RE: Please Explain Bitcoin to an 80 (tech savvy) year old man

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Please Explain Bitcoin to an 80 (tech savvy) year old man

in introduction •  9 years ago 

Thanks for explaining bitcoin.

However: at the moment bitcoin is not near-instant.
And there are transaction fees.
This may change in the future, or not.

Still it is a disruptive technology.

introduction
9 years ago by

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      ·  9 years ago 

    It's near-instant compared to bank transfers, and there are negligible fees as compared to PayPal and Western Union.

    New developments like the Lightning Network will improve on that.

    If you refer to other crypto-currencies that claim to be even more instant and require even less fees, then keep in mind that all the different types of blockchain concepts and consensus models have their specific advantages and drawbacks. One is not better than the other.

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