can i get a Bitcoin mortgage?
maybe this exists, but is that inherent to Bitcoin, or is it a bank that is offering that?
if it's a bank offering a mortgage, why use Bitcoin? it's not replacing a bank.
if you compare Bitcoin to gold, this still doesn't replace a bank. credit is what keeps the system going. once a cryptocurrency can do that...
That’ll probably never happen.
if you can't finance your house or car with the blockchain, it's not a bank replacement
Bitcoin will never see widespread adoption because it requires too much technical knowledge, and it’s way too easy to make a mistake and irreversibly ruin your life.
I guess some company could accept payment for cash loans in bitcoin though, but what’s the point? It really only adds risk.
well, buying Bitcoin from a site that claims to be your wallet doesn't require all that much technical knowledge, but you don't really own Bitcoin if you do that...
Even then, ppl still get their passwords stolen and their accounts drained. I see stuff like that all the time on the crypto subreddits.
people generally want stuff to be convenient.
i'm not here because Nostr is convenient, for example. takes far too much work set it up properly. and it causes my laptop to overheat.
if you're on Nostr, you're probably a nerd. much like if you're on fedi.
the holy grail is a decentralised network that you don't have to think about because it Just Works(TM).
Nostr is mostly bitcoin ppl, I don’t actually see many nerds here at all.
But the other big group on fedi are ppl that have been censored elsewhere, there’s some here too but they’re drowned out by the bitcoin spam lol.
you dont really own your money in a bank either
never said that either. but there are people who hear about Bitcoin and they go buy it at some exchange but they don't know how to set up their own wallet, so it's effectively like having money in the bank.
You do though.
Except, you don't.
When you deposit money in a bank, the bank writes it as a liability because it owes you that money.
I.e., the money is no longer yours.
exactly and its worse than that in that the money you deposit likely isn't real money either but a creation from fractional lending
Imagine lending your money to someone in exchange for basically zero interest, if not actually negative interest because they charge you all sorts of fees for their "services". And, on top of that, they are objectively insolvent to begin with: they have no serious means to pay you back because they're running a ponzi scheme.
the money doesnt actually exist hence a bank run causes issues and the fed has to make new money to stop it
Rather than a mortgage or credit, in a #Bitcoin standard, the price of a home will go down forever in bitcoin terms.
So one only has to earn and save #Bitcoin until one can afford the house one wants.
We need a more developed layer 3 solution with smart contracts.
Pay x amount of bitcoin each month
If payment not received start repo....
Ect
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