Nice comparison!
However, I also agree about user-friendliness should be mentioned in the above table. I also propose one more variable to discuss, that is "offline use" or similar. The major drawback of bitcoin is too reliant on the internet. While bitcoin/crypto might flourish in many years to come, at the moment, many places still don't have a stable internet connection (or no connection at all).
People need time to treat bitcoin as (or more) valuable as gold or cash since these assets have hundred years of history in human civilization.
Topic: Bitcoin vs. Gold, Fiat and Altcoins (Updated: Traits of Money) - page 4. (Read 1021 times)
December 14, 2018, 01:28:07 PM
December 14, 2018, 04:59:52 AM
More of a trade off than a bias. Easily Transactable could change to Moderate for Bitcoin, however it DOES solve problems to transact for many people that banks don't currently.
Plenty of people use bitcoin to send money back home over using something like western union. Or to send large wires that banks will have to approve and note why you are sending X amount to "so and so."
See your point though, we DO need better wallets and easier transfers between wallets.
Plenty of people use bitcoin to send money back home over using something like western union. Or to send large wires that banks will have to approve and note why you are sending X amount to "so and so."
See your point though, we DO need better wallets and easier transfers between wallets.
Agree. Bitcoin is just mostly for decently tech-savvy millennials(for now, at least), and some boomers in the tech industry here and there(not including people who just leave their funds on Coinbase). I'm really surprised that not enough people use bitcoin for overseas transfers though like you said. Where I'm at, the fees are probably 10% or something I think? Like what the hell. I'd heavily prefer the 1-2%(I think) fees from converting bitcoin <-> fiat on local exchanges.
December 14, 2018, 04:44:58 AM
While I agree with most of charts made like that one specifically, there's always going to be bias. You know what's missing in that table that's very important? User friendliness. Bitcoin might be the currency of the future until the end of mankind, but if it isn't easy to use for our parents and grandparents or non tech-savvy people in general, then probably forget bitcoin as a currency for payments for now. Most people aren't even willing to remember their passwords. We're simply not there yet. Right now, bitcoin is a store of value for countries with economic crises, and for speculation.
More of a trade off than a bias. Easily Transactable could change to Moderate for Bitcoin, however it DOES solve problems to transact for many people that banks don't currently.
Plenty of people use bitcoin to send money back home over using something like western union. Or to send large wires that banks will have to approve and note why you are sending X amount to "so and so."
See your point though, we DO need better wallets and easier transfers between wallets.
December 14, 2018, 04:15:57 AM
While I agree with most of charts made like that one specifically, there's always going to be bias. You know what's missing in that table that's very important? User friendliness. Bitcoin might be the currency of the future until the end of mankind, but if it isn't easy to use for our parents and grandparents or non tech-savvy people in general, then probably forget bitcoin as a currency for payments for now. Most people aren't even willing to remember their passwords. We're simply not there yet. Right now, bitcoin is a store of value for countries with economic crises, and for speculation.
December 14, 2018, 03:35:23 AM
Since we're in a bear market, which many are crediting to alt-coins....
We wanted to update an old image that compared Bitcoin, Gold and Fiat's traits for value
Traits of Money
To include Alt-coins along with bitcoin and get the fundamentals clearer before the coin-sellers start whining next year that another shitcoin is worthless.
Durability and Security are kind of interchangeable (assuming a "new" coin) as it depends what the development team created and who has checked the actual code.
Easily transactable is Moderate as it usually requires purchasing a "new coin" with bitcoin or an existing alt-coin someone owns. It isn't easy to transact if others don't own the alt you do obviously.
Scarcity is obviously not always guaranteed when an altcoin launches as well as decentralization.
This way, when people talk about Bitcoin and Crypto Currency, there is at least some illustration for a complete newbie to separate the differences between the generic term and the store of value.
Article here:
https://www.bestbitcoinbuyers.com/why-is-bitcoin-valuable/proof-of-value-bitcoin-vs-national-and-crypto-currencies/
We wanted to update an old image that compared Bitcoin, Gold and Fiat's traits for value
Traits of Money
To include Alt-coins along with bitcoin and get the fundamentals clearer before the coin-sellers start whining next year that another shitcoin is worthless.
Durability and Security are kind of interchangeable (assuming a "new" coin) as it depends what the development team created and who has checked the actual code.
Easily transactable is Moderate as it usually requires purchasing a "new coin" with bitcoin or an existing alt-coin someone owns. It isn't easy to transact if others don't own the alt you do obviously.
Scarcity is obviously not always guaranteed when an altcoin launches as well as decentralization.
This way, when people talk about Bitcoin and Crypto Currency, there is at least some illustration for a complete newbie to separate the differences between the generic term and the store of value.
Article here:
https://www.bestbitcoinbuyers.com/why-is-bitcoin-valuable/proof-of-value-bitcoin-vs-national-and-crypto-currencies/
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