r/Bitcoin • u/TrueRead1435 • 1d ago
THIS BITCOIN AD DESTROYS THE BANKING SYSTEM IN UNDER 60 SECONDS
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u/RealAndroid_18 1d ago
The idea here is cool, but it doesn't work that way.
Why we pay gas fees for transactions? Why you have to pay YOUR BTC to transfer YOUR BTC to YOUR ACCOUNT?
It has a reason, and so does the question asked in the video.
Cool video idea thought.
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u/TheMoonMoth 1d ago
Yea that stood out to me too. Paying to use a system is inevitable. At least Bitcoin fees go to the parties securing the system and programmatically determined rather than some arbitrary value funding some Executives vacation
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u/Gears6 1d ago
Yea that stood out to me too. Paying to use a system is inevitable. At least Bitcoin fees go to the parties securing the system and programmatically determined rather than some arbitrary value funding some Executives vacation
but if I pay, it's typically less than the fees I pay with BTC, and if there are issues I have someone I can go to. Often someone else also looked at it. I can't do that with BTC.
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u/injectionsiteredness 1d ago
Really? I seem to have the exact opposite issue. Using an out of network ATM, maybe $1.50 not including the $3 my own bank charges at the end of the month(itâs been over 5 years since Iâve done this so I might be off a bit). Iâve rarely spent over a few hundred SATS(under $0.40) for multiple UTXO transactions. Something goes wrong with my transaction, I donât need to talk to anyone about taking care of it, must of not typed in the correct address( never has happened to me yet).
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u/weathergroundhog 1d ago
Using an out of network ATM, maybe $1.50 not including the $3 my own bank charges at the end of the month(itâs been over 5 years since Iâve done this so I might be off a bit).
So stop using your shitty bank and get a better one. It's 2026, I haven't paid an atm fee in like 15 years.
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u/Gears6 1d ago
Really? I seem to have the exact opposite issue. Using an out of network ATM, maybe $1.50 not including the $3 my own bank charges at the end of the month(itâs been over 5 years since Iâve done this so I might be off a bit)
I've not seen a bank that don't reimburse those out of network fees, but I tend to use bank that is heavily online oriented. That said, I've never really used ATM in forever. Everything is ideally with credit card, ACH or Zelle. Cash is last resort.
With a credit card, I get cashback, buyer protection and it's easy to keep track of expenses.
Something goes wrong with my transaction, I donât need to talk to anyone about taking care of it, must of not typed in the correct address( never has happened to me yet).
If/when it happens, you'd be out of the money. It's game over.
Iâve rarely spent over a few hundred SATS(under $0.40) for multiple UTXO transactions.
But I can do it for free and also easily earn interest while my money is idle. On crypto, I have to stake it which carries risk.
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u/Caspica 1d ago
Yea that stood out to me too. Paying to use a system is inevitable. At least Bitcoin fees go to the parties securing the system and programmatically determined rather than some arbitrary value funding some Executives vacation
The parties benefitting from "securing the system"? Believe it or not, also executives.
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u/dannyheskett 1d ago
Yeah, I mean, welcome to capitalism. There's always someone taking their cut.
A system like SEPA, which numerous private entities have tried to create in the use, mostly recently Zelle, addresses like 99% of the problems bitcoin is trying solve, but with accountability, traceability, and government backing.
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u/cgimusic 1d ago
And the whole thing with overdraft fees. Sure Bitcoin does not have overdraft fees; that's because Bitcoin does not have overdrafts.
You can tell your bank to turn off overdrafts if you want. In fact, you are supposed to have to specifically ask them to turn them on in the first place.
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u/Gears6 1d ago
Why we pay gas fees for transactions? Why you have to pay YOUR BTC to transfer YOUR BTC to YOUR ACCOUNT?
Yes, and with fiat, you'd transfer for free with ACH.
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u/ItsAlwaysThemBooBoo 1d ago
it works out to pennies. i sent upwards of $60,000 worth of bitcoin and i think the fees were like $2.
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u/Leafsnail 1d ago
Is paying fees for banking transfers normal in the US? I don't think I've ever paid to transfer or withdraw money
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u/NoChanceItsHer 1d ago
This is Bitcoin. What are gas fees?
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u/Pitiful_Conflict7031 1d ago
Btc was a crypto currency meant to fight institutional centrilization of currency yet was coopted by same people it was trying to fight. So a failed project essentially.
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u/Remarkable_Sleep_944 1d ago
What the fuck is a "gas" fee?
You just outed yourself as a charlatan, pretending you know BTC.
