Re:BitTorrent v2
by centimeter on Tuesday September 08, 2020 @03:41PM
(#24412189)
> pretty much exactly like opening a bank account
You don't have to go anywhere, you don't have to provide any kind of ID or documentation, you don't have to wait around for a free salesperson.
> but transactions take forever
Bitcoin transactions are instantaneous. Look up "settlement cycle" if you want to make a direct comparison. Bitcoin final settlement usually takes about an hour, compared to anywhere from several days to several months for traditional payment. Credit card settlement is usually 60-90 days.
> they cost money
It costs less than a dollar to move ~any amount of money anywhere in the world with ~1hr settlement. A credit card usually costs something like $0.25 + 3%.
> the currency is not accepted by any business I use... I have 55€ in my wallet and everyone on this continent knows what to do with it.
I have AU$80 in my wallet and I'm pretty sure no one on your continent would take it.
In fact, last time I traveled to SE Asia none of my debit cards worked for cash withdrawal and the only way I was able to get cash was with a Bitcoin ATM. So it worked very well for me!
You don't have to go anywhere, you don't have to provide any kind of ID or documentation, you don't have to wait around for a free salesperson.
> but transactions take forever
Bitcoin transactions are instantaneous. Look up "settlement cycle" if you want to make a direct comparison. Bitcoin final settlement usually takes about an hour, compared to anywhere from several days to several months for traditional payment. Credit card settlement is usually 60-90 days.
> they cost money
It costs less than a dollar to move ~any amount of money anywhere in the world with ~1hr settlement. A credit card usually costs something like $0.25 + 3%.
> the currency is not accepted by any business I use... I have 55€ in my wallet and everyone on this continent knows what to do with it.
I have AU$80 in my wallet and I'm pretty sure no one on your continent would take it.
In fact, last time I traveled to SE Asia none of my debit cards worked for cash withdrawal and the only way I was able to get cash was with a Bitcoin ATM. So it worked very well for me!