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by kbhn
2021 days ago
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> Bitcoin solves a number of problems right now, for example providing an opportunity for the nearly 2 billion people without access to a traditional banking system to securely participate in the world economy with nothing more than an old Nokia phone that can be bought for a few dollars. This is a fantasy put forth by Bitcoin enthusiasts that's not supported by the facts. The average cost of a bitcoin transaction is currently ~$7.5USD[1]; nobody in the unbanked world is spending the cost of 1-2 Nokias to make day-to-day purchases. > Another example is how it is providing a way for people in hyper-inflationary economies like Venezuela to store value. This isn't true. Zelle's ability to store actual USD make it the preferred means for storing digital currency safely in Venezuela right now[2]: "Ecoanalítica, a local consulting firm, estimates that 17% of transactions at retail establishments in Caracas go through [Zelle] and that other Venezuelan cities are seeing similar usage levels. The actual figure may be larger, considering the data do not include smaller shops." Accusing others of being ill informed or dishonest while yourself pushing forth maximalist narratives that aren't grounded in reality is a bit rich. [1] https://ycharts.com/indicators/bitcoin_average_transaction_f....
[2] https://www.bloomberg.com/amp/news/features/2020-11-11/zelle... |
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