Author: Angel Leon 2015-08-11 22:06:52
Published on: 2015-08-11T22:06:52+00:00
The conversation is about the importance of Bitcoin being cheaper and faster in order to compete with other money transfer systems. The idea is presented that people will switch to using something cheaper and faster as soon as it becomes available, regardless of whether it is decentralized or not. The poster gives an example of how they dread going to the bank to make cash deposits and would prefer to do a simple interbank transaction online. It is suggested that the banking industry has realized the threat of cryptocurrencies, and may come up with ways to allow person-to-person transfers within the country, but international remittances still have the potential to be disrupted by Bitcoin if it can be made cheap enough. The conversation also touches on the issue of increasing the block size limit for Bitcoin, with some arguing that this is necessary for growth, while others caution against making changes to the system unless they are uncontroversial. Overall, the conversation highlights the need for Bitcoin to remain inexpensive and fast in order to compete with other money transfer options.
Updated on: 2023-06-10T18:23:49.355062+00:00