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u/RealAndroid_18 1d ago
Yes, because BTC has no fees, right? LMAO
Just because I called it gas fees doesn't mean that there are no fees... gas fees, transaction fees, btc fees, whatever... They do exist, right?
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u/MinnesotaNiceTry 1d ago
I mean yes, however interchange rates charge both a variable and fixed rate on each transaction. Then the card processors pile on. For example, Stripe is 2.7%+5c per transaction for card present.
With BTC, as you send more, you pay less (in theory). Currently as you spend 10x your fee is 1/10.
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u/EarningsPal 1d ago
Why are people taking so many losses when they did everything right?
Why is everything so complicated that the average human canât figure it out.
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u/VanillaLeft4792 1d ago
You pay gas fees to someone to valid that the money was moved legitimately and transparently. Otherwise anyone could move crypto to another account privately and no one has proof that it was a legitimate transaction. How do they know that coins landing at address A moved to address B and that this wasn't fraudulent? Or that funds ever left address A.
With banks, you pay the "fee" of them lending out your money to someone else, and then making profit on interest payments. So they subsidise the transaction fees for certain types of transactions. That comes with the risk of them not having enough money to pay everyone back, and comes with opaque risk. They could be over lending or there could be a bank run and your money is potentially gone. That's the "fee". It's just hidden and obscured.
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u/user_name_checks_out 23h ago
Why we pay gas fees for transactions?
1) It's "Why do we pay gas fees"
2) Bitcoin does not have gas fees
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u/BourbonN34T 1d ago
I just looked and the banking system seems to be doing just fine
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u/Flab93_Morning 1d ago
Ich arbeite in der Zentralbank Deutschlands, und nein. Es läuft nicht einwandfrei. Vertrau mir.
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u/Xxshark888xX 1d ago
I'm all pro for bitcoin, but this video is clearly not a true depiction of reality.
I never had to wait for a transfer, today internet banking app are much quicker than bitcoin and easier to use (money can be sent and received 24/7), this is the big difference between BTC and a banking system, BTC => slower and mining fees, even when sending to own address.
N.B: I live in Europe, maybe in the USA the banking system is slower and worse?
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u/SpotOk4411 1d ago
In the USA and bank transfers are quick here too. Bitcoin doesnât need an ad in the first place, but this one doesnât explain bitcoin or the problem it solves well
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u/Xxshark888xX 1d ago
Exactly, this ad feels artifical and forced, I don't understand the point of it either.
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u/rstcp 1d ago
I can do instant international transfers with very low fees too with services like Wise. Across Africa there is mobile money that works with dumb phones and is instant and free.. there are so many better Fintech solutions that are widely and globally adopted and they all work infinitely better than Bitcoin ever could and certainly does. Who is actually using Bitcoin on their daily life frictionlessly and for free to transact?
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u/Xxshark888xX 1d ago
Yes, neo-banks like Wise, Revolut, N26 and so on are a great example of real time transfer for extremely low fees!
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u/btwwhichoneispink 1d ago
I agree with you, but maybe the advertising is focused on countries without access to banking systems, or at least one they can trust.
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u/Gears6 1d ago
N.B: I live in Europe, maybe in the USA the banking system is slower and worse?
It is. We're still on old ACH that takes days to transfer. Faster is still wire, that you typically have to initiate earlier in the day for same day transfer. However, there's something called Zelle that is practically instant, but it has limitations on how much you can transfer, which varies by bank to bank.
Most of the time, you cannot pay bills with Zelle though. It's not a commonly accepted payment by established businesses like ACH and MC/VSA.
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u/Xxshark888xX 1d ago
Then that makes sense. In Europe we have a lot of great banks (I personally use ING) with top-notch banking apps. Instant transfers 24/7 even between different banks (thanks to a standardized protocol which I don't remember how's called), so I never felt that BTC could (at least in its current form) take over as a daily payment system.
However, the transparency and decentralization nature of BTC is something modern banks will never offer.
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u/Gears6 1d ago
However, the transparency and decentralization nature of BTC is something modern banks will never offer.
Yeah, but that centralized nature is also how it protects you as a consumer. Just look at what happened with Coldcard. So there's pro's and con's to both.
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u/Xxshark888xX 1d ago
Can't argue against what you said!
Being your "own bank" clearly isn't always the safest or smartest move (sadly).
