8 ms·

Kenya's mPesa vs. Bitcoin

30 points by jusben1369 13y ago

jusben1369 13y ago
I enjoyed this article in that it seems fairly balanced, unemotional and included hard data. It does raise the question about how much of Bitcoin's interest in the press is driven by it's usage as a currency vs its appreciation as a financial asset.
DrStalker 13y ago
Bitcoin has no appeal as a payment system compared to fiat currency for legal transaction. It might be fun and novel but that alone won't make it successful.
- abc123xyz 13y ago
  Erm near zero transaction costs and irreversibility are a HUGE appeal, anyone who sells online and had to deal with Paypal and Credit cards would tell you plenty of nightmares about frozen accounts, chargebacks and chargeback fees and rampant fraud.
  - GFK_of_xmaspast 13y ago
    Why on earth would I as a purchaser want to buy something with bitcoins (which offer me no protection) instead of using a credit card (which offers me extensive protections).
    - abc123xyz 13y ago
      Cheaper prices would be one. As a merchant when a customer chooses to pay with bitcoin I pass on the savings (that would instead go to middlemen like paypal and credit card companies) onto the customers, and they love it judging by feedback received. Credit card companies and paypal etc are parasites who siphon billions from global commerce, their business models are based on old money transmission methods. There used to be a time when people would ask as to why they would use credit card over cash, yet people moved on and accepted new concepts and technology
      - waps 13y ago
        That's illegal according to the contracts you have to agree to in order to accept credit cards or paypal. That's why almost nobody is doing that.
        natrius 13y ago
        This isn't true anymore. http://www.cardfellow.com/blog/charging-customers-a-credit-card-convenience-fee-at-check-out/ http://www.cardfellow.com/blog/charging-customers-a-credit-c...
    - weavejester 13y ago
      Perhaps you don't want the purchase to be connected to your credit card, or perhaps the purchase is small enough for it not to matter. I've bought a few indie games with Bitcoin, admittedly mostly for the novelty, but it also turned out it was actually easier than typing in my credit card information. It also requires me to place less trust in the website; sure credit cards have much more protection, but it's still a pain if your credit card number winds up stolen. However, when it comes to physical goods costing more than a trivial amount of money, I'd certainly want to use a credit card.
      - GFK_of_xmaspast 13y ago
        "it was actually easier than typing in my credit card information" What about if you amortize over the time it takes to set up your bitcoin wallet, etcetcetc. (and to be fair, it takes time to set up a credit card, but there's also a much larger set of purchases to amortize over).
        weavejester 13y ago
        I setup my bitcoin wallet in the early days when there was much less infrastructure, and back then it took a while! However, a few months ago I tried a peer-to-peer bitcoin website and I was surprised at how quick it was. I think went from sign-up to bitcoins in my account within about 15 minutes (+ confirmation time). There's still a significant learning cost, of course, but I'm encouraged by how much better the infrastructure around Bitcoin is compared to just a few years ago. The infrastructure looks pretty professional now, and the security practices are noticeably better (though that isn't exactly hard, considering how insecure the earliest services were!)
  - threeseed 13y ago
    When I was holidaying overseas my credit card was left in a taxi. The taxi driver then proceeded to spend over $5000 in 3 days. I spoke to my bank and within a week the money was refunded to me. Those merchants should have had better processes to handle locals using foreign credit cards. And likewise they have the ability to work with local authorities to recoup the lost money. These processes work every day to protect consumers. People using Bitcoin may use it once but the first time they are burned they will never use it again.
    - politician 13y ago
      I wish your taxi driver good luck spending stolen Bitcoins without the owner's private key. The fact that your credit card worked for 3 days for $5000 in unauthorized transactions is a bug, not a feature.
      - vertex-four 13y ago
        What if you left your phone or laptop in the taxi? You could say that at least for the laptop, your wallet should be encrypted with a password... but you're depending on everyday people picking good passwords then, which we all know they don't do.
        atweiden 13y ago
        Storing your coins in a multisig address will mitigate this threat. Look for multisig service providers to offer MFA address security this year. I expect several will tie into major wallets and be very easy to use. If you're keeping serious amounts of cash in a physical wallet, it's on you to remain vigilant about not leaving it out in the open. Same principle with Bitcoin, although I'd say losing your phone with a Bitcoin or two in it won't be quite as devastating since the digital wallet can exist in multiple locations simultaneously. If someone steals your phone, you can restore a backup of the wallet and transfer out the coins just to be sure.
