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What I see in the bitcoin space is the participants constantly trying to find a reason for its use. Payments - It isn't actually a better experience for custom
by sanswork 11y ago
What I see in the bitcoin space is the participants constantly trying to find a reason for its use.
Payments - It isn't actually a better experience for customers so it is failing against the incumbents. The only play it is better is DNMs.
Store of Value - It is extremely risky so the only people pushing this are ones that are already bought in and figure hoarding is the only thing that will drive the prices back up
Sharing money between friends - Venmo and friends far and away destroy bitcoin in this use case.
Remittance - Has potential but all the companies so far are basically saving money by skirting money transfer laws and using other peoples services. That isn't sustainable. The expensive part of remittances has never been the movement of value. They are also all extremely secretive about their numbers which makes me suspicious since their reasons given are extremely week.
Micropayments - Bitcoin sucks for micropayments so every solution for this is basically an off chain system. Soon enough they will discover that all the other micropayments services shut down because the demand for micropayments is non-existent
Data Storage - We're seeing this one more and more. The problem is all the things people are trying to do still require third party validation and registration(shareholders and landholders need to be identifiable and someone needs to verify that information). I don't see this panning out in any big way.
Communications protocols - This is another big one. With the 21 announcement everyone and their dog is talking about how the blockchain will allow devices to communicate without needing to agree on a protocol. But they are ignoring the fact that in that use case the blockchain is a medium not a protocol so there would still need to be an agreed protocol on top and if you're going to do that might as well just centralize it or use private APIs.
Did I miss any?
Bitcoin people also love to compare it to the early internet but the existence of the internet itself makes that comparison weak since the internet has massively sped up the distribution of information and technologies. They then say that its different because it involves money but look at the early Paypal growth. It wasn't like getting people to use their credit cards online was easy in 2000.