1707 sats \ 1 reply \ @anon 3 Jan \ on: Garbage Challenge | Mention one positive thing about fiat 💩 bitcoin
Firm Bitcoin believer, but we need to be open to criticism and realize Bitcoin is not perfect - its just better.
2 ways fiat is still better:
- UX, the UX of many fiat applications is amazing and has zero friction. The underlying fiat system and plumbing might be a disaster, but the UX presented to users is often very smooth. This is commonly, imho, why most people do not realize how bad the fiat system is, they only see a polished UX and none of the horrors underneath. If you doubt the UX advantage, ask an older non tech savvy member of your family to go buy something from BTCpins.com and pay with lightning. My parents are never figuring that out, even with unlimited time but they can use ApplePay with ease.
- Setting up and maintaining Bitcoin payment rails, especially for businesses, is often a nightmare. Right now you can go from nothing to having an active Shopify or Woocommerce web store with Stripe payments in a few hours at most. Now I challenge, try to go do that same exercise with self custodial onchain and lightning payments. We are improving and will get there, but for now the merchant friction is MASSIVE compared to the legacy system. Anyone who says otherwise is selling something or fooling themselves. Stripe constantly wins even against other fiat merchant solutions because its so simple and easy, they do not even try to compete on price. Most businesses just want payments and banking to fade away into the background so they can focus on running their business. Until bitcoin reaches that level of ease or fiat breaks completely, most merchants are not going to be interested.
All the fiat friction is front-loaded at the point of getting a bank account.
Without a bank account, you can't effectively engage with fiat at scale.
Getting a bank account is VERY high friction.
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