In order to reach the most reliable and secure cryptographic level, Bitcoin needed to give up better scalability to preserve the characteristics that made this security possible.
Although use as a medium of exchange may be one of Bitcoin's functions, it is neither the only nor the main function. Therefore, for recurring day-to-day transactions, such as paying for coffee, today it really may not be the most conducive use for Bitcoin, as in this sense it does not compete with the major payment companies, such as Visa, Mastercard and PayPal.
However, this is compensated by its efficiency in carrying out transactions with large amounts and globally, with agility and low cost, something extremely limited in the traditional financial system, in which to make an international transaction, authorizations are necessary, which can take days and days. cost very expensive due to the high fees and taxes charged.
More and more, frequent billion-dollar transactions are made and entrusted to the Bi tcoin network, costing very little. In addition, there are second-tier solutions, such as the Lightning Network, that can meet the demand for smaller value transactions in the not-too-distant future.
This 92,857 Bitcoin transaction, the equivalent of $ 1,700,000,000 million dollars in current values, at the time cost 0.00033699 BTC (less than $ 6.00), as you can see in the image. According to the World Bank, the average global shipping cost of $ 200 in remittances is 6.8%.
Therefore, we can conclude that the Bitcoin project did not fail as a currency, it just evolved into something more than that, serving other purposes besides the transfer of resources, adding value to the network and society.
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I just came to terms with this. One of the reason I never bought into BTC as much before was because it failed my currency test. Clearly I missed that it is just fine for large transactions, across boarders, and its speed is way better than anything else.
I think its perfectly ok that BTC will never be used for buying coffee, and it might actually benefit. If it moves toward digital gold, the reserve, most transactions will be more significant.
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I think few to no coins could function as a daily currency if they had the volume of users as Bitcoin
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Originally a certain kind of sea shell was used as form of currency....when people realised it could be picked off the beach that form went away. If i trade you my X for your Y, and we agree to the value of trade, what does the transaction value of X and Y become?
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