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Why? So they could reduce their transaction costs and time.
Why? So they could reduce their transaction costs and time.
Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?
The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.
ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?
No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).
Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.
Your family keeps bouncing checks off each other? Well there's your problem right there!
Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow
So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.
The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.
Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?
'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."
There are some places in the world that do not have "local bodegas" and there are others that are in extreme turmoil due conflict and unrest....In fact, I used to think like you until I found out that not every city in the world has a 7-Eleven on all their corners. I don't know, it's just nice that those who are struggling in third world nations have an outlet to participate in commerce when they need it. Countries whose economy is suffering with hyper-inflation, at least, have the option to store their assets in bitcoin to secure their holdings...Zimbabwe for example.
Those places without local bodegas, in social turmoil, full of unbanked -- their commerce is Bitcoin-based, you say? Or do they order shit on the internet, via universal free sat uplinks?
Do you know that "Nearly half the world's population, 2.8 billion people, survive on less than $2 a day"? These are the people who are going to flock to Bitcoin? To buy angora socks on AlphaBay, I take it?
Where do you get these weird fantasies?
P.S. Inflation is a *rich people problem*. When you're living on < $2 a day, ain't much money sitting in the bank. 4realsies.
No, they're the shoeless one's raising the rabbits, processing the fur, and producing the angora socks to sell to the bourgeoisie so that they can earn enough to feed their children.
These are figments of your imagination, like pink elephants and the bugs crawling under your skin after you do too much shitty DNM crank -- not real, they do not exist.
Stop concocting these outlandish fantasies -- you won't reconcile your trying to get rich by buying BTCeanies & sitting on your butt with basic human ethics, sorry.
Put me in touch with *one* person like that, *ONE*. Then we'll talk.
P.S. No need to thank me for letting you advertise that dice site in your sig.
Here are some real world cases: https://www.youtube.com/watch?v=cTVWasymExg
P.S. More than dice....Poker's my thing....But, thank you anyway....Capitalism at it's best!
Lol, this is exactly what I mean: you're being fed bullshit. Already addressed her:
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No one is giving out any (meaningful sums of) Bitcoins in Africa. The last thing I heard was some BitPesa3dpd lady taking Safaricom to Kenyan High Court because "BAWW, payment processors don't want to play with us."
...and LOSING!!
Everyone wants to *make money* on 3rd-world countries. These are not nice people. Bitcoiners are banksters too, only worse. Because vulgar, hungry, uncouth nouveau riche
No one is giving out any (meaningful sums of) Bitcoins in Africa. The last thing I heard was some BitPesa
...and LOSING!!
Everyone wants to *make money* on 3rd-world countries. These are not nice people. Bitcoiners are banksters too, only worse. Because vulgar, hungry, uncouth nouveau riche
TL;DR: Don't confuse "exploit" & "help." At least do some research [read: Google] on the shit you link.
