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If you ignore the anarcho-capitalism fanatics, you can see bitcoin has its uses. It is great for international trade without having to use Paypal. And there are
by codexon 14y ago
If you ignore the anarcho-capitalism fanatics, you can see bitcoin has its uses. It is great for international trade without having to use Paypal. And there are no chargebacks.
The big problem with Bitcoin is that it is really slow to verify a transaction so it is not going to replace current solutions in the next decade. But it definitely has a niche.
However the price of bitcoins barely risen by $1 so I doubt Iranians have bought more than $10,000 worth of bitcoins.
- politician 14y ago"really slow to verify a transaction" 10 minutes to get into the block chain + 50 minutes (5 additional rounds) to shift the probabilities of a fraudulent transaction (e.g. double-spending) down near 0. This may or may not be too slow depending on the transaction.
- xyproto 14y agoNot too slow for must purchases over the internet, one would think.
- codexon 14y agoWhen you can buy something instantly with paypal on a competitor's site, it is too slow.
- politician 14y agoOn the other had, for something like automatic subscription renewals it's fine.