Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
The consumer won't even know they're using it. Gateways like Stripe, Apple Pay, Transferwise, Goldman Sachs, etc, etc will take care of that for them. The consumer will merely make payments like they always have - except at a fraction of the cost.
A fair point, but one that still relies on for-profit groups with self-serving interests.
Sorry missed that you had replied. Yes it does rely. It has to rely for a time. There's no way the finance sector is going to dive head-first into the deep-end of fully p2p finance. There will be a transition period where centralised institutions act as gateways to the decentralised network. Those tech savvy enough will be the only niche complete p2pers. However, once the infrastructure becomes developed enough, we won't even need gateways.
...At that point, the for-profit gateways will politely step out of the way & utopia will ensue.
No, they will simply just not be used. Like any business that runs its course. Is that so hard to grasp?
Why and how will this transition take place? Consumers have grown to trust these payment services, not Bitcoin.
Yes. Again, that's why I said there will be a transition period for 15 years or so. Once more, is it really that hard to grasp?
1. Bitcoin comes along - offers borderless, frictionless, secure transactions at almost zero cost.
Bitcoin's transaction costs, if Satoshi's statement that BTC price should tend toward BTC mining costs, is currently ~10% of Bitcoin's market cap. Imagine if 10% of the world's wealth was destroyed yearly on transaction costs
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