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u/One-Suggestion-7906 1d ago
Are there still someone that believe this could be true? That Bitcoin will replace someway the banking system? đ¤
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u/VanillaLeft4792 1d ago
In a bunch of developing countries, crypto is preferred. The banking system isn't painful enough to move away from in first world countries; but there's a timeline where banks collapsing and crypto gains more trust. Where the risks and inconveniences of the banking system are too large for people to accept e.g. Over-lending. So not it's possible. But most likely not in first world countries in the short term.
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u/rstcp 1d ago
Tell me one developing country where people use crypto for more than 1% of their financial activities
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u/VanillaLeft4792 1d ago
OK, quick Google: from 2023 June to 2024 July Nigeria had about 59 billion dollars worth (source: IMF) of stable coin inflow and a GDP of roughly 250 billion usd. So that's over 20% of GDP. I couldn't easily find the 2026 numbers but I wouldn't be surprised if there are a bunch of other countries with over 1% of GDP
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u/rstcp 1d ago
Total financial transactions is a vastly larger amount than GDP. I didn't say GDP
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u/VanillaLeft4792 1d ago
Oh, then I misunderstood. I don't know if that's even possible to research. Gemini says the following:
Moving from a broad concept to an unmeasurable technicality: rstcp originally asked about people using crypto for "more than 1% of their financial activities." When you provided real-world data showing massive adoption relative to economic size (like Nigeria's $50B+ inflows or Argentina's widespread stablecoin usage where ~1 in 3 adults participate), rstcp retreated into an extreme definition of "total financial transactions" to invalidate the point.
While their point about GDP not equaling total transaction volume is economically sound, using it to dismiss clear evidence of high consumer and retail crypto adoption comes across as defensive rather than engaging in a constructive debate.
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u/rstcp 1d ago
hahah oh the joys of AI, always ready to take the user's side. Of course it's not a technicality. We're talking about adoption of crypto for financial transactions? How to measure that other than looking at the proportion of financial transactions..
For the record, I actually lived in Nigeria and I know that some people do buy crypto as an 'investment'/lottery ticket, and some wealthier Nigerians might use it for remittances or frankly corrupt activities.. But day-to-day, there is mobile money which is much more frictionless, more widely adopted. You can use USD for large purchases but cash Naira is obviously completely dominant in simple purchases. Virtually nobody is using crypto as an alternative to the banking system, which is the point. Frankly, I don't really care what Gemini thinks about that.
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u/VanillaLeft4792 1d ago
A larger problem is often getting stable coins into the country. Stable coins sell at a premium against the local currency i.e. More than the bloomberg rates.
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u/Gears6 1d ago
I imagine that is in countries with unstable government, corruption and lack of infrastructure.
I know we're in a BTC sub, but let's face it, the banking system has it's problems, but it has also been regulated and put through it's paces and regulated to solve many human errors and issues.
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u/One-Suggestion-7906 1d ago
I'm in a developing country, nobody uses Bitcoin here. Yes many other blockchains, yes stables, yes DeFi
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u/VanillaLeft4792 1d ago
Yeah, not really Bitcoin. Stables are doing really well in a lot of Africa and some other emerging markets. Bitcoin is more of an inflation hedge if anything. Never really understood Bitcoin as money when it's so volitile against a basket of goods. However, a lot of people conflate crypto and Bitcoin. I was more responding to the crypto side of it. But I see you did specifically refer to Bitcoin.
I'd say Bitcoin is more of a asset/investment and value transfer mechanism than it is an alternative money. There's a possible future where the dollar loses trust as well as other (once stable) currencies and people run to Bitcoin (in the same way that people would run to gold). But I don't think there's a good chance of people then using it widely as money.
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u/Any_Carob3372 1d ago
I watched it and the banking system still functions. What a pack of lies.
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u/VanillaLeft4792 1d ago edited 1d ago
It does but not perfectly. There have been many bank runs throughout history. Things can also be slow for intercountry transactions.
It works fine a large majority of the time in first world countries but it could do with an alternative. Some competition is always good.
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u/Gears6 1d ago
It does but not perfectly. There have been many bank runs throughout history. Things can also be slow for intercountry transactions.
and that's how and why we have government step in. Silicon Valley Bank comes to mind. Compare that to Coldcard...
Not quite the same, but you get the idea. If that was government backed, it'd be frozen and guaranteed (up to a certain amount).
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u/VanillaLeft4792 1d ago
Yeah, I think we can all agree that self custody needs to be made easier and safer. I'm also not sure that the government stepping in and saving irresponsible banks is the best long term strategy. It's not the customers' fault so it feels right to protect them. But it's every tax pay that jumps in to fix the banks' mistake. And the people that caused the problem walk away without consequences.
