131–140 of 732 posts
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This site sucks
Instead of being a jerk and trying to shut down a conversation, and making completely unwarranted assumptions about people participating in it, perhaps you could actually make the case. Yeah?
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Where I live ordinary bank transactions are free for ordinary consumers. I never pay a transaction fee or any annual fees. My bank used to charge an annual fee for a credit card but they have stopped charging now. In fact in my whole life (I'm 65 so about 50 years of having bank accounts) I have never paid transaction fees for ordinary transactions (in the UK and Norway).
Greece here, transactions cost 3 EUR. I think they're possibly free if you use the same bank, but the apps are cumbersome to use and the potential for fees is a deterrent, so nobody uses them for transactions of less than hundreds of EUR.
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I can see someone explaining to their grandmother about having to move her BTC to offline cold storage and storing her private keys securely or she could lose her life's savings in an instant with no recourse
LOL! Very true.. Who the hell has time to figure out all this stuff? I personally think the day the digital US dollar is developed and can be stored in your IPhone. If I can take my locally stored digital dollar and then send it via imessage or whatsapp, then the game is truly over for Bitcoin.
I personally think the day the digital US dollar is developed …
"Bitcoin is positioned to disrupt the remittances industry in El Salvador, estimated at about $5 billion annually. Most families in towns like El Zonte do not have bank accounts, and rely on services such as Western Union WU +0.5%, which take 5-10% in fees. The closest Western Union is approximately one hour by bus, requiring the recipient of the cash transfer to take the bus back with cash on hand, creating a safety…
Sigh. Bitcoin BTC, at 3 transactions per second, doesn't have the capacity to support El Salvador's economy. Even if Lightning worked (it doesn't), BTC doesn't have enough capacity to open channels for users at a reasonable cost. Salvadorians will end up forced to use proprietary payment networks denominated in BTC. BTC is not cash anymore, it won't work as such. There are other cryptos that could work, we'll have to…
Apparently they are using Lightning and a service LN Strike that recently launched.
https://twitter.com/starkness/status/1402635954653904902?s=2...
I don't see how this is going to benefit Salvadorans. As much as I try, I can't find a use case beyond money laundering, ransomware and extortion.
> The El Salvador President has previously said the move will open up financial services to the 70% of Salvadoreans who do not have bank accounts. Right. People who can't even afford a bank account would now all be using financial services by paying 10 dollars per transaction.
Shortsighted. If you make one legal tender, suddenly they all are more useful there. Doge transactions outside of their system for small things, their corpo BTC chain for larger things? Maybe.
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LOL! Very true.. Who the hell has time to figure out all this stuff? I personally think the day the digital US dollar is developed and can be stored in your IPhone. If I can take my locally stored digital dollar and then send it via imessage or whatsapp, then the game is truly over for Bitcoin.
I like physical analog cash even though its a pain in the ass to carry. Cashless society is terrifying to me.
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> Who the hell has time to figure out all this stuff? Nobody will have to learn this stuff, if the BTC economy develops there will be professional custodials for all levels. Eg. banks. But the importance is that there is always the option to self-custody if you want to. With fiat you don't have that option even in theory. I think the option for self-custody is what makes BTC powerful alternative, not necessarily how…
> But the importance is that there is always the option to self-custody if you want to. With fiat you don't have that option even in theory. You mean that if you store cash it will magically disappear once you hit a certain quantity or age?