        vertex-four 13y ago
  - gamblor956 13y ago
    near zero transaction costs Ignoring the sizable 3% or greater costs incurred in acquiring the currency, plus the transaction costs associated with prioritizing a transaction for processing. irreversibility For merchants. It's a definite killjoy for customers, and customer uptake is far more important than merchant uptake for a new currency. anyone who sells online and had to deal with Paypal and Credit cards would tell you plenty of nightmares about frozen accounts, chargebacks and chargeback fees and rampant fraud. Nope. The only nightmares I've heard are from people who did things wrong. Paypal and merchant services make their rules pretty clear, and they even offer assistance to merchants to figure out what they need to do. If you're having problems with Paypal or your merchant service provider, it's because you messed up.
    - Casseres 13y ago
      I avoid eBay and use Craigslist for selling stuff because I don't want to risk a PayPal nightmare (due to scams which I always hear about). I'd rather have cash in my hand that I can verify is not counterfeit.
      - GFK_of_xmaspast 13y ago
        There's a huge cost to doing business on Craigslist, to wit, you have to deal with people who do business on Craigslist. (there's good, but dang there's a whole lot of flakes and wackos on CL)
    - wyager 13y ago
      The fact that buyers can't do chargebacks is a good thing. It matches the real-world model (established sellers who can be assigned a reputation, unestablished buyers who can't) much better than credit cards. For eBay-like situations, m- of-n transactions allow for reversibility.
    - natrius 13y ago
      It costs about 1% to acquire Bitcoin using USD. If the merchant wants to receive USD instantly without exchange risk, that's another 1%. Not 3%, which is the typical cost of doing business with credit and debit cards. The last taxi driver I talked to said he pays 5% because he couldn't get approved for Square. Chargebacks are important for credit and debit cards because you hand over your payment credentials many times each day. You never hand over your Bitcoin payment credentials. No one complains that cash doesn't have chargebacks because it just isn't a problem. It'll be fun to speculate on both sides of this issue throughout 2014, but there are tens of millions of dollars floating around to convince merchants that accepting Bitcoin is a good idea. If it's cheaper and usable, it's going to work out. Let's see what the world looks like in July.
  - this_user 13y ago
    Fraud and theft is much more rampant in the BTC universe. By now there have been dozens of large-scale thefts when services were compromised. And unlike with established payment solutions it is next to impossible to get your money back if it happens. As a consumer it is also impossible to pay with BTC ad hoc unless you already own some and thus expose yourself to its volatility. Of course I could see something that I want to buy, then log onto a BTC exchange (which requires me to already have an account) and buy enough BTC to then pay with those BTC. But why would I subject myself to that additional effort for no practical benefits for myself?
  - 21echoes 13y ago
    4-5% transaction cost (http://blockchain.info/charts/cost-per-transaction-percent http://blockchain.info/charts/cost-per-transaction-percent) is certainly not "near zero", and in many cases is higher than credit card transaction costs. just because the current transaction costs are paid with freshly printed money does not mean they dont exist, and as the rate of minting goes down as we near 2080, those transaction costs are going to start coming more and more from the users instead of the mines.
richcollins 13y ago
Perhaps that's true in general but it wasn't true of the internet: http://www.zakon.org/robert/internet/timeline/#Growth http://www.zakon.org/robert/internet/timeline/#Growth
1053r 13y ago
Except his main point (of Bitcoin failing to grow exponentially) is just false. Look at the "number of transactions per day excluding popular addresses" (located at https://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=all&show_header=true&daysAverageString=7&scale=1&address= https://blockchain.info/charts/n-transactions-excluding-popu...). You see a clear straight line on a logarithmic scale. So while Bitcoin may not be growing as fast as mPesa did, it is definitely growing exponentially.
- jnbiche 13y ago
  Agreed -- this is what I signed in to post. I have been waiting for a long time, with growing frustration, for Bitcoin's transaction rate to start taking off[1]. For several years, the transaction rate was near flat. But look at it now! Clearly, people are using Bitcoin for to buy and sell. In fact, my thesis is that increased use of Bitcoin as a currency is partly what is driving down the price. Most of the highest-volume Bitcoin-accepting vendors (Overstock, Gyft, Tiger Direct, etc.) change their Bitcoins immediately to USD, which creates significant selling pressure. 1. If anyone is wondering why the most popular addresses are excluded, it's because those addresses are almost invariably the exchanges, and so they skew the data upward.
