Re:Photos: Life inside of China’s massive and remote Bitcoin...
by kuschku on Wednesday July 12, 2017 @02:24PM
(#14755121)
So, we should use a system that’s inferior to actual simple wire transfers, which are less than 20 seconds, free transactions, directly via the ledger?
I’m sorry, but I don’t see the value in Bitcoin if it is worse than SEPA transfers.
Re:Photos: Life inside of China’s massive and remote Bitcoin...
by stale2002 on Wednesday July 12, 2017 @02:28PM
(#14755163)
It is not worse.... That the point. There are significant advantages over a wire transfer.
With bitcoin you can send money to anywhere in the world for 20cents. Thats cheaper than a 30$ wire transfer.
Also, the censorship resistant part of bitcoin is really important, and is being used by the Venezuelans right now.
And there are technologies being built on top of it that will make it even better.
This is like 1994 internet right now. Even though it works, and has significant benefits, there are still a whole lot more stuff to come that is being worked on.
Re:Photos: Life inside of China’s massive and remote Bitcoin...
by kuschku on Wednesday July 12, 2017 @03:06PM
(#14755571)
That's the thing, I can send money with bitcoin for 20ct, or with a SEPA transfer for free. 0ct. And it's faster.
Re:Photos: Life inside of China’s massive and remote Bitcoin...
by placeybordeaux on Wednesday July 12, 2017 @04:29PM
(#14756352)
Looks like current fees are closer to 1 USD than 0.2 USD, but that's not the point, the fees are not a core feature of bitcoin. It's the censorship/manipulation bit that's the core feature IMO.
There's no need to trust neither the processor or the issuer, only the protocol & distribution of hashing power.
Bitcoin does a few transactions per second on-chain, however those few transactions per second support many more transactions per second on systems built on top of Bitcoin in a similar way to how the tx-per-second Canada's inter-bank transfer system does is quite low, but those settlement transactions support orders of magnitude more transactions per second on systems built on top of that settlement system.
An example of exactly what you proposed is Blockstream's Liquid sidechain technology, which maintains a high-speed ledger secured via multi-party signing between various exchanges to allow high speed, highly efficient, off-chain transactions backed by on-chain Bitcoins.