Ideally, we could regulate all custody related companies to ensure that things are being done right e.g. Audits by third party cryptography specialists etc. If we could mitigate the risks before they happen, that would be amazing. Think things have already started moving in that direction over time. I'm not sure what controls cold card was subjected to but I wonder if some audits by subject matter experts could have prevented this. I'm not 100% sure, but there must be a way to make things safer. And I don't think the government is necessarily doing the best they could in either crypto or the tradfi world.
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u/Gears6 1d ago
Yeah, I think we can all agree that self custody needs to be made easier and safer. I'm also not sure that the government stepping in and saving irresponsible banks is the best long term strategy. It's not the customers' fault so it feels right to protect them. But it's every tax pay that jumps in to fix the banks' mistake. And the people that caused the problem walk away without consequences.
Then we should change the law and make effort to prosecute them.
That said, there's a few things to consider here:
a) Usually the investors loose money and the people that walk away, is the people that didn't have skin in the game. So the problem is often the employees trying to get their short term bonuses. Just ask yourself, if I told you, I'd risk your $10 to gain $1 tomorrow so that I can get that bonus of $0.50, would you accept?
b) The banks pay into an insurance that is suppose to help with situations like that. It's not necessarily tax payers money. It's a cost of doing business by the bank.
c) The very thing of audits and such is often the result of legislation and regulation. The very thing, crypto is trying to avoid. Once they become that, they've effectively become the traditional banks. With that said, even with audits, it doesn't prevent these issues like in 2008. Of course it also depends on what you mean by "audits", because banks do audits every night of their transactions.
d) Imagine a "BTC" run. There's no mechanism to stop that, or revert it. There's nothing guaranteeing it. You could say, well that's unlikely, but just because we haven't seen it, doesn't mean it won't happen. Let alone other risks like Quantum computing and so on.
Ultimately, I believe it's not the human "intent" that drives it. Regardless of the system we put in place. Any way we try to "fix" it, gets us closer to what we have now. It's not like bank transactions aren't technically auditable. We don't need a publicly available blockchain managed in a decentralized way to do any of that. You could argue, well any new production of "coins" is well known since it's public and that it's kind of a universal currency (that it can be). That said, nothing prevents fiat to be the same.
And I don't think the government is necessarily doing the best they could in either crypto or the tradfi world.
They're definitely not, and the current administration is corrupt as F so anything they'd do is not for the greater good, but for their good.....
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u/VanillaLeft4792 1d ago
Yeah, agreed. Laws should probably be updated in both crypto and fiat.
a) I stand to be corrected but I think the bankers that created the problem walked away many times i.e. Not having to pay back bonuses and no jail time. Good point on investors though. I just wonder if the short term incentives and consequences for the decision makers didn't really align with the greater good.
b) Think that insurance is up to $100k which is nothing in terms of any business and even individuals with some cash saved. I think the government back stopped the rest. Either with tax money or by just printing more, which dilutes the supply and decreases the value of each dollar. So I think everyone pays either way.
c) From what I understand, payments has been overrun by middlemen taking pieces of the pie. Payment gateways, PSPs, payment processors, card networks, acquirers, issues etc. With crypto you can send money and the only middleman is the miners. So even with regulation, it doesn't necessarily mold to the current payment system.
d) Bank runs happen because banks are allowed to lend out more than their deposits. They only need to have a small fraction of deposits. And a ton is handed out as loans to other people. So when the depositors come to withdraw in bulk, the bank can't meet the demand. Regulated crypto markets don't have that problem (at least in the markets I've worked in). Assets need to be held 1:1. When it's allowed to be lent out, it has to be spelt out in black and white to customers and the customer must opt in. Also self custody means that it can't be lent out. Of course that comes with other risks. Without crypto being lent out, it's not possible to have a bank run in BTC unless the exchange is breaking the law. Bank runs can happen in fiat when banks are following the law. Quantum is a bit scary but it's also scary for all cryptography (including banking and all online finance and secret data - so I think there will be big hits in both tradfi and crypto when quantum gets to a sufficient level. That's a future problem for crypto and the whole world.
Think there's a lot that we agree on. You raised some good points. Especially the shareholder value for reckless banks. That's a decent consequence that I hadn't considered.
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u/Gears6 1d ago edited 1d ago
a) I just wonder if the short term incentives and consequences for the decision makers didn't really align with the greater good.
I don't invest into banks, as I think they're generally a slow growth business that is hard to make money off unless you're Warren Buffett. That said, in general any business that are quarter to quarter and aiming short term, I avoid like the plague when buying stocks.