  - maxerickson 13y ago
    Can you explain why you think you have any visibility into the trades from those retailers?
    - eloff 13y ago
      Probably because they use coinbase or others that change the money immediately (or guarantee the current price which usually amounts to the same.)
      - maxerickson 13y ago
        That just pushes it off a degree. How do you have any sense of that volume? (volume being critical to deciding whether the trades are interesting)
muyuu 13y ago
Unsurprisingly pymnts.com is not positive about payments going completely P2P and wiping out the middle men from the picture entirely.
- abc123xyz 13y ago
  Well you do have to wonder as to who pays their bills
  - jusben1369 13y ago
    Well Gentlemen the arguments presented either hold water or they don't. Best to stick to the points presented if a rebuttal is what you have in mind.
    - muyuu 13y ago
      They don't. The comparison makes no sense whatsoever.
higherpurpose 13y ago
mPesa has been around for longer, and has a bigger momentum. I don't think there's anything to get out of this besides that. Also, how many people there have at least smartphones, if not PCs, to make their Bitcoin payments? With mPesa you can do it through SMS if I'm not mistaken. So again, of course the market for mPesa is bigger right now. I also don't think it's fair to look at Bitcoin's growth "over the past 5 years", and just conclude Bitcoin "has been flat", when it's just starting to take off now in some countries, and the fact that those regions don't have a ton of smartphones doesn't help.
- infruset 13y ago
  Maybe this will help BTC take off? https://coinbase.com/sms_service https://coinbase.com/sms_service
  - tzs 13y ago
    That one depends on how long Coinbase manages to stay around. They are registered as a money services business with FinCEN, but they do not seem to have registered with the states. It's possible that they did FinCEN registration first (as that is the easiest and I believe is free, whereas the states require that you have a bond), and state registration is in the works, but I've not seen any evidence of that. I'd expect that if they were actually in the midst of getting that done, they would be trumpeting that fact widely, as it would be a great way to make themselves stand out from all the illegal-with-no-intent-to-become-legal Bitcoin money transmitters.
moens 13y ago
pymnts.com ...I was so hoping for a site on grape meads. Alas.
brianfitz 13y ago
For an apples to apples comparison, you must start with the premise that Bitcoin is a platform. M-Pesa, built on top of multiple platforms, is a company. If you want a starting point as a comparison between between the two, you should start the clock on M-Pesa back to the origin of cell towers (platform #1) followed by SMS (platform #2). It was only when these two technologies matured that M-Pesa (a company) became possible.
- jusben1369 13y ago
  I feel like you're stretching pretty hard here. Taking your second point first, why wouldn't we turn back the clock for bitcoin then to the "start" of the internet? And the author here, while sighting M-Pesa, references other new payment types too like PayPal which feels closer to Bitcoin (independent exchange mechanism that can be pulled out in a hard currency) when stating that Bitcoin is well behind the curve of where it needs to be.
  - brianfitz 13y ago
    Paypal is another company, based on existing platforms. Their success was directly tied to their ability to predict fraud and take real-time decisions to block or, at times allow, a high risk transaction to process (assuming their algorithm determined the cost of blocking the transaction was greater than allowing it to go through and issuing a refund). People believe their differentiator was payment processing, but its this very belief that allowed them to kill off their competition. If you view Bitcoin as similar to PayPal, then that is at the heart of why we view this issue differently. I would compare Bitcoin much more closely to HTTP, or other protocols -- and PayPal as being akin to BitPay. When Bitcoin is compared to companies built on top of existing protocols and platforms, then I believe the premise is misguided. M-Pesa's success is directly tied to cheap mobile airtime. In Malawi, I purchased a new cellphone with minutes for $12 USD, and I was paying the airport rate. The same principal goes for Kenya -- there were M-Pesa booths everywhere I went in Nairobi, but only because of the amazing uptake of basic cell phones mostly used for SMS. Without that mature platform, the business could never survive. Bitcoin could ultimately fail, but not due to the adoption curve as outlined in the article.
shitgoose 13y ago
Kenyans are Keynesians, eh? Go figure...

