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Comment by scottmsul | Hacker News Reader

This is great news. As a major bitcoin holder, I still have to keep some cash in a traditional bank to write checks, receive payroll, and use a debit card. A bitcoin bank would allow me to store that last remaining % in BTC.

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99.999% of people who 'receive payroll' should not be storing all of their money in cryptocurrency. The majority of that group can't even easily come up with $1,000 in the case of an unexpected financial emergency.

>The majority of that group can't even easily come up with $1,000 in the case of an unexpected financial emergency.

They could if they had been saving in bitcoin :)

Definitely some survivor-ship bias but damn is that a good problem to have

We're still insanely early. Given bitcoin's monetary properties, a $1T market cap is ridiculously small.

Tangentially related, do you have any thoughts on ethereum or other alternative crypto projects? Or are you bitcoin or bust?

I personally only own bitcoin, but obviously there's other opinions out there. The way I see it, the goal of bitcoin is to store value, whereas the goal of other projects is to achieve some non-SoV utility (payments, smart contracts, etc). First, solving the money problem is a much bigger deal than solving utility problems. Second, as the bitcoin ecosystem evolves, I believe technological solutions will be developed on top of bitcoin for those utilities, negating the need for separate tokens.

Thanks for the insight. It will be really interesting to see were bitcoin and altcoins land in 20 years. I'm a crypto-noob personally and have only dabbled, but in the short term the world outside of bitcoin looks pretty damn interesting.

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