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wrong, with credit cards you have a 2.5% fee with every single transfer you ever make. A pays B pays C pays D, each step has a fee. With Bitcoin ONLY the people
by nazgulnarsil 13y ago
wrong, with credit cards you have a 2.5% fee with every single transfer you ever make. A pays B pays C pays D, each step has a fee. With Bitcoin ONLY the people who do fiat exchanges pay a fee, A pays B pays C pays D, only A and D pay a fee. This has massive economic implications if bitcoin starts getting penetration.
- shredfvz 13y agoActually, depending on your respective tax authority's treatment of Bitcoin taxes, it's more like: A pays B (A now owes taxes on realized gains) B pays C (B now owes taxes on realized gains) C pays D (C now owes taxes on realized gains) However, as a commodity with limited supply, BTC may still be a good store of value. Basically what you guys need to realize is Bitcoin only makes sense when you completely disregard "the system". If nobody pays any taxes, nobody does AML/KYC, and everybody uses BTC ubiquitously, then yes, it's a cheaper and more efficient system. What irks me to no end as a proponent of Bitcoin is how many people are into Bitcoin nowadays purely as a get-rich-quick scheme or because it's en vogue. There are real, significant societal conversations that need to be had on a massive scale before Bitcoin makes sense for the average person, and most people just aren't willing to bring that conversation to the forefront. Too busy raising VC.