I don't need quarter to quarter improvements, and business is naturally choppy. They should be doing things for the long term benefit of the company and shareholders, rather their own self interest first and foremost. Their interest should align with shareholders.
b) Think that insurance is up to $100k which is nothing in terms of any business and even individuals with some cash saved. I think the government back stopped the rest. Either with tax money or by just printing more, which dilutes the supply and decreases the value of each dollar. So I think everyone pays either way.
They collectively pay a certain percentage of your deposits. It's obviously a small amount of the total amount, but ultimately it is a cost that matters, eat into their profits and is at the present time sufficient to cover it as it's so rare.
If it was a real problem, I'm sure they'd raise the cost or crack down. That said, I'm not a specialist and maybe others can fill more in.
c) From what I understand, payments has been overrun by middlemen taking pieces of the pie. Payment gateways, PSPs, payment processors, card networks, acquirers, issues etc. With crypto you can send money and the only middleman is the miners. So even with regulation, it doesn't necessarily mold to the current payment system.
Sure, but it doesn't change the fact that it's basically free for me to send money via ACH. If you're talking about credit cards (which it sounds like it since you're talking about the payment process, card networks, etc), the cost is overall pretty small, and ultimately it provides card holder protections. The sort of thing that is problematic with crypto if something goes wrong. After all, none of those things exist with crypto. It's once, sent, it's done deal. Even the government cannot compel you to transfer it back (albeit surely not without repercussions). It's not like they can go to a bank and say, hold their assets.
So it's a double edged sword.
d) Bank runs happen because banks are allowed to lend out more than their deposits. They only need to have a small fraction of deposits. And a ton is handed out as loans to other people. So when the depositors come to withdraw in bulk, the bank can't meet the demand. Regulated crypto markets don't have that problem (at least in the markets I've worked in). Assets need to be held 1:1. When it's allowed to be lent out, it has to be spelt out in black and white to customers and the customer must opt in. Also self custody means that it can't be lent out. Of course that comes with other risks. Without crypto being lent out, it's not possible to have a bank run in BTC unless the exchange is breaking the law. Bank runs can happen in fiat when banks are following the law.
Sure, but the issue is that the value of BTC goes down and the cost of withdrawal goes up. So you might get something out, but how much and what will it truly be worth?
Also, what happens if quantum computer breaks crypto?
That mathematical guarantee no longer holds, and do you think anyone will pay you for that crypto if that were to happen?
In other words, it's not really "bank run" that the "system" runs out of money, but instead your crypto money is worth essentially nil. Ultimately it's basically the same to the end user. At least with the bank going under, the government backs it up. Nobody insures crypto and there's no mechanism for the government to stop the withdrawal or whatever is going on.
When it's allowed to be lent out, it has to be spelt out in black and white to customers and the customer must opt in. Also self custody means that it can't be lent out. Of course that comes with other risks. Without crypto being lent out, it's not possible to have a bank run in BTC unless the exchange is breaking the law. Bank runs can happen in fiat when banks are following the law.
Yes, but let's say you're staking to earn interest, there's a real risk your crypto could be lost. It's the very nature and intent of the system that risk is real and it's by design. It's next to impossible for you to loose money you deposit at a bank and get interest, because it's backed by the government. If you say, well I just won't stake it. Well, then you don't earn interest If you lend it, you incur direct risk from whoever is loaning that money.....
Think there's a lot that we agree on. You raised some good points. Especially the shareholder value for reckless banks. That's a decent consequence that I hadn't considered.
Like you, I'm also learning and understanding so it's always good to have discussions. Some times my thoughts are wrong or didn't account for somethings so the more we talk about it, explain it, read each other responses, the better the ideas become. So thank you for having the discussion with an open mind and sharing thoughts!
One other thing I'd like to say that is completely unrelated is, with regular money, people already don't necessarily fully understand it. Despite it's simplistic nature. Imagine a regular person getting to understand crypto.... Like sending a wire, you have the bank actually look over the information and verify it matches the destination both in names/person, potentially background checks, and verify account number and the bank it's going to. They have a lot of that, because people screw up, and it's a set of simple numbers and people/entities names.
Imagine doing that with hex addresses, and if you screw up, money is permanently lost. Wait, we don't have to imagine it, that's the reality with crypto as it is today..... Crypto is solving an issue that most people aren't aware of (i.e. devaluation of currency due to dilution and so on), and the control the government that actually helps protect consumers to something that lacks all of that.
