It's not a real problem that Bitcoin solves. A single transaction costs multiple weeks wages in one of these less-functional countries (and wastes as much power as it takes to run an average American home for 20 days). They have social problems that need social solutions, not magic beans that live in their computers.
Maybe not Bitcoin, but there are other cryptocurrencies that actually prioritize low transaction fees. For example the next block fees on Bitcoin Cash is currently $0.0014.[0]
Ah yes classic crypto enthusiast banter: my coin de jour is better than the others for some reason even though it’s basically identical.
It’s down 93% in value in the last two years so it has held its value worse than the Turkish lira and only slightly better than the bolivar and the egg salad sandwich I left on the windowsill back in the summer of 2017. Its transaction fees are only low because nobody’s using it. Supply constraints in transaction count were just kicked down the road, there’s no way on earth it would ever be able to match visas current transaction throughput of 50,000tx/sec.
Ah yes classic anti-crypto argument: pure dismissal.
It could easily process 20-30x more transactions than Bitcoin do, with the exact same fees. So the "only cheaper because it's not used" is just wrong.
So a cryptocurrency can only be useful if it matches the throughout of VISA? Sounds like a lazy way to dismiss it. I would for example consider it great if we could match PayPal for example.
Which in numbers would be blocks of around 100MB for PayPal's average volume last time I checked. And Bitcoin Cash is around that with 32MB.
Of course there's still ways to go, with the main bottleneck being block propagation (so blocks don't split the network or cause too much centralization due to orphan rates). Of which there are improvements being worked on.
Funny how you cherry-pick the value drop from the top. There's no denying they're too volatile, but you should try to be more objective.
That’s one of a litany of arguments. From sheer waste to limited capacity to funding international terrorism to missing all the basic features of the modern financial system to being slow, anti-efficient and rife with manipulation. It’s beanie babies for nerds. It’s a nifty theoretical solution to a hard CS problem, that’s found zero real world use in the last 10 years that isn’t crime. It’s great for crime.
I’m not necessarily cherry picking it for the top to make it look dramatic but that’s when volume peaked so more people bought in at that point than any other in the history of the currency. It’s the number that’s relevant to the largest group of people.
I’m picking this because these things can’t be true for it to be a solution to the stated problem: helping the Venezuelans.
