I don't know much about bitcoins, but isn't there some enormously crazy big transaction commission? At the level that makes it unusable for real merchandise trading?

[–] Overspark@piefed.social 1 points 1 hour ago

Only for transactions on the main (L1) blockchain. Small transactions are usually done on a secondary (L2) blockchain so they're fast and cheap, and then periodically synced back to the L1 chain in one big transaction.

[–] TranscendentalEmpire@lemmy.today 6 points 20 hours ago

Yeah.... It's kinda the entire problem with Bitcoin as a concept. It's the bastard child of a commodity and currency, featuring the worst aspects of both its parents.

It's a commodity with no inherent value, and a currency with no guaranteeing partner or oversight. Tbh the only real values it can express are all highly detrimental towards society at large.

[–] kbal@fedia.io 5 points 21 hours ago (1 children)

Sure it sucks as a currency, but it if you're the only town doing it then it might work okay as a tourist attraction to draw in any remaining wealthy bitcoin enthusiasts.

[–] Quilotoa@lemmy.ca 3 points 19 hours ago

It was a weird vibe in the village. Either bitcoin people, who tended to be middle upper class, or surfers.

[–] vext01@feddit.uk 1 points 21 hours ago (1 children)

I dont think its that big, but bitcoin is also very slow, which wont help.

[–] username_1@programming.dev 1 points 21 hours ago (1 children)

And slow. And that commission as I heard is linked to the speed. Expensive and fast, or not very expensive but very slow...

[–] vext01@feddit.uk 2 points 20 hours ago

Yeah, and meanwhile visa are doing god knows how many million transactions per second.