Sunday, September 24, 2017

Why Bitcoin Wins

There are some serious advantages to bitcoin for both consumers and merchants that have been seriously overlooked. Bitcoin is more than some strange technology, but rather a paradigm shift in the banking industry. Bitcoin turns banking into a commodity, thus allowing the free market to select payment processors on a basis of efficiency and nothing else.

The banking industry drains hundreds of millions of dollars off of the economy every year. This cannot and should not be the case. Bitcoin encourages the very conceptual framework that my country of residence (USA!) was built upon, and they just sold 29k BTC. This is just short of a federal endorsement of the currency.

When I first became a software developer people talked about eliminating “FTEs”. I had no idea what that meant, and only later did I understand that meant my software was pushing people into unemployment. I spent a lot of time feeling bad about what I was doing. Now I tell bankers that I’m “coming for their job” and it actually makes them uncomfortable, that’s a powerful thing.

So you’ve made it this far through my tirade. I owe you an honest explanation, I think bitcoin can and should overturn the banking system, it’s free market economics on an unprecedented scale.

This is roughly equivalent to having an account at every major bank and using whichever is cheapest at any given momen, and bitcoin is still cheaper than all of them.

HN Discussion
Reddit Discussion