5 ms·

All the criticisms of Bitcoin scalability are completely warranted and have played out.

• yuvadam 3y ago
  What exactly has played out?
  • Marazan 3y ago
    Massive transaction fees, slow transactions.
    • codetrotter 3y ago
      I usually pay about the equivalent of a few dollars to send Bitcoin transactions. This system works cross borders, any time of day all days of the year. Bitcoin may not be useful for everyone, but it is available for everyone in a way that traditional banks are not. And this is a far greater strength than a lot of people realize.
      • epolanski 3y ago
        Bank transfers are free in my country even cross country. So cost is more convenient for normal bank accounts. Yes, speed is a factor if there's a weekend in the middle, but this is a non issue. I literally never ever had a need to pay someone or send someone money they needed in the very moment as I was sending it. It's really a non-issue. Another few bonuses for bank transfers: - are reversible in many cases - you can't lose any money if you misdigit a single character or send the money to the wrong account you have still time to revert or contact your bank and sort it out - they are simple to use. You can go in person and tell the cashier of the operation. You can use your application or website - as with your bank account is tied to your person, not to whoever holds some cryptographic key. Nobody can really point a gun at me and tell me I ahve to give him what I have in my bank, we all know it doesn't work. But a secret key to a wallet? Good luck holding it. - if I die my family will get the money. This is much more complex to handle with Bitcoin if not borderline impossible. Whoever holds his password can do what he wants with that.
        • satellite2 3y ago
          > Bank transfers are free in my country even cross country. Try any fancy private bank or a bank on the other side of the world and you'll see. Even national interbank transfer are generally complicated and slow and the complexity of the system is just well hidden mostly by low rate lending guaranteed by central banks.
          • Devasta 3y ago
            What do you mean? SWIFT payments are usually pretty fast and cost pennies.
          • epolanski 3y ago
            I don't care how it works. All I care for is that it works fine and it's cheap. On top of that the number of times in my 36 years of life I had to send money beyond the EU is literally 0. Not once. This is an edge case that maybe some split families have, but it's just a non issue for 99.9% of bank transfers.
        • Ferret7446 3y ago
          > Bank transfers are free in my country even cross country. So why do people pay so much money for wires? Your entire post basically boils down to "Bitcoin does not provide any advantages for me". Hey, good for you then! Recognize that there are billions of humans that are not you and move on. Perhaps one day, you will need to make a one time transfer with Bitcoin and you'll be glad that there's no way to censor you for your past Bitcoin-doubting ways, by design.
  • oluwie 3y ago
    All the criticisms of Bitcoin scalability.
• lawn 3y ago
  Not really. Bitcoin could scale much more if developers weren't married to the idea of second-layer scaling and the extreme aversion to hardforks.
  • ShamelessC 3y ago
    > have played out