this post was submitted on 13 Nov 2024
934 points (98.3% liked)

People Twitter

5221 readers
1661 users here now

People tweeting stuff. We allow tweets from anyone.

RULES:

  1. Mark NSFW content.
  2. No doxxing people.
  3. Must be a tweet or similar
  4. No bullying or international politcs
  5. Be excellent to each other.

founded 1 year ago
MODERATORS
[email protected]
[email protected]
934
None. Suffer. (lemmy.world)
submitted 1 day ago by Stamets to c/[email protected]
155 comments fedilink hide all child comments
 
you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 1 points 23 hours ago (1 children)

So, instead of my bank sending money to your bank, I use my bank to send money to a bitcoin broker, then I send the bitcoin, and then their broker sends money to their bank, adding two more middlemen.

[–] [email protected] 1 points 14 hours ago (1 children)

You've got it backwards. Instead of sending bitcoin to an exchange, selling it for dollars, doing a bank transfer, and then the recipient buying bitcoin, you can just send bitcoin from one person to another.

[–] [email protected] 1 points 9 hours ago

You should read my comment again, that's not what I said.

I said that in order to send money through the blockchain, it takes more middlemen than just sending money via other systems.