Question about Fees and Bitcoin in the Third World
I remember some time back, one of the things that I found exciting about bitcoin was the cheap cost of a transaction that made the use of bitcoin feasible in the third world for the "underbanked" (i.e. people who do not have access to a bank account). If the cost of transactions were to be driven up during this point in time of bitcoin's development and before the underbanked around the globe have a chance to adopt the bitcoin technology, would that not make transactions for poor third world countries prohibitively costly? In richer countries, I feel that $0.02 or $0.04 for a transaction is annoying but not a big deal, but for people in other countries who earn much less per day that the richer world – wouldn't higher transaction fees make bitcoin less attractive and take away a very attractive use case? Or would the goal be to provide them with an alternative layer on top of bitcoin in which they can transact? And if so, what would the cost structure and infrastructure for that layer be like?
I think it would be great and a major plus for the bitcoin ecosystem and community if the bitcoin technology or a bitcoin based solution were the solution of choice to support the underbanked around the globe.
Submitted March 01, 2016 at 03:00AM by penny793
via reddit http://bit.ly/1SdnwWI