30 points by jusben1369 13y ago

I enjoyed this article in that it seems fairly balanced, unemotional and included hard data. It does raise the question about how much of Bitcoin's interest in the press is driven by it's usage as a currency vs its appreciation as a financial asset.

DrStalker 13y ago

Bitcoin has no appeal as a payment system compared to fiat currency for legal transaction. It might be fun and novel but that alone won't make it successful.

abc123xyz 13y ago
Erm near zero transaction costs and irreversibility are a HUGE appeal, anyone who sells online and had to deal with Paypal and Credit cards would tell you plenty of nightmares about frozen accounts, chargebacks and chargeback fees and rampant fraud.
- GFK_of_xmaspast 13y ago
  Why on earth would I as a purchaser want to buy something with bitcoins (which offer me no protection) instead of using a credit card (which offers me extensive protections).
  - abc123xyz 13y ago
    Cheaper prices would be one. As a merchant when a customer chooses to pay with bitcoin I pass on the savings (that would instead go to middlemen like paypal and credit card companies) onto the customers, and they love it judging by feedback received. Credit card companies and paypal etc are parasites who siphon billions from global commerce, their business models are based on old money transmission methods. There used to be a time when people would ask as to why they would use credit card over cash, yet people moved on and accepted new concepts and technology
    - waps 13y ago
      That's illegal according to the contracts you have to agree to in order to accept credit cards or paypal. That's why almost nobody is doing that.
      - natrius 13y ago
        This isn't true anymore. http://www.cardfellow.com/blog/charging-customers-a-credit-card-convenience-fee-at-check-out/ http://www.cardfellow.com/blog/charging-customers-a-credit-c...
  - weavejester 13y ago
    Perhaps you don't want the purchase to be connected to your credit card, or perhaps the purchase is small enough for it not to matter. I've bought a few indie games with Bitcoin, admittedly mostly for the novelty, but it also turned out it was actually easier than typing in my credit card information. It also requires me to place less trust in the website; sure credit cards have much more protection, but it's still a pain if your credit card number winds up stolen. However, when it comes to physical goods costing more than a trivial amount of money, I'd certainly want to use a credit card.
    - GFK_of_xmaspast 13y ago
      "it was actually easier than typing in my credit card information" What about if you amortize over the time it takes to set up your bitcoin wallet, etcetcetc. (and to be fair, it takes time to set up a credit card, but there's also a much larger set of purchases to amortize over).
      - weavejester 13y ago
        I setup my bitcoin wallet in the early days when there was much less infrastructure, and back then it took a while! However, a few months ago I tried a peer-to-peer bitcoin website and I was surprised at how quick it was. I think went from sign-up to bitcoins in my account within about 15 minutes (+ confirmation time). There's still a significant learning cost, of course, but I'm encouraged by how much better the infrastructure around Bitcoin is compared to just a few years ago. The infrastructure looks pretty professional now, and the security practices are noticeably better (though that isn't exactly hard, considering how insecure the earliest services were!)
- threeseed 13y ago
  When I was holidaying overseas my credit card was left in a taxi. The taxi driver then proceeded to spend over $5000 in 3 days. I spoke to my bank and within a week the money was refunded to me. Those merchants should have had better processes to handle locals using foreign credit cards. And likewise they have the ability to work with local authorities to recoup the lost money. These processes work every day to protect consumers. People using Bitcoin may use it once but the first time they are burned they will never use it again.
  - politician 13y ago
    I wish your taxi driver good luck spending stolen Bitcoins without the owner's private key. The fact that your credit card worked for 3 days for $5000 in unauthorized transactions is a bug, not a feature.
    - vertex-four 13y ago
      What if you left your phone or laptop in the taxi? You could say that at least for the laptop, your wallet should be encrypted with a password... but you're depending on everyday people picking good passwords then, which we all know they don't do.
