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I honestly don’t think actual cryptocurrency’s exist. I was very excited when bitcoin came out in 2008 or so but soon after I thought this is not really useful

by msoad 4y ago

I honestly don’t think actual cryptocurrency’s exist. I was very excited when bitcoin came out in 2008 or so but soon after I thought this is not really useful as a currency

shaky-carrousel 4y ago
It's globally used for cheap international money transfers. I use litecoin for that.
- randomhodler84 4y ago
  Litecoin also has some privacy features now too — MWEB (mimblewimble extension blocks) that aggregates all MW tx into a single blob, and hides the amounts transacted. Check it out if you haven’t seen it, it would be good for the network to expand the volume of the anonymity set.
  - shaky-carrousel 4y ago
    I didn't know, I'll check it out, thanks!
voldacar 4y ago
I have used monero plenty of times. Speculators don't like it so it has a relatively stable price, unlike bitcoin.
- deleted 4y ago
  [deleted]
g5095 4y ago
weirdly it seems dogecoin is the only original cryptocurrency still trying to be a 'currency' if you read the plans https://foundation.dogecoin.com/trailmap/prologue/ https://foundation.dogecoin.com/trailmap/prologue/
kragen 4y ago
It's hard to tell for sure, but the evidence suggests that several tens of millions of people survive on Bitcoin remittances from their family members abroad.
- giaour 4y ago
  What evidence?
- SahAssar 4y ago
  Even if they do, why would the best way to allow efficient international transfers be to invent a whole new financial system? If the money is coming from traditional money (as the workers are basically always paid in traditional money) and will be exchanged into traditional money (as the recipients of the remittances will exchange to to be able to use it) why would we want to add an intermediate crypto step (which is also quite volatile)?
  - bitxbitxbitcoin 4y ago
    It’s the best way because those in power in the centralized institutions embedded along the existing financial system don’t want to service these “fringe” use cases that to them are too volatile. - that’s one potential answer at least.
  - sshine 4y ago
    > why would the best way to allow efficient international transfers be to invent a whole new financial system? The risk of running a traditional currency exchange in places where people really need money is high. Some places simply don’t have a money service for this reason. If you can cut the middle man and transfer money discretely, you may actually be able to send money, as opposed to not. tl;dr: If the average risk is high enough, the volatility of Bitcoin and risk of getting scammed may actually be lower.
    - SahAssar 4y ago
      But you still need to have a bitcoin exchange accessible, both to the sender and to the receiver, right? And in the cases of unbanked areas that exchange needs to be physical and able to give out physical cash. It doesn't need to be the same exchange, but both those exchanges would still have the same issues as a traditional exchange, right? Walk me through a transaction that is better with bitcoin and would not be easier by modifying the current system.

by msoad 4y ago

I honestly don’t think actual cryptocurrency’s exist. I was very excited when bitcoin came out in 2008 or so but soon after I thought this is not really useful as a currency

shaky-carrousel 4y ago

It's globally used for cheap international money transfers. I use litecoin for that.

randomhodler84 4y ago
Litecoin also has some privacy features now too — MWEB (mimblewimble extension blocks) that aggregates all MW tx into a single blob, and hides the amounts transacted. Check it out if you haven’t seen it, it would be good for the network to expand the volume of the anonymity set.
- shaky-carrousel 4y ago
  I didn't know, I'll check it out, thanks!

voldacar 4y ago

I have used monero plenty of times. Speculators don't like it so it has a relatively stable price, unlike bitcoin.

deleted 4y ago
[deleted]

g5095 4y ago

weirdly it seems dogecoin is the only original cryptocurrency still trying to be a 'currency' if you read the plans https://foundation.dogecoin.com/trailmap/prologue/ https://foundation.dogecoin.com/trailmap/prologue/

kragen 4y ago

It's hard to tell for sure, but the evidence suggests that several tens of millions of people survive on Bitcoin remittances from their family members abroad.

giaour 4y ago
What evidence?
SahAssar 4y ago
Even if they do, why would the best way to allow efficient international transfers be to invent a whole new financial system? If the money is coming from traditional money (as the workers are basically always paid in traditional money) and will be exchanged into traditional money (as the recipients of the remittances will exchange to to be able to use it) why would we want to add an intermediate crypto step (which is also quite volatile)?
- bitxbitxbitcoin 4y ago
  It’s the best way because those in power in the centralized institutions embedded along the existing financial system don’t want to service these “fringe” use cases that to them are too volatile. - that’s one potential answer at least.
- sshine 4y ago
  > why would the best way to allow efficient international transfers be to invent a whole new financial system? The risk of running a traditional currency exchange in places where people really need money is high. Some places simply don’t have a money service for this reason. If you can cut the middle man and transfer money discretely, you may actually be able to send money, as opposed to not. tl;dr: If the average risk is high enough, the volatility of Bitcoin and risk of getting scammed may actually be lower.
  - SahAssar 4y ago
    But you still need to have a bitcoin exchange accessible, both to the sender and to the receiver, right? And in the cases of unbanked areas that exchange needs to be physical and able to give out physical cash. It doesn't need to be the same exchange, but both those exchanges would still have the same issues as a traditional exchange, right? Walk me through a transaction that is better with bitcoin and would not be easier by modifying the current system.