If you read Bitcoin's White Paper, you surely noticed that Satoshi's main goal was to create a payment system.
Now we can say Satoshi failed because this goal has not been reached (and never will). We can't deny that: BTC became a store of value and a speculative tool for traders.
The main reasons people are not willing to use BTC to pay for goods or services are high volatility and fees.
If you wanna buy something using BTC it is not fun to know that its price can go from $50k to $60K (and vice versa) in less than 24 hours. Also, if you believe that Bitcoin's price will increase, there's no point in using it for payments; better to use the crappy fiat money, that you know will certainly depreciate over time.
Volatility is a huge problem, but fees are even a bigger one.
Not only fees for BTC are quite high nowadays (at least for 'normal' people who wanna buy cheap items). For regular users, it is difficult to set the proper amount of fees manually.
It is not easy even for veterans. Trust me, I have years of experience in this field and I still cannot say for sure when my transactions will be confirmed. I can roughly estimate using calculators and trackers.
Thus, the easiest way for newbies would be to not touch fees and let the wallet take care of that automatically. But this way there is the risk of paying too much.
For ETH, things are even worse.
Taking back Caap
Fortunately, other crypto coins are much better than Bitcoin and can be used as a payment system with no problem. We have been more than a decade under the influence of Bitcoin, but this doesn't mean we should not consider its alternatives.
I am specifically talking about NANO.
This is the best payment system I have ever tried in my whole life! Using an online wallet like Nault is very easy and even newbies can use it.
NANO's amazing technology allows people to send and receive money instantly and with no fees!
There is nothing like this, except for the good old cash.
Too bad that NANO is often criticized, hated, and censured among crypto communities.
I don't know why this wonderful coin is hated so much.
Or maybe I know that.
Since the crypto community is mainly composed of traders, speculators, long-term holders, and other people who just think about taking profits in dollars, then a coin that can be (finally) used as a payment system is considered annoying and troublesome.
Also, another great feature of NANO is that it doesn't need mining to confirm its transactions. And since miners have huge power, they don't want to give it up.
I have a different opinion about that. I never liked mining because it is a waste of energy and it cannot be done by "small" players. Mining's environmental issues could become Bitcoin's own disaster.
With NANO, mining becomes also useless thanks to its block-lattice architecture that makes it possible to confirm transactions without the need of miners.
In my opinion, this is the way to go.
Everyday payments are the most important thing that needs to be definitely decentralized. As long as we still rely on centralized payment providers, we will never achieve true freedom.
That said, you can easily understand why NANO can be a dangerous project, both for traditional fiat money (and its payment systems) and other cryptocurrencies which are no more than speculative tools.
If you start using NANO, I'm sure you won't regret it. Join the Head Club!
Shock the monkey
About 3 years ago, NANO has been forked giving birth to BANANO.
Despite its name and its silly appearance, BANANO is a serious project with amazing technology. Just like NANO, this coin allows users to send and receive money instantly and with no fees. Its distribution does not happen through mining, but with fun contests, games and airdrops.
Make damn sure to follow Banano's social accounts to never be late.
Its community and developers are very friendly and you can find amazing support. Its chain is asynchronous and its consensus mechanism is based on open representative voting. PoW in BANANO is solely used as an anti-spam tool and computation is almost instant.
This is all now!
To destroy the obsolete fiat currencies and a whole range of stupid payment methods (Visa, PayPal, etc.) we need disruptive CaaP technology. Now we have that. Let's use it! Tell all your friends!
If you enjoyed this article, please consider to send me some BANANO. This is my address: ban_1dzus3a1g8zfa1xyhjj6gz3en3ei471pfsu6seo7itsddgam9wnbf6z9tgfn
In this article, I made several references to a rock band. Guess who in the comment section below!