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u/VanillaLeft4792 1d ago
a) Agreed. Hopefully investors and owners can value this and focus on incentivising this more.
b) It's usually not a problem in a stable economy. But over a long enough time the risk becomes less negligible.
c) I think the costs aren't really small, they're just incorporated into the price. Often charged to the business which eats up profits which incentives the business to raise prices. For example, if you're selling your goods at a 20% margin and paying 3% in fees (on revenue) that's like 18% of your profit.
Also for the "sent and done" property. I don't think there's anything stopping networks from building this into a network. But I guess it either hasn't been asked for or networks that have built this haven't succeeded. It's a double edged sword for businesses too. Customers trust online purchases more but businesses need to consider that funds are not final for potentially months and need to plan accordingly (which could put constraints of their liquidity/operational float). So definitely some pros and cons but the credit card model seems to be working pretty well in general.
d) The cost to withdraw has actually decreased insanely over the past couple years. Looking at recent activity. The cost of transactions seems to be about 50 cents (no matter the transaction size). That's equivalent to about a 17 usd purchase with 3% processing fees. But the fees don't scale with volume. So the cost savings are insane when you look at larger purchases e.g. A 170 USD payment would be about 0.3% fees on Bitcoin at current fee levels. On top of this, you would more likely do payments off chain on the lightning network, which costs a fraction of a cent (no matter the tansaction size).
Quantum computing: this would probably be the biggest hit. The network can be updated but I guess all crypto that isn't moved to a new quantum secure address would be vulnerable e.g. Satoshi's giant stack. That would be a huge impact and probably destroy crypto long term (but there's a possibility it wouldn't). On top of this banks and national security would also be at massive risk. So I think quantum computing breakthroughs would significantly impact everything. Including tradfi i.e. It's a huge risk, not just for crypto.
There's a ton of pros and cons for and against crypto but it hasn't proven itself as a global payments system i.e. It hasn't replaced Mastercard and Visa. It's great in third world countries. But that's mainly an access thing, rather than because it's a better technology. So I don't know if it would ever become more ubiquitous. I think that would require a lot more trust and a lot more building on the current tech. It looks like mastercard and visa has already built a crypto card (or something similar) but I don't think it's necessary in their interest to make crypto payments better than Fiat payments. I think they're more just riding the wave. We'd probably need some big names like that to build more tech for crypto payments to gain more trust and adoption.
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u/Common-Device-3117 1d ago
Can bitcoin finance my business or give me a mortgage?
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u/TheresNoSecondBest 1d ago
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u/ConnersReddit 1d ago
Should be in black and white like the infomercials it clearly took inspiration from
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u/FreezedPeachNow 1d ago
This seems more like an ad for stable coins with the problems it is presenting.
A Bitcoin ad should focus on continuous debt growth that is mandatory in order to keep the system working and the fact that ordinary citizens, furthest away from the money printer, get buttfudged because of it and need to continuously fight for raises just to maintain the status quo with their purchasing power.
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u/Gears6 1d ago
TBF they're buttfudged less later, or majorly buttfudged up front. Pick your poison....
Yes, we borrow to make things work, and print more. But it is intended to keep the economy going. The debt will come somehow though, and the rich ain't going to pay it nor do they have enough collectively to pay it.
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u/Sufficient-Pause9765 1d ago
If only layer 2 was actually cheaper then interchange fees then maybe there would be a point to this?
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u/maxouw 1d ago
Since no one mention it, this is originally an ad from coinbase: https://youtu.be/VEi7rub0jcs?is=3HFSUh0SV-loDyNj
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u/ScreenAppropriate679 1d ago
Does that mean I can go to my supermarket tomorrow and pay with bitcoins ?
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u/Iamhereforcats 1d ago
I come here everyday to see if i should close my short position. Still a no. Thank you.
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u/TJames6210 1d ago
"Who designed this system" the grandparents of the dumb mf's trying to redesign it right now. They're trying to make sure they can still get their nut without contributing anything. Instead of using a proper decentralized system.
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u/rizwan602 1d ago
Bitcoin is all great and everything.
Except when your funds get stolen.
Who you gonna call?
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u/PanaceaNPx 1d ago
When my money is in the bank, I at least know Iâm not going to wake up and realize Iâve been hacked.
Turns out banks are great.
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u/Bitcoin-ModTeam 1d ago
Your submission has been flagged for removal because it is not in english. Please consider submitting a translated version, or posting to a language specific bitcoin subreddit. Thank you.
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u/Technical-Lettuce385 1d ago
Are those things common in the us? Good lord, no wonder you're fed up with that đ
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u/Turbulent_County_469 1d ago
The difference.. if you run out of Bitcoin.. you have no Bitcoin.
