Re:Crypto: The Good, the Bad and the Ugly
by jack_pp on Thursday January 06, 2022 @04:22AM
(#29821231)
Bitcoin is tied to the physical world the same way every other currency is tied to the physical world. Right now you can transfer abstract value you have acquired without a 1-2% fee through bitcoin, which is much easier than doing it via a bank. For example a poker player needing to get 1 million dollars to Monaco to play a tournament would have to pay 1% (10,000$) and wait god knows how long if he went through the banks, with bitcoin that process is much smoother.
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Re:Crypto: The Good, the Bad and the Ugly
by SirMonkey on Thursday January 06, 2022 @09:27AM
(#29823875)
In reality that "poker player" would probably just get a line of credit at the casino[1]. Moving/Getting money is "hard" mostly if you are poor.
Re:Crypto: The Good, the Bad and the Ugly
by yunohn on Thursday January 06, 2022 @09:29AM
(#29823909)
> For example a poker player needing to get 1 million dollars to Monaco to play a tournament would have to pay 1% (10,000$) and wait god knows how long if he went through the banks
Do you have a source for this? I find it hard to believe that high stakes gambling is hindered by banking systems.