Crypto doesn’t have the same consumer protections as centralized cards, though. You can’t dispute a fraudulent transaction with crypto, as every transaction, much like cash, is permenant and irreversable. That and crypto also has a negative connotation with scams, as it is very commonly used to scam people.
The technology and the idea of a decentralized currency is cool, and with cryptos like Monero, can even mean private transfers of money across the internet, but it also has its flaws.
I do think blockchain technology has its uses, though, for example, with government elections, although in that case, individual clients can be compromised, and there is a high amount of incentive for malicious actors to do so.
And that is ignoring the many issues with proof of work and its power usage.
You don’t need to trust bitcoin because one of the fundamental principles of it is trustlessnes. the only problem I see is constantly changing price of bitcoin
I think Bitcoin was a good proof of concept that this system can work and scale. Ethereum is trying to be the viable option. I personally like Monero. I am sure in a hundred years or so if crypto is still here, it will be more viable and stable.
That’s part of the trust problem though; when I have a $10 note in my pocket, I trust that it will still be $10 when I go to pay for my coffee later that day.
If I get $10 worth of Bitcoin out of an ATM in the morning, I don’t have that same faith in the afternoon. It might be $7, it might be $3, it might be $15,000. That volatility is exactly why I can’t trust it as my standard currency.
Can’t we just all use cryptocurrency?
Crypto doesn’t have the same consumer protections as centralized cards, though. You can’t dispute a fraudulent transaction with crypto, as every transaction, much like cash, is permenant and irreversable. That and crypto also has a negative connotation with scams, as it is very commonly used to scam people.
The technology and the idea of a decentralized currency is cool, and with cryptos like Monero, can even mean private transfers of money across the internet, but it also has its flaws.
I do think blockchain technology has its uses, though, for example, with government elections, although in that case, individual clients can be compromised, and there is a high amount of incentive for malicious actors to do so.
And that is ignoring the many issues with proof of work and its power usage.
You think people can trust crypto?
You don’t need to trust bitcoin because one of the fundamental principles of it is trustlessnes. the only problem I see is constantly changing price of bitcoin
Sure one BTC is one BTC. But how many USD is a BTC worth? A lot of that depends on the stable coin tether and that is backed 100% by “trust me bro”
And 99% of cryptoheads are just fine with “trust me bro” they just want “number go up” the rest of it seems to be misdirection and distraction.
And the immense resources required as well as the processing time for a transaction.
Now I’m not saying someday a digital currency will work. Just it isn’t Bitcoin, plenty of other more viable coins but most people just gamble now.
I think Bitcoin was a good proof of concept that this system can work and scale. Ethereum is trying to be the viable option. I personally like Monero. I am sure in a hundred years or so if crypto is still here, it will be more viable and stable.
That’s part of the trust problem though; when I have a $10 note in my pocket, I trust that it will still be $10 when I go to pay for my coffee later that day.
If I get $10 worth of Bitcoin out of an ATM in the morning, I don’t have that same faith in the afternoon. It might be $7, it might be $3, it might be $15,000. That volatility is exactly why I can’t trust it as my standard currency.