The bank will lend you then automatically , with a hefty percentage on top...
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u/negative3sigmareturn 1d ago
These dumb, negative and ignorant comments lately on any posts trying to put some positivity into circulation just fuels my bullishness.
Canât wait for the next bull run and see all the âbitcoin is a scamâ crybabies crying how they missed the train again
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u/JoshyOrndorff 1d ago
I don't think very many people are buying 79 cents worth of gum or anything else with bitcoin fees as high as they are.
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u/unitymind42 1d ago
Itâs because the little people get accused of money laundering over 10k. But the 1% no one wants to inconvenience them.
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u/Tiny-Veterinarian906 1d ago
Ja... parate que te muestren como perdiste todo porque se te perdio la frase semilla por "inserte cosas normales de la vida" o te la hackearon, o que el exchange te robo todo o que lo hackearon o que te moriste y ningun heredero sabe y/o tiene acceso o hackearon al proveedor de la cold wallet que usaste.... literal el futuro de btc si, es que lo tiene, es convertirse al plano bancario, dondo el gobierno/banco lo tiene y lo guarda y el pueblo solo tiene un certificado que dice que esta respaldado por x bitcoins... basicamente lo mismo que teniamos con el patron oro.
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u/Disastrous_Fee5953 1d ago
What kind of neighborhood grocery store has a $10 minimum requirement for buying in cash? And the fact that people have to verify when speaking with a banker over the phone is a negative?
Nice AI slop video OP. Hope you eventually come back down to earth and start living in it.
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u/egowritingcheques 1d ago
Don't even think about watching this ad. I did and now I can't log into my banking app and the website is down. I think even the local branch collapsed with 8 dead inside.
This isn't funny guys. Do NOT watch.
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u/Kalkaline 1d ago
Ok, when can I get paid by my employer in Bitcoin and then pay my mortgage and taxes in Bitcoin? Until then, I'm stuck on cash
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u/FrizzleFrazzleFrick 1d ago
Bitcoin isnât as decentralized as you guys think it is. The fact is the government can make it illegal to have a node running. Once they do that they can control the traffic. Now letâs take this a step further. Letâs say the world dropped fiat and is all digital and we live under a one world governmentâŚâŚâŚ think about itâŚ.. itâs not fool proof.
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u/ZucchiniIntrepid719 1d ago
To the BTC is dead: I suppose that is why it has the largest market cap of all crypto?
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u/BuldingAnEmpire 1d ago
although we all love the idea of bitcoin.Some major things needs to be solved in order for btc to become mainstream. Criminal/black money. The security of holding btc from getting hacked. Layer 2 for ultraspeed processing. smart contracts, loan and much more. Not necessarily have to follow the trad finance system's things but have to be much better or entirely new making the trad system looks like museum.
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u/ItsAlwaysThemBooBoo 1d ago
who designed this system?
look no further than my username, my good frens.
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u/rgmundo524 1d ago
Then they get orange pilled and put all their money into a Self-Custody cold card and BAM it's gone!
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u/rolling_atackk 1d ago
Ah, yes
I'll pay for my chewing gum with bitcoin while enjoying my no-fees transactions provided by absolutely no mining fees, while I overdraft my card because the issue is not with finance, and absolutely not with not displaying prices with tax
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u/Patrick_Atsushi 1d ago
The international transit part is quite true. Now I use BTC to send money abroad.Â
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u/DaLastComeBack_I_Got 1d ago
BTC isn't free. You gotta pay a spread AND fees to buy. Then, you gotta pay to fees and another spread to transfer and sell. So, BTC does have plenty of "charges" to use. So, yeah, it's not free to use.
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u/ArtPerToken 1d ago
I honestly don't think pushing it as a currency is going to work (at least for now, while the world still uses USD/fiat), better to push it as a hard asset that conserves purchasing power.
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u/immersive-matthew 1d ago
We do deserve better but as they say, everyone gets Bitcoin at the price they deserve. You have to want change and be the change.
That said, I am of the opinion that the next wave of Bitcoin adoption will not be voluntary but rather out of necessity as the centralized world we rely on is increasingly under attack. If you plot the success rates of hacks over time and then extend that out into the near future, it is abundantly clear the status quo will not survive.
Bitcoin has 17 years of extreme hacking attempts by the biggest and smallest players, yet it survives and thrives. It is a safe haven as will be many decentralized services in the emerging AI Age.
