Re:There are now more than 200k pending Bitcoin transactions
by root_axis on Tuesday December 19, 2017 @06:08PM
(#15965314)
>the equivalent of millions of dollars in your pocket
Not really. Bitcoin is totally useless in most places especially outside of the developed world, you depend on the ability to find someone to trade you spendable money if you hope to make practical use of those "millions".
> What makes bitcoin valuable is that itβs gold without any of the downsides of gold.
Bitcoin has pretty much all the downsides that gold has, the main one being that despite its value its generally not accepted as a form of payment for goods and services, but even if you intend to barter, gold is much more practical because the transaction can be executed in real-time, offline, and isn't hindered by network congestion or limited access to computers/electricity/internet/technical-literacy etc etc. If are living in Puerto Rico the day before Irma hits, are you better off with 1kg of gold coins or 2 bitcoins?
Not really. Bitcoin is totally useless in most places especially outside of the developed world, you depend on the ability to find someone to trade you spendable money if you hope to make practical use of those "millions".
> What makes bitcoin valuable is that itβs gold without any of the downsides of gold.
Bitcoin has pretty much all the downsides that gold has, the main one being that despite its value its generally not accepted as a form of payment for goods and services, but even if you intend to barter, gold is much more practical because the transaction can be executed in real-time, offline, and isn't hindered by network congestion or limited access to computers/electricity/internet/technical-literacy etc etc. If are living in Puerto Rico the day before Irma hits, are you better off with 1kg of gold coins or 2 bitcoins?