> I think I pay about 11 cents per transaction. Way less than credit cards!
Yes but you're currently competing against a lumbering, outdated and over-regulated marketplace that's ripe for renovation.
What do you think will happen the minute these banks get real competition? They will update their network and make transactions cost 5c, or N-1 where N is the current BTC transaction cost. They will always be ahead because their limits are self-imposed and solved through simple software, not intentionally and computationally difficult.
And they already are! I can instantly send money to all of my friends with venmo paying no transaction fees. And I don't even have to argue with them about the inherent value of US dollars and the problems with fiat currencies!
What you said is true. Banks can always lower their transaction costs as they see fit(competitions) and beat BTC transaction fee anytime. So transaction cost might not be an advantage in such situation.
But people might still use BTC and pay up that extra cost because of its special property: true ownership.
Yes but you're currently competing against a lumbering, outdated and over-regulated marketplace that's ripe for renovation.
What do you think will happen the minute these banks get real competition? They will update their network and make transactions cost 5c, or N-1 where N is the current BTC transaction cost. They will always be ahead because their limits are self-imposed and solved through simple software, not intentionally and computationally difficult.
And they already are! I can instantly send money to all of my friends with venmo paying no transaction fees. And I don't even have to argue with them about the inherent value of US dollars and the problems with fiat currencies!