That's funny because bitcoiners can't shut the fuck up about Visa whenever the abysmal throughput of the bitcoin network or its humongous power consumption is brought up.
Bitcoin, and all the other "crypto"-tokens, have been looking for a problem to solve for 14 years.
Do you have a source for that number?
And even forgetting that "crypto" comes with both delays and transaction fees, it is also known to be able to lose most of it's value basically overnight. So unless companies want to wake up bankrupt, they'd have to constantly change real money into tokens and back again for their transactions. I wonder how efficient that would be.
crypto delays are minutes to hours. banking delays are a matter of days. just this week i needed to do a significant transfer with my bank. because i did the transfer after 16:30 (in branch!) i needed to wait until 06:00 for the transfer to happen because it was outside transfer hours. if some crypto coin functioned like this it would be laughed at
Soon they will find something it is reaaaally good at. Might solve some prime number conjecture by accident if they solve enough sudokus, I mean hashes.
I used it quite a few times lately to pay open source contributors in countries that don't have access to Paypal. Paid my rent when Venmo blocked my account temporarily and I had to wait 2 weeks for checks to come in the mail. Used it for Mullvad VPN. Used it to get MJ on a market at far higher quality and better price than locally in Cali. Was super useful.
Paypal in and of itself makes the case, no need for any more.
I am sad to hear that. I was mocking the crypto attempts to legitimise their business proporisiton. All of them have failed, because fundamentally their product does not solve any real problem and once it interacts with the real world it has the same problems as those industries have.
Essentially crypto is like most libertarian communities, they eventually end up inventing regulations, governance and many of the same systems that we currently have, but only after fucking up themselves.
> Even capturing a fraction of a fraction of those would be a massive.
The risk of fraud outstrips any of the advantages, also the risk of lack of regulation on the financial system has brought us great hits like the 2008 banking crisis.
Giving VC access to anyone based on crypto is gonna be a gold rush of fraud, To the Moon tm slogans and other nonsense that will bankrupt as many people as possible before imploding.
Another use case is domains and servers. When big companies like Porkbun, namecheap and vultr offer their services to be bought via Bitcoin there is probably some demand.
I heard someone used USD for a domain, and it turns out USD is used by scammers!
Do you know anyone using Bitcoin as a currency daily? How many people do you think are using Bitcoin as a currency for legal business VS the number of people using it to speculate on its price and/or shady activities?
I'd love to be proved wrong but unfortunately neither of us will be able to collect this information so I guess we have to agree to disagree and live inside our little bubbles.
I am only challenging the usefulness of a statement like "BTC is a criminal currency" that is fully applicable to USD just the same.
For something to be an actual currency in our world, one minimum requirement would for it to be legal tender. "FIAT" money is legal tender. If I have a 100 dollars in USD, and a debt of 50 dollars, I can settle that debt, period.
If I have a 100 dollars in BTC, and a debt of 50 dollars, my ability to settle that debt relies completely on the creditor to accept BTC as a form of payment. Which is entirely up to the creditor, as he isn't legally required to do so, unless we have an enforceable contract that says he has to.
As long as that doesn't change, and given the fact that the entire value backing of crypto tokens is based on the money invested into them, it is highly unlikely to happen in relevant economies, crypto tokens will not become a widespread currency.
A lot of people laud the fact that crypto is free of government influence. The problem with that is, that this government influence is exactly what makes money work as currency.