Comment on Seeing how cheap it is to send Bitcoin over lightening

bloodydamnfool@exploding-heads.com ⁨1⁩ ⁨year⁩ ago

Digitally holding and transferring money is the least important of a bank’s jobs.

The actually important job is the management and pooling of loans and investments. Bitcoin itself will never give you a loan to start a business or buy a house.

(A bitcoin bank might do that - but they would just be a regular bank using a different medium. And having to put your money in the bank’s crypto wallet, so they can operate, defeats many of the reasons to use crypto in the first place.)

Crypto is not a replacement for banks. It is, or should be, a replacement for VISA and MasterCard, which take a massive cut of the entire economy for a much simpler service.

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