Sounds great, but what does Bitcoin specifically do that is innovative?
The wealth distribution is as bad as with fiat,
much larger transaction fees than for normal payments through banks,
sending money to someone else is slower than through banks.
Only benefit is you can receive money from someone quicker. Plus:
public block chain so if someone has your public address they know how much you have in your wallet, and how much you are sending and receiving where to/ where from.
Again, you can't just go into a bank and ask to see someone's financial information as an average person. I will always love bitcoin for starting this revolution, but it is not anywhere near innovative.
Scarcity is built into the bitcoin protocol, this combined with almost endless divisibility of a bitcoin makes it superior for wealth distribution in comparison to any other modern fiat.
The transaction fees are dynamic and them being so high is incentive for the miners to keep securing the network in its current vulnerable state. This adds to the security and decentralized nature of the Bitcoin blockchain. The more miners mining the more decentralized the network becomes. If widespread adaption continues as it has since inception bitcoin will become so entrenched in the global economy it will no longer need to be issued. At this point miners are compensated for processing the tx and securing the network through purely tx fees.
If you have ever tried to send a large some of money from one bank to another, you would know how brutally inefficient it is to do so. A $30 bitcoin fee to move infinite value in less then an hour is incredible. It bleeds financial innovation.
I agree with all of this, and the regular crypto person might, and I'm going to add onto one of your statements. Bitcoin DOES help you receive money faster, but there are other coins that help you receive it faster than bitcoin does now.
I believe if bitcoin wasn't the most used, it would be non-existent. I feel the only reason it's still alive is because people have to use it to purchase goods. An example would be going to a market in New York and buying things with bitcoin instead of altcoins, because they don't accept them.
It was first to market...and usually that means people improve upon it and the new tech becomes the real product. 9 times out of 10 this is what happens. The problem we have is that all crypto relies on bitcoin currently so if bitcoin dies everything else goes down with it...this needs to be changed.
Sounds great, but what does Bitcoin specifically do that is innovative?
Only benefit is you can receive money from someone quicker. Plus:
Again, you can't just go into a bank and ask to see someone's financial information as an average person. I will always love bitcoin for starting this revolution, but it is not anywhere near innovative.
Scarcity is built into the bitcoin protocol, this combined with almost endless divisibility of a bitcoin makes it superior for wealth distribution in comparison to any other modern fiat.
The transaction fees are dynamic and them being so high is incentive for the miners to keep securing the network in its current vulnerable state. This adds to the security and decentralized nature of the Bitcoin blockchain. The more miners mining the more decentralized the network becomes. If widespread adaption continues as it has since inception bitcoin will become so entrenched in the global economy it will no longer need to be issued. At this point miners are compensated for processing the tx and securing the network through purely tx fees.
If you have ever tried to send a large some of money from one bank to another, you would know how brutally inefficient it is to do so. A $30 bitcoin fee to move infinite value in less then an hour is incredible. It bleeds financial innovation.
I agree with all of this, and the regular crypto person might, and I'm going to add onto one of your statements. Bitcoin DOES help you receive money faster, but there are other coins that help you receive it faster than bitcoin does now.
I believe if bitcoin wasn't the most used, it would be non-existent. I feel the only reason it's still alive is because people have to use it to purchase goods. An example would be going to a market in New York and buying things with bitcoin instead of altcoins, because they don't accept them.
It was first to market...and usually that means people improve upon it and the new tech becomes the real product. 9 times out of 10 this is what happens. The problem we have is that all crypto relies on bitcoin currently so if bitcoin dies everything else goes down with it...this needs to be changed.