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The thing is, crypto coins tend to be terrible ways to transmit value. They usually have massive overhead compared to pretty much every other system and are of
by jandrese 4y ago
The thing is, crypto coins tend to be terrible ways to transmit value. They usually have massive overhead compared to pretty much every other system and are often quite slow.
Anybody who has tried to pay for something directly with Bitcoin will see the problem instantly. The mining fee is a significant percentage of your transfer unless you're sending literally thousands of dollars worth of Bitcoin and it typically takes 4-24 hours for the transaction to clear unless you're willing to increase the transaction fee significantly.
Crypto currencies are so bad at this that PayPal is a better way to transfer money. Let that sink in.
- joyfylbanana 4y agoI have been using Bitcoin for various online purchases for many years. For me it always works fluently. In fact I have had more cumbersome experiences with fiat payments. Not that I have much problems with any payment methods. I just prefer to hold Bitcoin and use it as my primary currency. I'm willing to willing to spend some extra effort to pay with it, but if it gets too difficult I'll resort to fiat.
- csomar 4y agoComparing a Bitcoin transaction to a PayPal transactions is comparing Apples to Elephants. They have different value proposition. A more fair comparison is comparing a PayPal transaction to a Coinbase one. In which case they are the same (haven't used PayPal for a while, so not sure if they are charging fees for P2P transfers).