I keep tiny amounts (~15-20 USD) of #Bitcoin
on my phone.
I now literally can't send them anywhere.
The transaction fee is greater than the funds in the wallet.
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Replying to @generativist
BitCoin is an awful currency. It's a great store of value (for now), but it's failing completely as a medium of exchange
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Replying to @MattyPGood
Perhaps. But, there was a sizable population of people using it for transactions, especially outside of WEIRD (i.e. Western, educated, and from industrialized, rich, and democratic countries) countries. They're getting squeezed out right now.
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Replying to @generativist
Without even taking the fee structure into account, the currency is way too volatile and upwardly mobile to be effective as a medium of exchange. In an inverse of hyperinflation, you never want to sell an asset that's so rapidly appreciating in value.
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Replying to @MattyPGood @generativist
Why buy a loaf of bread today when you can buy 8 tomorrow with the same amount of currency?
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Replying to @MattyPGood
Because you're hungry.
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Replying to @generativist
lol, maybe bread was a bad example
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I think it's a good one though. If crypto-world is sincere about wanting to use blockchains for great good, this is a problem. It's additional coins lost deflation at the expense of folks who were using it as a currency...
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