      - atweiden 13y ago
        Storing your coins in a multisig address will mitigate this threat. Look for multisig service providers to offer MFA address security this year. I expect several will tie into major wallets and be very easy to use. If you're keeping serious amounts of cash in a physical wallet, it's on you to remain vigilant about not leaving it out in the open. Same principle with Bitcoin, although I'd say losing your phone with a Bitcoin or two in it won't be quite as devastating since the digital wallet can exist in multiple locations simultaneously. If someone steals your phone, you can restore a backup of the wallet and transfer out the coins just to be sure.
        vertex-four 13y ago
- gamblor956 13y ago
  near zero transaction costs Ignoring the sizable 3% or greater costs incurred in acquiring the currency, plus the transaction costs associated with prioritizing a transaction for processing. irreversibility For merchants. It's a definite killjoy for customers, and customer uptake is far more important than merchant uptake for a new currency. anyone who sells online and had to deal with Paypal and Credit cards would tell you plenty of nightmares about frozen accounts, chargebacks and chargeback fees and rampant fraud. Nope. The only nightmares I've heard are from people who did things wrong. Paypal and merchant services make their rules pretty clear, and they even offer assistance to merchants to figure out what they need to do. If you're having problems with Paypal or your merchant service provider, it's because you messed up.
  - Casseres 13y ago
    I avoid eBay and use Craigslist for selling stuff because I don't want to risk a PayPal nightmare (due to scams which I always hear about). I'd rather have cash in my hand that I can verify is not counterfeit.
    - GFK_of_xmaspast 13y ago
      There's a huge cost to doing business on Craigslist, to wit, you have to deal with people who do business on Craigslist. (there's good, but dang there's a whole lot of flakes and wackos on CL)
  - wyager 13y ago
    The fact that buyers can't do chargebacks is a good thing. It matches the real-world model (established sellers who can be assigned a reputation, unestablished buyers who can't) much better than credit cards. For eBay-like situations, m- of-n transactions allow for reversibility.
  - natrius 13y ago
    It costs about 1% to acquire Bitcoin using USD. If the merchant wants to receive USD instantly without exchange risk, that's another 1%. Not 3%, which is the typical cost of doing business with credit and debit cards. The last taxi driver I talked to said he pays 5% because he couldn't get approved for Square. Chargebacks are important for credit and debit cards because you hand over your payment credentials many times each day. You never hand over your Bitcoin payment credentials. No one complains that cash doesn't have chargebacks because it just isn't a problem. It'll be fun to speculate on both sides of this issue throughout 2014, but there are tens of millions of dollars floating around to convince merchants that accepting Bitcoin is a good idea. If it's cheaper and usable, it's going to work out. Let's see what the world looks like in July.
- this_user 13y ago
  Fraud and theft is much more rampant in the BTC universe. By now there have been dozens of large-scale thefts when services were compromised. And unlike with established payment solutions it is next to impossible to get your money back if it happens. As a consumer it is also impossible to pay with BTC ad hoc unless you already own some and thus expose yourself to its volatility. Of course I could see something that I want to buy, then log onto a BTC exchange (which requires me to already have an account) and buy enough BTC to then pay with those BTC. But why would I subject myself to that additional effort for no practical benefits for myself?
- 21echoes 13y ago
  4-5% transaction cost (http://blockchain.info/charts/cost-per-transaction-percent http://blockchain.info/charts/cost-per-transaction-percent) is certainly not "near zero", and in many cases is higher than credit card transaction costs. just because the current transaction costs are paid with freshly printed money does not mean they dont exist, and as the rate of minting goes down as we near 2080, those transaction costs are going to start coming more and more from the users instead of the mines.

