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by nrb
3214 days ago
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> Can you give me an example of a common situation where trust is lacking, where normal people would have been better off using bitcoin than say... VISA or Mastercard? I guess that depends on whether you consider the 2+ billion people worldwide without access to payment networks like Visa or MasterCard "normal"... I think the better question is whether cryptocurrencies are a better fit than existing options for those people. |
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how is bitcoin, a "currency" that fluctuates wildly in value, requires a decent computer (or modern smartphone) to hold a wallet, has very high transaction costs, and is incredibly easy to lose (though corrupted wallet, hacking, fraud, etc.) better than say... M-Pesa (https://en.wikipedia.org/wiki/M-Pesa) or PayTM (https://en.wikipedia.org/wiki/Paytm) which are widely accepted, runs on a cheap phone, has significantly lower transaction costs, and is significantly better at protecting individuals against fraud and hackers.
> I think the better question is whether cryptocurrencies are a better fit than existing options for those people.
Are they? Seriously, are they? I'm pretty sure the answer is no, (at least not the Bitcoin that exists today) but people who are bullish about the Bitcoin bubble keep trying to force that square peg of crypto-currencies in that round hole of micro-payments.