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by arcticbull
1147 days ago
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Ah yes my favorite counter-argument: check your privilege. The GDP per capita of Burundi is $221. A couple years ago a single Bitcoin transaction cost $60. The thermodynamics of these kinds of systems make them dramatically more expensive than classical finance because you have to replicate the data so many times. The only reason a Bitcoin payment doesn't cost significantly more than that is nobody's using it, lol. It's slow, it's inefficient, and worse yet, there's no authority to help try and stabilize the currency. The worst off are hurt the most by wild volatility swings, and crypto is volatility incarnate. The promise that volatility would decrease as a function of market cap simply did not materialize. Enough with the silly privilege arguments, let's stick to facts. I specifically called out M-PESA because it's a regional solution to an actual problem they have. [1] And not a blockchain in sight. [1] https://www.vodafone.com/about-vodafone/what-we-do/consumer-... |
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Ah yes let's counter an argument with something that is a couple years old.
This was brief during a time of high usage, which has also been fixed. Today, the average bitcoin transaction cost is a couple dollars.
https://ycharts.com/indicators/bitcoin_average_transaction_f...
Let's also not forget that there are a lot more chains now, where the fees are pennies.