Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin an Investment or Payment form? Has it lost its purpose?
by
Pmalek
on 01/08/2021, 16:48:22 UTC
With hour long payment confirmations, I just don't see it as a payment form in everyday life.
A quick confirmation doesn't equal a better or safer transfer of value. Credit cards seem like they confirm your transaction in seconds. But that's not final, only your balance (the credit) gets updated. In the background, the transaction needs from 1 to 3 business days to be processed. Not only that, but they are reversible for up to 6 months.

Bitcoin doesn't take three business days to confirm and it also doesn't have international limitations or restrictions. If you have paid a good enough mining fee, your first confirmation will arrive after 10 minutes on average and you already have full control of your money then. Six confirmations is often used when dealing with big amounts or cryptocurrency exchanges, and those will come within 1 hour in optimal network conditions. They are irreversible, and no one can block your non-custodial wallet or ask you any questions.

Bitcoin is a great hedge against inflation. The money in my bank losses value constantly and the purchasing power decreases year after year. And the bastards keep inventing new ways to take bits for themselves. Their newest scheme is forcing users to invest in their eurobonds, otherwise, they deduct a small percentage from your account each month.