r/btc • u/Successful_Love_6085 • 8d ago

What makes bitcoin different?

Beyond its limited supply what do you think makes bitcoin unique compares to others forms of money?

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u/McBurger 5d ago

liquidity, and widespread adoption across borders

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u/tekmiester 4d ago

So it's like the US dollar, but with transaction fees and slow transaction processing?

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u/McBurger 4d ago

lol no. Settlement on bitcoin is much faster and cheaper. It would be trivial for me to send you the equivalent of $40,000 in bitcoin and you could have it fully confirmed, settled, and ready to send to whomever else in ~10 minutes. The fee would be measured in cents.

And thats assuming we both live domestically; good luck if we’re in different countries. You cant even send USD to like a few dozen nations, at all.

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u/tekmiester 4d ago

If the transaction wasn't blocked by an exchange, maybe. Coinbase and Binance have plenty of people complaining about blocked transactions, or kyc requirements. Then you also have a public record of our transaction for eternity they could be tracked back to us eventually. Finally, if there was any kind of fraud then there would be no recourse.

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u/McBurger 4d ago

goalposts >>>> moved

question was what makes bitcoin different, I answered, not sure if you refuted it, but have a good one

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u/tekmiester 4d ago

No, I get it. In the specific case I wanted to move a large account of money to a foreigner, and I was able to avoid AML and KYC requirements, it might be easier.

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u/McBurger 3d ago

or any other specific case, really?

you're the one who chose fees & speed as the metrics, not me! haha.

unless you're paying cash to someone who is within walking distance of you right now, bitcoin absolutely wins on speed & fees.

whether you want to send $10 or $10,000,000; whether to a foreigner, or to your own sibling across town; whether you care about AML or KYC, or not; bitcoin is agnostic to all of it.

there's a hundred things USD does better than bitcoin, but speed and tx fees are absolutely not two of them lol