Bitcoin is not a means of payment

#5minF – 5-Minute-Friday

The principle of the “5-Minute-Friday” is probably known to many by now. This concept also fits perfectly for the popular podcast model. Every Friday Alex Bechtel, Jonas Gross and Michael Blaschke try to explain a question of the Bitcoin & Crypto community a little bit more in 5 minutes and briefly and crisply address the desired topic.

The idea of Bitcoin came into the world with Satoshi Nakamoto’s white paper published in 2008. The title of the paper is “Bitcoin: A Peer-to-Peer Electronic Cash System.” So the original idea was to establish Bitcoin as a digital means of payment that would allow transfers of value to take place person-to-person, decentralized and without an intermediary. A good twelve years later, the question is whether Bitcoin actually lives up to these claims.

So in today’s 5-min Friday episode, Alexander Bechtel addresses the question of whether Bitcoin is actually a means of payment, as originally conceived. After all, PayPal plans to introduce Bitcoin as a payment method in the US in the coming months. Tesla has also announced that it plans to accept Bitcoin as a payment method for car purchases.

Nonetheless, Alexander argues that Bitcoin is not a means of payment. His main argument for this is not a technical one, as is so often the case (the Bitcoin blockchain only manages seven transactions a second), but an economic one. If you want to know what exactly butter at Aldi and Lidl has to do with it, feel free to listen in on today’s episode of 5-min Fridays.

Bitcoin is not a means of payment

Bitcoin, digital euro or cryptocurrencies: The future of money is being rewritten right now. With the Crypto Corner, we provide a point of orientation for crypto enthusiasts without falling into a hype. Alexander Bechtel from Bitcoin, Fiat & Rock’n’Roll regularly brings useful and interesting content about digital currencies and especially the digital euro.

Autor
Nicole Nitsche
Nicole Nitsche ist studierte Theaterwissenschaftlerin und hat mehrere Jahre als Regieassistentin beim Thalia Theater Hamburg gearbeitet. Danach war Nicole Leiterin der Presse-und Marketingabteilung eines Hamburger Musiklabels. Zu ihren täglichen Aufgaben zählten dort, neben dem Verfassen von Pressetexten, die Umsetzung und... mehr