So you've all probably heard by now how Bitcoin can't possibly be used in real life due to it only being able to process a couple transactions per second.
THAT IS TOTAL MISINFORMATION!
The truth is that:
- Bitcoin can handle billions of transactions per second
- Transactions times are under 10 seconds
- If you are using a decentralized or customizable wallet you can choose the confirmation times
- The person you are sending a payment to is notified within a few seconds that the payment is being processed on the network
- Confirmation time can be 10 or more minutes depending on how much security is desired (cup of coffee might require fewer confirmations, whereas buying a car/house might require more)
- Compared to Bitcoin's 10 minutes, Visa takes over 30 days to clear a payment
- Depending on the urgency of the transaction the receiver of the payment can choose the transaction cost, much like merchants in a store can choose between accepting debit, credit or cash (each has a different settlement time and transaction cost)
- It is possible to send/receive Bitcoin for free or for a very low fee, it just might take longer to clear (keep in mind that the person you are sending to will be able to confirm the transaction on the network within seconds, but the actual btc will appear in their wallet later)
- Bitcoin is tamper-proof and has currently a 200 billion dollar bounty on it to be hacked, so if someone could've done it they probably would have by now (exchanges and wallets where someone else holds your private keys can on the other hand be hacked quite easily, so it is important to take control of your keys)
Please help spread the truth about the future of money! BTC: 1ALuAccNmGnKW4gu4J5JCMEN2Kk8TzXdHt
