Bitcoin is not the only game in town. It’s just the one that everybody knows. There are several “alt coins” that do the job of small payments cheaper and faster than Bitcoin. Litecoin’s transaction cost is around $.01. EOS is free. And there are dozens of others. There is no doubt that Zuck’s coin will be optimized for its intended purpose and will be fully technically functional. As with most cryptocurrencies, the measure of success will be with its adoption and I have no doubt that with Facebook’s prominence they will have no issues with that.
FJJun 20, 2019 @ 10:40
I have to say that I really enjoy your Morning Line articles. They are educational, enlightening and usually bring a smile to my face. Thank you.
PRSJun 20, 2019 @ 1:15
Yes, conventional payment systems get the job done but are expensive. A $1 credit card payment can cost over 30% to process. International money transfers are expensive and take days. There’s a lot of competition in this sector but Facebook has the clout and power to hire the right people to make it successful.
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Zuckerberg’s ‘stablecoin’ will need to succeed where blockchain money failed. High transaction costs have made bitcoin mainly a speculative medium used to store value rather than to buy small things. Bitcoin’s lack of utility was embarrassingly unforeseen by its designers. RA
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Bitcoin is not the only game in town. It’s just the one that everybody knows. There are several “alt coins” that do the job of small payments cheaper and faster than Bitcoin. Litecoin’s transaction cost is around $.01. EOS is free. And there are dozens of others. There is no doubt that Zuck’s coin will be optimized for its intended purpose and will be fully technically functional. As with most cryptocurrencies, the measure of success will be with its adoption and I have no doubt that with Facebook’s prominence they will have no issues with that.
I have to say that I really enjoy your Morning Line articles. They are educational, enlightening and usually bring a smile to my face. Thank you.
Yes, conventional payment systems get the job done but are expensive. A $1 credit card payment can cost over 30% to process. International money transfers are expensive and take days. There’s a lot of competition in this sector but Facebook has the clout and power to hire the right people to make it successful.
&&&&&
Zuckerberg’s ‘stablecoin’ will need to succeed where blockchain money failed. High transaction costs have made bitcoin mainly a speculative medium used to store value rather than to buy small things. Bitcoin’s lack of utility was embarrassingly unforeseen by its designers. RA