Bitcoin : No, Bitcoin Doesn’t Have To Be Lightning Fast And Cheap. Here’s why.
Many people talk about how slow and expensive Bitcoin is, but this doesn’t mean that Bitcoin is a bad cryptocurrency, and here’s why.
While it is true that Bitcoin may be slower and more expensive than other cryptocurrencies, this doesn’t have to be a huge issue. There is a huge misunderstanding of Bitcoin by the public as well as cryptocurrency communities. People don’t understand the use of Bitcoin, or they simply exaggerate this non-existent problem. Bitcoin may be slower, or more expensive, but this is an advantage of Bitcoin, not a disadvantage.
### The Use Of Bitcoin.
Bitcoin wasn’t designed by Satoshi to get around PayPal fees or to buy coffee at Starbucks. He has a much bigger vision for Bitcoin, and that’s what people miss. Sure, a $5 tx fee is ridiculous for buying a coffee, but a $5 tx fee for transferring millions across the ocean is a drop in the bucket.
If you’re purchasing a house, you don’t need extremely low fees or even lightning fast transaction fees. That’s what Bitcoin was meant to be for. Bitcoin was meant for big things, not microtransactions.
That’s what many people don’t see in Bitcoin. While everyone likes to complain about how expensive Bitcoin is to use, that’s all relative. It’s definitely one of the cheaper options for large transactions.
Furthermore, people living in western democracies may not see the use of Bitcoin. We have systems such as banks and ATMs that make transactions easy. Our currencies are stable, so it doesn’t seem like there’s a point of Bitcoin. But in the developing world, sending money is a painful and difficult process. Not to mention the hyper-inflation going on in developing countries. This is where Bitcoin really comes in, and shows that Bitcoin isn’t useless or a scam.
### Still Better Than USD.
Bitcoin doesn’t have to be perfect to take over the world. It just has to be better than USD, and it will see mass adoption. Another example of this is with self-driving cars. They don’t have to be 100% accident free. As a long as self-driving cars kill less people than human drivers, they are beneficial and will see mass adoption. Or even the simplest of examples. When running away from a bear, you don’t have to be faster than the bear; you just have to be faster than the slowest person.
Bitcoin is already superior to USD, with its deflationary aspect, and how versatile it is. Currently, sending USD around the world is a slow process, but Bitcoin is faster. While it may not be instant, it is still far better than the slow transaction speeds of wire transfers and other transfers.
There’s billions of dollars invested into these transaction companies such as Western Union. When people see that Bitcoin is a cheaper and faster alternative, Bitcoin is going to see mass adoption.
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(copied from BitPlex News)
Bitcoin
Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
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