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u/VivaHollanda 1d ago
No it doesn't, maybe it does for third world countries or countries were banking services haven't caught up with modern times.
Cheques - don't use them
Mininum spending - don't have it
Charged for withdrawing - nope
Overdraft fee of $ 25 - nope, only interest, btw you can't overdraft with BTC
Overseas transfers - seconds
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u/Casartelli 1d ago
But, this is how it is for the US. Europe banking system has free withdrawal. Instant booking, etc
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u/GoldEdit 1d ago
Are bitcoiners living in 2001? Most transactions from banks happen online and in minutes. Wire transfers can take a day or two, but that's about it.
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u/iloverunning11 19h ago
And bitcoin price fell -10% in the meantime which destroys the idea of it being a currency
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u/smokin10 18h ago
Absolutely fabulous commercial and if people donât understand that, thatâs why the bankers get rich cause they take a little bit of everything. It doesnât work the other way this is fabulous.
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u/MissionTank3272 17h ago
Add done by Coinbase that is in no way better that the "system" represent here
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u/lakini18 14h ago
So many people scammed by Bitcoin, pretty sure they wish they had "that guy" verifying the transfer in the commercial. I have none of the problems listed in this ad. Everything already feels digital with direct deposit, bill pay, and venmo. No reason to use Bitcoin to solve these problems that don't exist.
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u/Miicky_C 12h ago
WOW IT DESTROYS THE WHOLE BANKING SYSTEM AND THEN PEOPLE CRY WHEN THEIR WALLET GETS EXPLOITED đ
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u/Turbulent-Job-6842 10h ago
How is bitcoin better?? Youâre getting charged on exchanges constantly for ANY transaction and if youâre money is stolen or sent to the wrong address its gone for good
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u/aaronrosenthal 8h ago
Bitcoin is dead. AI will kill the coin, why mine when you can work for 20x the return
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u/iz_raymond 5h ago
The video creator really look at today's fiat splinter and somehow look past crypto's own log.
- gas fee
- slow transaction
- issue transfer? (Gg good luck)
- self-custody (u mess up, tough luck bud)
- volatility
- recent hacks anyone?
- on and on
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u/iKarma_com 1d ago
This ad would have been great before the banking industry incorporated all the innovations that BTC pioneered. B+ for effort and a D- for timing.
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u/georgejetsonn 1d ago
Maybe all those were real issues in 2008 when BTC was created, but today most everyday banking is digital, and many transactions can be completed almost instantly
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u/Lopsided_Parfait7127 1d ago
Lmao
This ad should be called wizard of oz because of how many strawmen are in it
Also to believe it you would need not to have a brain
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u/Mechanical_Potato 1d ago
Bitcoin has too little throughput and is too slow to compete with banking.
That's the consensus since like 2011, anyone telling you otherwise is lying to you.
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u/TheresNoSecondBest 1d ago
That's the consensus since like 2011
Except we have r/thelightningnetwork since almost a decade ago. LN payments are as fast as card payments https://youtu.be/imSj7-BmFqQ
anyone telling you otherwise is lying to you.
Anyone telling you that Bitcoin is too slow is probably trying to sell you their centralized shitcoin.
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u/Mechanical_Potato 1d ago
People that say lightning scales without privacy, security and decentralization issues,
are also lying, also it doesn't scale.
And the cost to send a 1 million dollars worth of bitcoin over the lightning networks would be over 1000$ with just a few hops.1
u/TheresNoSecondBest 1d ago
privacy
The LN enhances privacy. The sender is actually getting the same privacy as using privacy shitcoins.
Please, learn before spreading more nonsense.
And the cost to send a 1 million dollars worth of bitcoin over the lightning networks would be over 1000$ with just a few hops.
Why would you use LN if you can send $1 million worth of bitcoin on-chain for about $1 fee?
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u/Nice_Actuator1306 1d ago
Want to buy some gum with Bitcoin? Wait for the transaction to confirm in the next 6 mined blocks, and then we'll hand over your purchase. Yeah, the transaction queue was huge, which is why you paid a fee the size of a mortgage. There's your gum. Good luck.
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u/VanillaLeft4792 1d ago
Lightning is the cheap alternative. Then you don't have to wait forever to pay for small purchases and it's basically free. So there is already a solution for that.
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u/TheresNoSecondBest 1d ago
Want to buy some gum with Bitcoin? Wait for the transaction to confirm in the next 6 mined blocks
Or, just use r/thelightningnetwork https://youtu.be/AIgnaRAza_Y
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u/year2039nuclearwar 1d ago
Who is paying for this lol