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Sorry, I have not been following Bitcoin news lately. Could you give a comparison of the expected transaction capacity, expected fees and expected time to confi
by beefield 9y ago
Sorry, I have not been following Bitcoin news lately. Could you give a comparison of the expected transaction capacity, expected fees and expected time to confirm a transaction by mid November against typical credit card company? That would give some basis to estimate the value bitcoin is creating against the competitors.
- pmorici 9y agoThey are doubling transaction capacity. Pennies to move millions for a simple transaction.
- beefield 9y agoand doubling the capacity solves all scalability problems? That is still minuscule capacity to enable any serious use of bitcoin as means of payment. And if the simple transaction is me purchasing a pizza instead of transferring a million from one speculator to another? How much does it cost and how much it takes time?
- once_inc 9y agoBitcoin doesn't easily scale in its current form. For that, people have invented the Lightning Network (https://lightning.network https://lightning.network). LN is a layer 2 solution which sacrifices a modicum of trustlessness in favor of fewer on-chain transactions. Suppose you want to buy a cup of coffee every day with the same vendor. You could agree to do all transactions in the Lightning Network, reducing the number of on-chain transactions from 30 to 2. This cuts fees and increases usability.