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> What Bitcoin is good for is being internet dollars that can’t be spent twice. That’s a nontrivial feature. Funny. My bank account does that too and transacti
by hnbad 4y ago
> What Bitcoin is good for is being internet dollars that can’t be spent twice. That’s a nontrivial feature.
Funny. My bank account does that too and transactions don't cost me anything. I can even use trusted services to do direct banking when I want to buy something online so the seller can instantly verify the transaction and I don't have to deal with entering numbers.
But then again I live in Europe and our banking system doesn't run on physical paper checks delivered by carrier pigeons. I wonder how much it would cost to upgrade and maintain the US banking system compared to moving the entire US to crypto or Bitcoin.
- adoxyz 4y agoThat's something I've never understood as a benefit of Bitcoin. In my 20+ years of digital spending, I've never run into an issue (or know of anyone) that's spent the same money twice.
- birracerveza 4y agoDo you live in a first world country? That may be why.
- hnbad 4y agoM-Pesa exists: https://en.wikipedia.org/wiki/M-Pesa https://en.wikipedia.org/wiki/M-Pesa Crypto/Bitcoin is frequently touted as a solution for banking the unbanked. But the transaction fees alone make the technology useless for that. Existing solutions like M-Pesa are widely adopted and work. They don't even have to make up new currencies to use it.