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Payment channels combined with the lightning network (https://www.youtube.com/watch?v=8zVzw912wPo https://www.youtube.com/watch?v=8zVzw912wPo) would allow Apple

Payment channels combined with the lightning network (https://www.youtube.com/watch?v=8zVzw912wPo https://www.youtube.com/watch?v=8zVzw912wPo) would allow Apple to create create off-chain transactions and aggregate micropayments into individual bitcoin transactions. However, unless Apple has had a secret bitcoin project going on for the past few years, it's too early to deploy something like this. Their first person-to-person product certainly wouldn't use a cryptocurrency.

bduerst 11y ago
That's still not competitive to ACH or viable. If 10 million people today used off-chain, their transactions wouldn't complete until 16 days later. If 10 million people then used off chain tomorrow, their transactions wouldn't go through until 32 days later. t+22 days and you're already waiting a year to get paid in some instances.
- alwillis 11y ago
  That's not how it works; if you checkout the presentation, you'll see it's possible for the lightning network to enable transactions that don't ever need to be broadcast to the blockchain. We're not there yet; this would require additional op codes to be added to get the full capabilities.
  - bduerst 11y ago
    Side chain transactions aren't fulfilled until they're broadcast through the blockchain. Most people and merchants do not want to be paid in arbitrary I.O.U.s that take weeks or sometimes months, which is essentially what side chain is.
    - alwillis 11y ago
      Payment channels and the lightning network aren’t side chains. And there are no IOUs; not sure where that came from. Good podcast about payment channels: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-219 https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-219 And on the lightning network: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-242-meet-the-lightning-network https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-242-... Lightning Network info site: http://lightning.network http://lightning.network

bduerst 11y ago

That's still not competitive to ACH or viable. If 10 million people today used off-chain, their transactions wouldn't complete until 16 days later. If 10 million people then used off chain tomorrow, their transactions wouldn't go through until 32 days later. t+22 days and you're already waiting a year to get paid in some instances.

alwillis 11y ago
That's not how it works; if you checkout the presentation, you'll see it's possible for the lightning network to enable transactions that don't ever need to be broadcast to the blockchain. We're not there yet; this would require additional op codes to be added to get the full capabilities.
- bduerst 11y ago
  Side chain transactions aren't fulfilled until they're broadcast through the blockchain. Most people and merchants do not want to be paid in arbitrary I.O.U.s that take weeks or sometimes months, which is essentially what side chain is.
  - alwillis 11y ago
    Payment channels and the lightning network aren’t side chains. And there are no IOUs; not sure where that came from. Good podcast about payment channels: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-219 https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-219 And on the lightning network: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-242-meet-the-lightning-network https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-242-... Lightning Network info site: http://lightning.network http://lightning.network