Re:Digital coins may be on the verge of going mainstream
by mrb on Saturday August 05, 2017 @03:43AM
(#14934650)
"Unless bitcoin transactions are clogged this week"
You can always choose to have a tx confirmed in 10 minutes if you choose to pay the appropriate fee.
"difficulties in conversion at both ends."
You are really stuck in the mindset that one "must" convert to spend coins. But as Bitcoin adoption increases there is less and less a need to convert it. Example: my brother in France sent me BTC and I spent it instantly in the US at NewEgg, a retailer who accepts BTC.
Statistically, volatility (which has been greatly decreasing by the way: https://mobile.twitter.com/lsukernik/status/8649208737189519...) causes users to lose money half the time and win half the time. So, meh, not a real problem. It averages to zero. On the other hand traditional remittance companies screw you over every single time with a fee averaging 7% worldwide (https://remittanceprices.worldbank.org/en). Clearly I prefer my brother sending me BTC than using Western Union.
You can always choose to have a tx confirmed in 10 minutes if you choose to pay the appropriate fee.
"difficulties in conversion at both ends."
You are really stuck in the mindset that one "must" convert to spend coins. But as Bitcoin adoption increases there is less and less a need to convert it. Example: my brother in France sent me BTC and I spent it instantly in the US at NewEgg, a retailer who accepts BTC.
"The Venezuela case is made-up BS"
It's real. Yes journalists exaggerate on how much Bitcoin is used. But it is growing, and quickly: https://coin.dance/volume/localbitcoins/VEF
"Instead, they lose it in volatility"
Statistically, volatility (which has been greatly decreasing by the way: https://mobile.twitter.com/lsukernik/status/8649208737189519...) causes users to lose money half the time and win half the time. So, meh, not a real problem. It averages to zero. On the other hand traditional remittance companies screw you over every single time with a fee averaging 7% worldwide (https://remittanceprices.worldbank.org/en). Clearly I prefer my brother sending me BTC than using Western Union.