[AFMUG] BTC

[Travis Johnson]

Hi,

The entire idea and goal of bitcoin was to take away the financial 
institutions from having "control" and charging fees to handle money. In 
exchange for no fees (sending or receiving BTC is free), you also have 
no security. Once it's sent, it's gone.

However, now the banks have just been replaced with places like 
Coinbase... bitcoin "exchanges" that charge roughly 1.5% for every 
buy/sell transaction... and they take 7-10 business days to convert btc 
to cash or visa versa.

I don't see how this is a long term thing? Once all the "mining" is 
being done by huge datacenters (for another 3-4 years is all), then I 
don't see it becoming the new money standard like everyone thinks. You 
will still have to pay fees, and someone else is still in control of 
your money. :(

Travis