Re:Is Bitcoin a Scam?
by nivenkos on Tuesday January 19, 2021 @05:31AM
(#25831952)
Yeah, the first and last points are the worst IMO. The others could be worked around maybe, but as long as it takes 3+ hours to carry out a transaction, and the resource requirements for partaking in the network are ever-increasing, I just can't see it ever scaling to be usable.
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> The others could be worked around maybe, but as long as it takes 3+ hours to carry out a transaction
So does bank transfers though, and we have been able to work around that for quite some time now.
I keep seeing this type of comment in Bitcoin threads. Is this something people in the Bitcoin space widely believe, that bank transfers are necessarily slow and expensive? Free, near-instant bank transfers have been a thing for a few years now (a decade in the UK IIUC).
Or have I completely misunderstood what you were saying?
The throughput in banks is orders of magnitudes greater than for Bitcoin. Transactions are carried out instantly and processed at least once daily in huge and super fast batches.
You could add a layer for fast transactions to BTC but IIRC it can't handle processing nearly enough of them into the blockchain per day.