Yeah.... It's kinda the entire problem with Bitcoin as a concept. It's the bastard child of a commodity and currency, featuring the worst aspects of both its parents.
It's a commodity with no inherent value, and a currency with no guaranteeing partner or oversight. Tbh the only real values it can express are all highly detrimental towards society at large.
Sure it sucks as a currency, but it if you're the only town doing it then it might work okay as a tourist attraction to draw in any remaining wealthy bitcoin enthusiasts.
Only for transactions on the main (L1) blockchain. Small transactions are usually done on a secondary (L2) blockchain so they're fast and cheap, and then periodically synced back to the L1 chain in one big transaction.
10 Comments
username_1@programming.dev · 12 pts · 171d
TranscendentalEmpire@lemmy.today · 7 pts · 171d
Yeah.... It's kinda the entire problem with Bitcoin as a concept. It's the bastard child of a commodity and currency, featuring the worst aspects of both its parents.
It's a commodity with no inherent value, and a currency with no guaranteeing partner or oversight. Tbh the only real values it can express are all highly detrimental towards society at large.
kbal@fedia.io · 6 pts · 171d
Sure it sucks as a currency, but it if you're the only town doing it then it might work okay as a tourist attraction to draw in any remaining wealthy bitcoin enthusiasts.
Quilotoa@lemmy.ca · 3 pts · 171d
It was a weird vibe in the village. Either bitcoin people, who tended to be middle upper class, or surfers.
Overspark@piefed.social · 5 pts · 170d
Only for transactions on the main (L1) blockchain. Small transactions are usually done on a secondary (L2) blockchain so they're fast and cheap, and then periodically synced back to the L1 chain in one big transaction.
vext01@feddit.uk · 1 pts · 171d
I dont think its that big, but bitcoin is also very slow, which wont help.
username_1@programming.dev · 1 pts · 171d
vext01@feddit.uk · 2 pts · 171d
Yeah, and meanwhile visa are doing god knows how many million transactions per second.
snowdrop@lemmy.ca · 4 pts · 171d
This place screams libertarian paradise
ZkhqrD5o@lemmy.world · 3 pts · 169d
Guys, I have a genius idea: How about we make money, but every single time we spend/receive money, it gets harder to process that transaction!
Treczoks@lemmy.world · 3 pts · 171d
Yep, looks like it.
PennyRoyal@sh.itjust.works · 1 pts · 171d
Is this “bitcoin” in the room with us now?