Is it? I really don’t see how cryptocurrency is a good thing for humanity. The name is a problem in and on itself, since it’s not currency and can not scale up to be used as one.
I mean this is exactly what the established banking system has spewed out in propaganda all of which have been thoroughly debunked. Only difference is Bitcoin is not a company and does not have a propaganda department to counteract. It relies on people educating and thinking for themselves.
This isn’t propaganda and none of this has been debunked. Bitcoin can only handle a theoretical maximum of 7 transactions per second (in practice it’s closer to between 3 and 5) and I’m not aware of any cryptocurrency that can handle more than 60 transactions per second. Regular financial transaction networks meanwhile handle thousands of transactions per second while consuming far less power (both in terms of electricity and computing power).
Lightning adds a layer of complexity and additional failure points. It also centralizes power in the bitcoin network even further.
It doesn’t actually change anything about the fact that Bitcoin isn’t a currency: Despite the fact that it’s claimed to be theoretically able to handle millions of transactions per second, it only handles a few million per month or about half of all Bitcoin transactions after having been around for six years (and most transactions aren’t payments for goods or services). The vast majority of online commerce does not accept bitcoin nor any other cryptocurrency, which isn’t surprising, given that their values fluctuate wildly. Currencies need, acceptance and stability, neither of which applies to anything crypto.
You’ve clearly never tried to send money between countries that dont have an interconnected bank system. Or has your credit card stolen. Or has to make large transactions outside the bank system, say for a car. Or used PayPal.
The concept of sending money without requiring a third party to be trusted is great. It should not be a store of wealth.or a gambling machine. Enabling cash transfers is it’s only purpose. And that concept is good. And what is cash, but government sanctioned ways of transferring currency. The name is apt.
Is it? I really don’t see how cryptocurrency is a good thing for humanity. The name is a problem in and on itself, since it’s not currency and can not scale up to be used as one.
I mean this is exactly what the established banking system has spewed out in propaganda all of which have been thoroughly debunked. Only difference is Bitcoin is not a company and does not have a propaganda department to counteract. It relies on people educating and thinking for themselves.
This isn’t propaganda and none of this has been debunked. Bitcoin can only handle a theoretical maximum of 7 transactions per second (in practice it’s closer to between 3 and 5) and I’m not aware of any cryptocurrency that can handle more than 60 transactions per second. Regular financial transaction networks meanwhile handle thousands of transactions per second while consuming far less power (both in terms of electricity and computing power).
So you have not heard of the lightening network?
In practice, How many transactions are done on the lightning network before returning to the main network?
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Lightning adds a layer of complexity and additional failure points. It also centralizes power in the bitcoin network even further.
It doesn’t actually change anything about the fact that Bitcoin isn’t a currency: Despite the fact that it’s claimed to be theoretically able to handle millions of transactions per second, it only handles a few million per month or about half of all Bitcoin transactions after having been around for six years (and most transactions aren’t payments for goods or services). The vast majority of online commerce does not accept bitcoin nor any other cryptocurrency, which isn’t surprising, given that their values fluctuate wildly. Currencies need, acceptance and stability, neither of which applies to anything crypto.
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You’ve clearly never tried to send money between countries that dont have an interconnected bank system. Or has your credit card stolen. Or has to make large transactions outside the bank system, say for a car. Or used PayPal.
The concept of sending money without requiring a third party to be trusted is great. It should not be a store of wealth.or a gambling machine. Enabling cash transfers is it’s only purpose. And that concept is good. And what is cash, but government sanctioned ways of transferring currency. The name is apt.