- cross-posted to:
- opensource@lemmy.ml
- cross-posted to:
- opensource@lemmy.ml
cross-posted from: https://lemmy.ml/post/17303063
An enlightening and high quality video on how money and the banking system work, why they are corrupted and what is the solution.
This is a fancy way to say that it is slower unless you pay higher fees.
The fees are fluctuating and can be much higher than you claim (https://decrypt.co/234446/bitcoin-fees-skyrocket-okx-exchange-burning-utxo)
While it is true you could pay lower fees if you send larger amounts, if we take your 5$ fee at face value, then any transaction below 147.35$ will have lower fees on a payment service like Stripe (3.4% for international transactions + 0.30$ per transaction).
I did not claim otherwise.
Nobody currently does. However, it is my understanding that theu could fork the network and update it if they had 50%+1 of the network. It is not impossible.
It is a problem because people do not want to pay higher fees.
They can pay taxes but they don’t have to. There is no system to know the identity and know the tax rate that should be applied using the raw bitcoin transaction method. This has to be applied using an external centralized service at best.
This is not fraud and it is not what I’m talking about.
The tax and identity layers have to be added on top. They are not built-in. While it is true a country can force things, it is not true they can force the bitcoin network to apply these rules. This is in fact one of the selling points of Bitcoin according to this video.