So the purpose of Bitcoin is to give billionaires better tools to move their wealth around while externalising the energy consumption and CO2 omissions to all of us. Thanks a lot!
That is a side effect, not the purpose. Millionaires can use Bitcoins to move their wealth too. I'd say even for a transaction of $1,000, it is often cheaper to move in Bitcoins.
On the contrary: the purpose of private banks is almost exclusively for billionaires to move their wealth around, while externalising costs to all of us. Many financial market interventions in the past are the society bailing out billionaires who bet irresponsibly and cannot bear reducing themselves to millionaires.
> That is a side effect, not the purpose. Millionaires can use Bitcoins to move their wealth too. I'd say even for a transaction of $1,000, it is often cheaper to move in Bitcoins.
Compared to a free domestic ACH or wire?
Internationally you have to pay exchanges on the receiving end >1% fees to convert it to something you can actually spend.
On the contrary: the purpose of private banks is almost exclusively for billionaires to move their wealth around, while externalising costs to all of us. Many financial market interventions in the past are the society bailing out billionaires who bet irresponsibly and cannot bear reducing themselves to millionaires.