Nostr

Replying to unknown

Its crazy to buy and sell crypto. I lost $8 simply buying $100 worth today from an exchange. Inflation is not that bad. When I sell or give it away, more fees are paid and value lost .

Yeah, Lightning is cheap and nice but lets be real, its only good for zaps now lol. Cant use it in real world

Mabardino 🍀 1y ago

true, but I genuinely don't think it's that far off for some regular non bitcoin business to start paying people in bitcoin in the next 5 ish years. if you get paid in bitcoin and pay for bills etc with bitcoin, there are no middle man fees, only tx fees.

2 points, firstly regarding the fees you initially talk about, you see a similar thing when swapping from USD to EUR for a holiday, fx exchange rates are set so that the middle man can take a % cut, similar to how crypto exchanges take a % cut when you swap your fiat for bitcoin. this can be thought of as a temporary "entrance fee", once you have the bitcoin, you don't pay that again, and if you receive bitcoin you don't worry about it.

second point is tx fees, on chain won't be for everyone, it never was meant to be. it is scarce for a reason. if you think about payment processors today (visa, MasterCard etc) they charge 2-3% on tx's, but you don't notice this because the business pays it and just includes that fee into the cost of the product you are buying. as bitcoin + lightning becomes more mainstream, I see no reason why it wouldn't be the same here as well. tx fees would be paid by the supermarket or whatever business you are paying in the background, and you will just be paying the invoice price itself. that leaves payments to friends and family, which are currently "free", but all youre doing when paying them fiat is giving them an IOU for fiat money you never had in the first place. in this case I think a few sats is acceptable to move actual store of value, it is worth it :)

Reply to this note

Please Login to reply.

Discussion

unknown 1y ago

All of your points dont apply to most people for their faily lives. Most of the planet does not get paid in bitcoin and probably wont for a very long time. Most people dont exchange currency for their daily lives. Business paying the transaction fees sucks for them but I am not.

My bank dont charge me any fees for fiat. I can send fiat to anyone for free many different ways. I can pay for everything I need without transaction fees.

Mabardino 🍀 1y ago

the timeline in my head is much faster than what other people think I admit, but I do think this will be soon(5 ish years)

and yeh business will pay the tx fees when you pay them I feel like

personal payments fees will add up to be less than inflation since prices will go down denominated in sats instsad of up

that's my opinions :)

unknown 1y ago

Imagine getting paid at midnight for your hard earned salary and bad news about bitcoin happens at 8am and you loose a quarter of your paycheck lol

Mabardino 🍀 1y ago

bitcoin is currently viewed as a speculative asset by the media and the majority of people, that's the reason for price volatility. when bitcoin is used for the cases I mentioned, the market cap will be quite stable, going up as more users come to the network(the market sets the price), major currencies don't drop 25% in a day.