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Have you ever tried sending money abroad? With BTC/ETH/USDC it takes seconds. The whole process is entirely transparent. It doesn't get blocked if you reach so

Have you ever tried sending money abroad? With BTC/ETH/USDC it takes seconds. The whole process is entirely transparent. It doesn't get blocked if you reach some threshold. And the fees are smaller than with the traditional banking system. And unlike with banks, anybody is allowed to open a new wallet. You don't have to get approval, which is difficult if you live in the streets or in a 3rd-world country. I'm not endorsing the rest of crypto but having a trusted and transparent ledger for large transactions is nice.

Denisos 4y ago
i totally agree
randomsearch 4y ago
I am skeptical of all the crypto schemes, and this is the only use case I find convincing. The small producer in China is paid by the American company via a digital currency. Faster, easier, cheaper. Continued use of such a medium could over the long-term conceivably lead to widespread adoption, regulation, and a global currency. Fiat is disadvantaged when transactions cross borders. I think we'll look back on this period as a painful learning process, which will set back such a digital currency by years. Perhaps it is inevitable, though, that some people will in the short-term exploit such situations for personal gain at the expense of the rest of us. Now we have to sort out the mess and wait. It seems that both in the adtech (Facebook etc.) and crypto spaces, our industry has disgraced itself. We are at an incredible moment in history when our skills are pivotal - we're building the infrastructure of the modern world. We need to use our skills to improve things. The most obvious way to improve the situation is to carefully choose who we work for.
dragandj 4y ago
At first I was excited to hear more about the process of “sending money” you had mentioned, but then I read your post, and realized that there weren’t any money involved, but “BTC/ETH/USD”...
- zimbatm 4y ago
  How is that not the same thing? If you can reliably exchange it from one to the other?
School-Cotton 4y ago
Not sure about the others, but it takes a very long time to send Bitcoin (tens of minutes) if you care about waiting for one or more confirming blocks which most people do.
- zimbatm 4y ago
  Sure, it's still shorter than days that international bank transfers take. Especially over the weekend. It doest't replace day-to-day payment but is pretty good for paying invoices.
TheOtherHobbes 4y ago
Do the fees include the loss of around two thirds of BTC's value over the last year? Or the mysterious disappearance of literally billions from various exchanges?
- zimbatm 4y ago
  That's just sarcastic talk. Both can be true at the same time.

Denisos 4y ago

i totally agree

randomsearch 4y ago

I am skeptical of all the crypto schemes, and this is the only use case I find convincing. The small producer in China is paid by the American company via a digital currency. Faster, easier, cheaper. Continued use of such a medium could over the long-term conceivably lead to widespread adoption, regulation, and a global currency. Fiat is disadvantaged when transactions cross borders. I think we'll look back on this period as a painful learning process, which will set back such a digital currency by years. Perhaps it is inevitable, though, that some people will in the short-term exploit such situations for personal gain at the expense of the rest of us. Now we have to sort out the mess and wait. It seems that both in the adtech (Facebook etc.) and crypto spaces, our industry has disgraced itself. We are at an incredible moment in history when our skills are pivotal - we're building the infrastructure of the modern world. We need to use our skills to improve things. The most obvious way to improve the situation is to carefully choose who we work for.

dragandj 4y ago

At first I was excited to hear more about the process of “sending money” you had mentioned, but then I read your post, and realized that there weren’t any money involved, but “BTC/ETH/USD”...

zimbatm 4y ago
How is that not the same thing? If you can reliably exchange it from one to the other?

School-Cotton 4y ago

Not sure about the others, but it takes a very long time to send Bitcoin (tens of minutes) if you care about waiting for one or more confirming blocks which most people do.

zimbatm 4y ago
Sure, it's still shorter than days that international bank transfers take. Especially over the weekend. It doest't replace day-to-day payment but is pretty good for paying invoices.

TheOtherHobbes 4y ago

Do the fees include the loss of around two thirds of BTC's value over the last year? Or the mysterious disappearance of literally billions from various exchanges?

zimbatm 4y ago
That's just sarcastic talk. Both can be true at the same time.