The main reason I don’t care for bitcoin is I have to count a bunch zeros after the decimal point, before reaching a useful number.
$1 = 0.000006128921 btc? Really? Screw those zeroes. Bitcoin is inefficient in so many ways.
Monkey brain no like small numbers. Monkey brain like big numbers.
But for real, Bitcoin was the first decentalized currency to solve the Byzantine Generals Problem. Its worth something because its transparent, unmutable, and the original digital currency. It was birthed via grassroot origins in depths of the housing crash. It calls out the Federal Reserve (and any other human institution that seeks to expand their money supply).
I still haven’t come across anywhere, or any reason, to buy goods with BTC. I look for things I need, not ways to spend.
I have these beautiful apps showing me clearly how to buy bitcoin, but no one is giving me any reason to do it. What am I supposed to do with a satoshi? Groceries? Nope. Furniture? Nope. Housing? Nope. A T-shirt with some BTC logo on it? 🤨
And twenty bucks to the Chinese miners as a “transaction free”.
Lightning network, taproot, all that shit, just paper over the fact that Bitcoin cannot, by design, handle enough transaction volume to become a general purpose currency without reinventing a lot of mostly centralized payment infrastructure.
You can commit money to a payment channel with a third party to create a private ledger so the third party can perform payments in your name to someone in using their shared channel on their private ledger.
Motherfucker, that’s just a bank and two bank accounts with extra steps.
But you never see milliBTC or µBTC. Your post is literally the first time I see µBTC. No normal person knows how to type µ, let alone knowing what it means or how many eggs that buys. My crypto currency converter doesn’t even use µBTC.
Bitcoin is its own worst enemy. It’s deflationary, speculative, and largely interacted with by centralized entities. Those things means its unlikely to be successful as an actual currency; even one it hopes to be.
This already exists. 1 bitcoin = 1,000 mBTC = 100,000,000 satoshi. The exchange rate as of writing is about 846 satoshis = 1 USD or 982 satoshis = 1 EUR. The current usage is thusly:
Transaction fees on the main network are measured in sats/B (satoshis per [virtual] byte [of transaction size]).
Transactions on the Lightning Network, a lower-fee instant payment network that runs on top of the ordinary Bitcoin network, are all denominated in respect to satoshis. So a payment on the Lightning Network is traditionally regarded as, for example, 50,000 satoshis rather than 0.5 mBTC or 0.0005 BTC. And the fee on that payment is usually in the range of 50-100 satoshis.
Goods sold on the Lightning Network are typically priced in satoshis.
SPECIAL OFFER: Fill Your GAScoin Tank Before 12:00 AM EST Friday and Log On for 7 Consecutive Days for a Chance to Win 10,000 Golden Eagles, a One-of-a-Kind Chug Jug Skin for Your Bitcopper Coins, and an Exclusive Golden Tesla Cybertruck Mount!
It was far less valuable when it first started becoming trendy. 1 BTC for a pizza, or whatever. Now it’s turned into a hyperinflation wheelbarrow kind of situation.
Deflation . This is literally what happens to any volute that cannot be printed indefinitely. The situation is complicated by the fact that many wallets are simply lost and bitcoins will never be recovered from them.
The main reason I don’t care for bitcoin is I have to count a bunch zeros after the decimal point, before reaching a useful number. $1 = 0.000006128921 btc? Really? Screw those zeroes. Bitcoin is inefficient in so many ways.
Monkey brain no like small numbers. Monkey brain like big numbers.
But for real, Bitcoin was the first decentalized currency to solve the Byzantine Generals Problem. Its worth something because its transparent, unmutable, and the original digital currency. It was birthed via grassroot origins in depths of the housing crash. It calls out the Federal Reserve (and any other human institution that seeks to expand their money supply).
If you’re paying for small good (25-50$) you usually pay in “Satoshis” 0.00000001 BTC. If you convert it to dollars, 10 satoshis is 1 cent.
