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0 pointsrednerrus5y ago0 comments

The hurdle for bitcoin is finding a way for people to turn it into a currency they can use. This is where you end up with a centralized exchange layer built on top of it.

I can make a $12,000,000 transaction for $.35 but if I actually want to get the money, I have to pay 2.5% to a legit exchange or take my chances on some janky ass exchange. Why not just transfer the money via ACH and pay the small fee and save myself the headache?

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qes5y ago

2.5% is way too much.

I pay 0.15% and the exchange has been around for a decade without ever losing funds. It's even now licensed as a bank in the U.S.

jerry19795y ago

You can start by asking people to take bitcoin for various transactions. For example, my friends and I all use it settle debts between each other.

anakaine5y ago

The barriers to entry, usage, and understanding are just too high for average Joe. That and how the value of their money fluctuates compared to fiat makes it more difficult to use as a daily currency. Also, when things go wrong there's nobody to turn to in most cases.

spurgu5y ago

> The barriers to entry, usage, and understanding are just too high for average Joe.

Mentioned in another thread[0], the Phoenix wallet more or less solves this on the Lightning Network.

[0] https://news.ycombinator.com/item?id=25706312

nly5y ago

Bet you don't lend one another bitcoin though

doggosphere5y ago

In a long enough time frame, people transact with cryptoassets directly and don't need to exchange into fiat. We are early in this development, money as we know it is changing.

JohnWinner5y ago

Over a long enough time frame the chances that you get hacked, scammed or make a fatal mistake and lose all your cryptos is high. Putting anything more than pocket money in this is idiotic.

gruez5y ago

What kind of an exchange charges 2.5%?

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