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char8 | 4 years ago

Seems lobsided. Sure Bitcoin suffers from high fees, but it serves well as a savings account. We've also started accepting litecoin payments on our site: I set it up once, and forgot about it. With Paypal it's a never-ending rigamarole.

I've recently closed my bank account, and started using something a bit more up-to-date (Revolut). I believe Bitcoin is the single biggest innovation driver in the tech sector right now.. but sure.. it's a scam.

discuss

Tarq0n|4 years ago

Bitcoin is more like a security, with characteristics more akin to rare metals than a savings account. It's entirely unfit for that purpose.

chrisco255|4 years ago

That makes it a commodity, not a security. Securities are very specific things described by the SEC Act and the Howey test.

But if you don't like Bitcoin you can use USD based cryptos like DAI or USDC to transact and conduct peer-to-peer lending, purchase art work, save with higher yield, provide liquidity in a peer to peer marketplace, etc. By no means do you have to choose Bitcoin.

jakelazaroff|4 years ago

> Sure Bitcoin suffers from high fees, but it serves well as a savings account.

Does it? Your Bitcoin "savings account" would have lost over 45% of its value over the past month and a half.

chrisco255|4 years ago

A friend of mine paid another friend of mine $80 in BTC for a trip we did about 5 years ago. That BTC, never touched, is now worth $5000. At any rate, it's definitely volatile, because the asset class is still a small (but growing) potato in the grand scheme of commodities markets. One thing we can be sure of, it will never go negative in price, unlike oil.

char8|4 years ago

Depends on your timeframe.

Yes i've lost a lot of my net worth compared to last month.

Compared to last year, i'm up 3.5x.

That's one of the things i like about using Bitcoin as a savings account, it makes me think more longterm about my finances.

ashtonkem|4 years ago

> I believe Bitcoin is the single biggest innovation driver in the tech sector right now

Not gonna lie, I laughed at this.

dang|4 years ago

Can you please make your substantive points without swipes? It's hard for conversations like this to stay interesting and this sort of exchange tends to push them over a cliff.

https://news.ycombinator.com/newsguidelines.html

char8|4 years ago

Yes sorry it was a typo. I meant to write:

> I believe Bitcoin is the single biggest innovation driver in the *fin*tech sector right now.

Obviously not the biggest driver in tech; i don't blame you fr laughing at this statement.

alkonaut|4 years ago

I needed that too.