Case in point
I still haven’t come across anywhere, or any reason, to buy goods with BTC. I look for things I need, not ways to spend. I have these beautiful apps showing me clearly how to buy bitcoin, but no one is giving me any reason to do it. What am I supposed to do with a satoshi? Groceries? Nope. Furniture? Nope. Housing? Nope. A T-shirt with some BTC logo on it? 🤨
Anything you can buy cocaine with is fiat currency imo
The only reason I’ve ever used crypto is to buy DIY HRT and other drugs off the internet :)
And twenty bucks to the Chinese miners as a “transaction free”.
Lightning network, taproot, all that shit, just paper over the fact that Bitcoin cannot, by design, handle enough transaction volume to become a general purpose currency without reinventing a lot of mostly centralized payment infrastructure.
Lightning is generally pretty stupid
You can commit money to a payment channel with a third party to create a private ledger so the third party can perform payments in your name to someone in using their shared channel on their private ledger.
Motherfucker, that’s just a bank and two bank accounts with extra steps.
It’s a catch 22 solution. It only allows bitcoin to scale if hardly anyone settles back on the bitcoin network.
Things are often measured in mBTC or µBTC for this exact reason.
Just as you don’t measure the length of an ant in meters, you measure it in millimeters.
But you never see milliBTC or µBTC. Your post is literally the first time I see µBTC. No normal person knows how to type µ, let alone knowing what it means or how many eggs that buys. My crypto currency converter doesn’t even use µBTC.
mBTC and satoshis (10^-8) are more common indeed, but are used pretty much everywhere. It’s not 2015 anymore
If that’s the biggest complaint you have about it, it’s probably not that bad.
I don’t mind Bitcoin itself, but I do hate NFTs and pump and dump scams, obviously
Bitcoin is its own worst enemy. It’s deflationary, speculative, and largely interacted with by centralized entities. Those things means its unlikely to be successful as an actual currency; even one it hopes to be.
It’s been surpassed by new blockchains in all dimensions except market cap
Such as?
Bitcoin for market cap
Solana for transactions, throughput and scalability
Polkadot or Cosmos for interoperability
Ethereum for everything else (developer, activity, economic activity, regulatory, governance, decentralisation etc.)
Cool, ty!
I also hear alot about Monero from the privacy crowd.
Any thoughts?
Monero is opt-in privacy so not ideal, but it’s the most popular privacy preserving coin, so it’s most popular for illicit dark web purchases
They should bring in subunits like an MMO. 1 bitcoin (118905USD) = 100 bitsilver 1 bitsilver (1189.05USD) = 100 bitcopper 1 bitcopper = 11.89USD
It doesn’t even make any different to the number of bitcoin used, its just a more user friendly way of displaying it for small purchases.
This already exists. 1 bitcoin = 1,000 mBTC = 100,000,000 satoshi. The exchange rate as of writing is about 846 satoshis = 1 USD or 982 satoshis = 1 EUR. The current usage is thusly:
They already do that with SI prefixes.
Transfer failed.
Oh, no! You’re out of GAScoins!
SPECIAL OFFER: Fill Your GAScoin Tank Before 12:00 AM EST Friday and Log On for 7 Consecutive Days for a Chance to Win 10,000 Golden Eagles, a One-of-a-Kind Chug Jug Skin for Your Bitcopper Coins, and an Exclusive Golden Tesla Cybertruck Mount!
1 dollar is currently worth .0000084 BTC; or, 840 Satoshi if zeros scare you.
What if foreign words scare me more?
The person you’re replying to loves republicans, so they should be familiar with the concept.
This person I’m replying to loves eating their own poop.
I’m using the same amount of proof they did for this claim.
It was far less valuable when it first started becoming trendy. 1 BTC for a pizza, or whatever. Now it’s turned into a hyperinflation wheelbarrow kind of situation.
Exact opposite of hyperinflation
10 000 BTC for 1 pizza…
Deflation . This is literally what happens to any volute that cannot be printed indefinitely. The situation is complicated by the fact that many wallets are simply lost and bitcoins will never be recovered from them.
It’s one of the least bad things about it, and if not for approximately twelve thousand bad things about it, would be easily fixable.