Re:Cambridge Bitcoin Electricity Consumption Index
by ucha on Wednesday February 10, 2021 @11:34AM
(#26091324)
Ok, interesting... I think your general point is valid, which is that, transacting in USD with a bank is, under certain circumstances, simpler and faster than transacting in bitcoin on-chain.
But you always have to rely on a third party, transactions can be reversed, your funds can be locked etc... It's completely different from say, transferring actual bank notes, or actual gold bars or any kind of transaction where a third party is not needed, you can't be censored and it can't be reversed.
And again, everything you do with USD, you could do eventually do with bitcoin. If banks decide to hold bitcoin, they'll let you send bitcoin wires with all the issues associated with fiat wire. Bitcoin wires don't exist but they could. Permissionless, uncensorable, irreversible, under 1-hour USD transactions don't exist and they never will.
Your bank is not set up for wires. Try Fidelity or First Republic or Silicon Valley Bank. Between 10 and 30 minutes from my hitting transfer to appearing in the recipient’s account. Exceptions are large wires which may require a phone call for verification, though I can usually turn that off if I wanted to.