter in terms of BTC’s operational capacity. It just reflects how 1 BTC is priced. The number of transactions that can be made on the Bitcoin network is ridiculously low, which is why it can never be a currency. What the “volume” represents is the high valuation of a Bitcoin and little else. And if you further break down those transactions into those that are actual money transfers and payments, vs those that are just financial engineering within crypto or simply Converting money to and from BTC it will look pitifully small.
  - Melting_Harps 4y ago
    You keep changing the goal posts to suit your narrative, tx volume alone is not entirely insignificant, but I'm guessing you also don't realize most tx on exchanges are not on the blockchain. Furthermore, LN has also offset a lot of the load for smaller txs as it was intended to be. Several exchanges have also opted for it, too. Again, you either do not know what you are talking about, or are simply making absurd arguments to distort the reality that a system that competes with VISA and MC has emerged all while being snubbed by most of you here. Is it perfect? Hell no, absolutely not; but it does work and unlike te payment rails you are relying on they cannot be shutdown or censored as much as many people have tried. Mining half empty blocks while on the surface is alarming it's actually a sign of progress, mempool bloat is one of the attack vectors that was used in 2014 and then in 2017, which made Segwit necessary; but again, I doubt you have any idea of what any of that means and the implications of it so I'll stop here. Either way, this is going no where and to be honest it's not worth engaging with any further as they are just the same tired talking points that always get brought up and repeated all of which can be refuted with a simple google search.

Melting_Harps 4y ago

MPesa is awesome, but entirely outdated and relies on a central entity; it was a good solution for its time, but it fails to do much other than scale. There was a bitcoin version of that called Bitpesa, which has been in Africa for some time, too. > So yeah, Bitcoin and most other crypto are a joke compared to actual real life in use technology. > Edit: Bitcoin does fewer than 300k transactions a day, so let’s be generous and say it does a million. That’s 365million transactions a year. MPesa has been regularly handling over 15billion transactions a year. BTC transferred $3 trillion last year, rivaling Visa/MC [0], so your point is entirely disingenuous, hence why you posted this on a throwaway. 0: https://www.financemagnates.com/cryptocurrency/news/bitcoin-network-processed-3-trillion-worth-of-payments-in-2021/ https://www.financemagnates.com/cryptocurrency/news/bitcoin-...

thawaya3113 4y ago
Volume doesn’t matter in terms of BTC’s operational capacity. It just reflects how 1 BTC is priced. The number of transactions that can be made on the Bitcoin network is ridiculously low, which is why it can never be a currency. What the “volume” represents is the high valuation of a Bitcoin and little else. And if you further break down those transactions into those that are actual money transfers and payments, vs those that are just financial engineering within crypto or simply Converting money to and from BTC it will look pitifully small.
- Melting_Harps 4y ago
  You keep changing the goal posts to suit your narrative, tx volume alone is not entirely insignificant, but I'm guessing you also don't realize most tx on exchanges are not on the blockchain. Furthermore, LN has also offset a lot of the load for smaller txs as it was intended to be. Several exchanges have also opted for it, too. Again, you either do not know what you are talking about, or are simply making absurd arguments to distort the reality that a system that competes with VISA and MC has emerged all while being snubbed by most of you here. Is it perfect? Hell no, absolutely not; but it does work and unlike te payment rails you are relying on they cannot be shutdown or censored as much as many people have tried. Mining half empty blocks while on the surface is alarming it's actually a sign of progress, mempool bloat is one of the attack vectors that was used in 2014 and then in 2017, which made Segwit necessary; but again, I doubt you have any idea of what any of that means and the implications of it so I'll stop here. Either way, this is going no where and to be honest it's not worth engaging with any further as they are just the same tired talking points that always get brought up and repeated all of which can be refuted with a simple google search.