3 ms·

> fast Not fast. Most cryptocurrencies have unbearably slow transaction or confirmation times. Maybe if you are buying a car, they will be confirmed by the tim

> fast Not fast. Most cryptocurrencies have unbearably slow transaction or confirmation times. Maybe if you are buying a car, they will be confirmed by the time the paperwork is done. Even with initiatives like the lightning network, it's still slow. So much so that some of the major exchanges will tally your transactions off-chain, to be confirmed later. > cheap It really isn't. Be it gas fees or computational power > secure Eh, depends. Surely the transaction itself may be from the blockchain's viewpoint. But if your coins get stolen or your exchange gets hacked you really have no recourse. And that's just one issue. And before anyone says "hardware wallet", exploits have been found for those as well, assuming they were even secure to begin with. > anonymized They are not anonymous. With a few exceptions, all transactions are visible in the chain, forever. This works as long as you never need to convert to/from fiat. The moment you do, your identity is exposed - even retroactively. It's way worse than cash. Tumblers only help so much.

EL_Loco 4y ago
I'll agree with anyone saying that this NFT craze is idiotic, and that most cryptocurrencies don't have any utility, but to say that crypto isn't fast, cheap or secure is like saying 90's internet couldn't have webpages with pictures because gopher couldn't have pictures. I send money to my sister from my algorand wallet to hers in one second (literally), any amount for something like $0.0001. I'm not well versed enough in security to make any claim about safety, but if I have to trust someone regarding the security of some software, it might as well be this company's founder. Right now it's by far the best method to send money accross the globe. edit: forgot to add that it's also very energy efficient
- hnthrow1010 4y ago
  >Right now it's by far the best method to send money accross the globe. No it is not. In banking and in payments, security typically means that there are guarantees your money will not suddenly disappear or get stolen by hacks and fraud, which cryptocurrencies have zero guarantees against. In fact, it is extremely likely that at some point your money will disappear, because the value of these coins is extremely manipulated. And that is not even getting into the huge number of defi hacks, rug pulls and bankruptcies that have happened recently.
  - Spivak 4y ago
    I mean sure but for the specific problem of sending money between two a people who have already established an out of band trust relationship but who reside in different parts of the globe the blockchain is a fine solution that’s secure, fast, and cheap (and the alternatives aren’t)
emilsedgh 4y ago
Compare this to bank wire transfers and it's much faster, cheaper and anonymized. If you want to send big money from an account to another, or from a country to another, Bitcoin is really cheap, secure and anonymized.

EL_Loco 4y ago

I'll agree with anyone saying that this NFT craze is idiotic, and that most cryptocurrencies don't have any utility, but to say that crypto isn't fast, cheap or secure is like saying 90's internet couldn't have webpages with pictures because gopher couldn't have pictures. I send money to my sister from my algorand wallet to hers in one second (literally), any amount for something like $0.0001. I'm not well versed enough in security to make any claim about safety, but if I have to trust someone regarding the security of some software, it might as well be this company's founder. Right now it's by far the best method to send money accross the globe. edit: forgot to add that it's also very energy efficient

hnthrow1010 4y ago
>Right now it's by far the best method to send money accross the globe. No it is not. In banking and in payments, security typically means that there are guarantees your money will not suddenly disappear or get stolen by hacks and fraud, which cryptocurrencies have zero guarantees against. In fact, it is extremely likely that at some point your money will disappear, because the value of these coins is extremely manipulated. And that is not even getting into the huge number of defi hacks, rug pulls and bankruptcies that have happened recently.
- Spivak 4y ago
  I mean sure but for the specific problem of sending money between two a people who have already established an out of band trust relationship but who reside in different parts of the globe the blockchain is a fine solution that’s secure, fast, and cheap (and the alternatives aren’t)

emilsedgh 4y ago

Compare this to bank wire transfers and it's much faster, cheaper and anonymized. If you want to send big money from an account to another, or from a country to another, Bitcoin is really cheap, secure and anonymized.