richcollins 13y ago

Perhaps that's true in general but it wasn't true of the internet: http://www.zakon.org/robert/internet/timeline/#Growth http://www.zakon.org/robert/internet/timeline/#Growth

1053r 13y ago

Except his main point (of Bitcoin failing to grow exponentially) is just false. Look at the "number of transactions per day excluding popular addresses" (located at https://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=all&show_header=true&daysAverageString=7&scale=1&address= https://blockchain.info/charts/n-transactions-excluding-popu...). You see a clear straight line on a logarithmic scale. So while Bitcoin may not be growing as fast as mPesa did, it is definitely growing exponentially.

jnbiche 13y ago
Agreed -- this is what I signed in to post. I have been waiting for a long time, with growing frustration, for Bitcoin's transaction rate to start taking off[1]. For several years, the transaction rate was near flat. But look at it now! Clearly, people are using Bitcoin for to buy and sell. In fact, my thesis is that increased use of Bitcoin as a currency is partly what is driving down the price. Most of the highest-volume Bitcoin-accepting vendors (Overstock, Gyft, Tiger Direct, etc.) change their Bitcoins immediately to USD, which creates significant selling pressure. 1. If anyone is wondering why the most popular addresses are excluded, it's because those addresses are almost invariably the exchanges, and so they skew the data upward.
- maxerickson 13y ago
  Can you explain why you think you have any visibility into the trades from those retailers?
  - eloff 13y ago
    Probably because they use coinbase or others that change the money immediately (or guarantee the current price which usually amounts to the same.)
    - maxerickson 13y ago
      That just pushes it off a degree. How do you have any sense of that volume? (volume being critical to deciding whether the trades are interesting)

muyuu 13y ago

Unsurprisingly pymnts.com is not positive about payments going completely P2P and wiping out the middle men from the picture entirely.

abc123xyz 13y ago
Well you do have to wonder as to who pays their bills
- jusben1369 13y ago
  Well Gentlemen the arguments presented either hold water or they don't. Best to stick to the points presented if a rebuttal is what you have in mind.
  - muyuu 13y ago
    They don't. The comparison makes no sense whatsoever.

higherpurpose 13y ago

mPesa has been around for longer, and has a bigger momentum. I don't think there's anything to get out of this besides that. Also, how many people there have at least smartphones, if not PCs, to make their Bitcoin payments? With mPesa you can do it through SMS if I'm not mistaken. So again, of course the market for mPesa is bigger right now. I also don't think it's fair to look at Bitcoin's growth "over the past 5 years", and just conclude Bitcoin "has been flat", when it's just starting to take off now in some countries, and the fact that those regions don't have a ton of smartphones doesn't help.

infruset 13y ago
Maybe this will help BTC take off? https://coinbase.com/sms_service https://coinbase.com/sms_service
- tzs 13y ago
  That one depends on how long Coinbase manages to stay around. They are registered as a money services business with FinCEN, but they do not seem to have registered with the states. It's possible that they did FinCEN registration first (as that is the easiest and I believe is free, whereas the states require that you have a bond), and state registration is in the works, but I've not seen any evidence of that. I'd expect that if they were actually in the midst of getting that done, they would be trumpeting that fact widely, as it would be a great way to make themselves stand out from all the illegal-with-no-intent-to-become-legal Bitcoin money transmitters.

moens 13y ago

pymnts.com ...I was so hoping for a site on grape meads. Alas.

brianfitz 13y ago

For an apples to apples comparison, you must start with the premise that Bitcoin is a platform. M-Pesa, built on top of multiple platforms, is a company. If you want a starting point as a comparison between between the two, you should start the clock on M-Pesa back to the origin of cell towers (platform #1) followed by SMS (platform #2). It was only when these two technologies matured that M-Pesa (a company) became possible.

jusben1369 13y ago
I feel like you're stretching pretty hard here. Taking your second point first, why wouldn't we turn back the clock for bitcoin then to the "start" of the internet? And the author here, while sighting M-Pesa, references other new payment types too like PayPal which feels closer to Bitcoin (independent exchange mechanism that can be pulled out in a hard currency) when stating that Bitcoin is well behind the curve of where it needs to be.
- brianfitz 13y ago
  Paypal is another company, based on existing platforms. Their success was directly tied to their ability to predict fraud and take real-time decisions to block or, at times allow, a high risk transaction to process (assuming their algorithm determined the cost of blocking the transaction was greater than allowing it to go through and issuing a refund). People believe their differentiator was payment processing, but its this very belief that allowed them to kill off their competition. If you view Bitcoin as similar to PayPal, then that is at the heart of why we view this issue differently. I would compare Bitcoin much more closely to HTTP, or other protocols -- and PayPal as being akin to BitPay. When Bitcoin is compared to companies built on top of existing protocols and platforms, then I believe the premise is misguided. M-Pesa's success is directly tied to cheap mobile airtime. In Malawi, I purchased a new cellphone with minutes for $12 USD, and I was paying the airport rate. The same principal goes for Kenya -- there were M-Pesa booths everywhere I went in Nairobi, but only because of the amazing uptake of basic cell phones mostly used for SMS. Without that mature platform, the business could never survive. Bitcoin could ultimately fail, but not due to the adoption curve as outlined in the article.

shitgoose 13y ago

Kenyans are Keynesians, eh? Go figure...