Credit card instead of Bitcoin: What’s Jimmy’s Song says?


Bitcoin Developer Jimmy Song, made in the last week with a Tweet for plenty of confusion in the Bitcoin Community and beyond. So he suggested that Bitcoin transactions via credit card to settle, because this would be more feasible. This corresponds to the basic idea of Bitcoin as a Peer-to-Peer money?

Instead of the global crypto-adaptation continue to push by Bitcoin transactions are encouraged, rowed Bitcoin Developer Jimmy Song with a Tweet in the opposite direction. So Song suggested that increases payments with Fiat money – more specifically, to the use of credit cards.

“If your Bitcoin want to use it as a means of payment, I have here for you a strategy that is more useful and convenient, as many individual On-Chain transactions:

  • Making payments with your credit card
  • The subsequent total pay bill by selling the appropriate proportion of your Bitcoins.“
  • If you want to use Bitcoin as a method of payment, this strategy is more rational and convenient than doing lots of on-chain tx’s:

    1. Spend with your credit card with no debt on it.
    2. When your credit card bill comes, sell just enough bitcoin to pay the bill.

    — Jimmy’s Song (송재준) (@Jimmy’s song) October 8, 2018

    Fiat: it is Better for transactions?

    Many readers may RUB now surprised eyes Writes: Jimmy Song, one of the most important faces of the Bitcoin Ecosystem, just that Fiat is better for transactions than crypto?

    Even more surprising: He doesn’t seem to be his view in the Bitcoin leadership alone. Samson Mow, CSO of block stream, defended the Song. Also on Twitter, he wrote:

    “Use the best tool for the task at hand. Jimmy Song would like to Express is that you should use his BTC in the most efficient way possible. Those who criticize him now, move on to a questionable moral ground that all Bitcoin transactions On-Chain. It does not matter whether this is a sensible and cost-effective.“

    Use the best tool for the job. @Jimmy song is saying: do the most efficient thing possible if you want to spend $BTC. Those that are giving him flack are taking some weird moral high ground that every Bitcoin tx must be on-chain, even if it doesn’t make sense or not cost effective.

    — Samson Mow (@Excellion) October 12, 2018

    The best tool for the task at hand? According to this Definition, is the tool for the task “transaction” “Fiat money” is best suitable.

    Statements of the Song, and Mow lead entire Bitcoin Economy to the point of absurdity

    In the original edition of the Bitcoin White Papers, it means that Bitcoin is an “electronic Peer-to-Peer payment system”. The emphasis is not by chance that we should use Bitcoin to pay for it. The revolutionary idea, the Move of a middle man, lifts the Bitcoin from the traditional Fiat money.

    To say now that you should use for transactions rather Fiat, contrary to currencies of the basic concept of Crypto and leads the Bitcoin Economy to the point of absurdity. It is, as Elon would encourage Musk to buy a Tesla, for the search for a Parking space in the city centre, however Smart recommend.

    And anyway, If a Bitcoin means a transaction to exchange his Bitcoin into Fiat and pay – for what reason would the user have to hold any Bitcoin? This question is water on the mills of the BTC critics, which make the value of the Bitcoins in its function as a means of payment, rather than on its role as a store of value.

    Especially in the confrontation with the bearing of a Bitcoin-to-Cash advocates had manifested the distinction between the Store-of-Value – and Use-of-Payment function of crypto-currencies. The reasoning of the BCH camp is that a currency that relies only on the pure store of value function is at the end of the day, no value at all. The value of a currency that grows out of (among other things) from its role as a means of payment.

    Accordingly with relish Bitcoin – Cash-an advocate Roger crashes Ver to the statement by his opponent Jimmy Song. According to Ver, it is “his” Version of the Bitcoins, the currencies in all Crypto is best for direct payments. By Jimmy Song credit card payments over BTC transactions, does he do it Roger Ver, therefore, at least easily.

    BTC is the only coin in existence with intentionally limited on-chain capacity. #reckless

    — Roger Ver (@rogerkver) January 11, 2018

    How to explain such a statement?

    Jimmy Song, and – in his defense – Samson Mow have been in the BTC Community a disservice. However, you will have to indulge in even such a statement?

    The basic message of both is that not every single 50-Cent transaction should be run on the Bitcoin Blockchain. Rather, an adequate transaction should be structured in volume, before you make a transaction. Seen in this way, the reasoning goes in the direction of a Second-Layer-solution – except that the Second Layer is, in this case Fiat.

    Here’s a basic direction shows question: What is supposed to provide a universal crypto-currency? The ultimate means of payment for every transaction in daily life? Or a store of Value that can be used to make either a single large or bundled small transactions?

    The good news: This decision is up to you. Anyone can make use of the crypto-currency of their choice and with their advantages and disadvantages in life. Because that is the big difference compared to Fiat currencies: crypto voluntary currencies.



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