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Money quote: > It has been clear to us that the current bitcoin network is completely incapable of functioning as a payment processing network, not just for "c

Money quote: > It has been clear to us that the current bitcoin network is completely incapable of functioning as a payment processing network, not just for "cups of coffees" but even for multi-million dollar transactions, and we are using SegWit.

jeremyt 9y ago
This is laughable. I transferred btc today in about 30 mins.
- econner 9y ago
  For what fee?
  - jeremyt 9y ago
    For a fee that’s barely a rounding error for a ‘multimillion dollar payment’
    - notyourwork 9y ago
      Don’t be so specific
    - econner 9y ago
      I tried to transfer $20 out of coinbase and it was going to cost $32 to do so. Seems like if you're not doing multimillion dollar payments it's not worth it. Then again, even if you are it's not worth it.
- flashm 9y ago
  And 30 minutes is acceptable...?
  - etr-strike 9y ago
    Yes? Confirmations in bitcoin were never instant...
  - xzel 9y ago
    Don't ACH and wire transfers take at least a day? And as a disclaimer I'm not for or against either coin.
    - kuschku 9y ago
      In the EU, since November 2017, wire transfers take 15 seconds (Disclaimer: some banks are still rolling it out). Welcome to the world of the Single European Payments Area Instant Credit Transfer Scheme.
      - nkkollaw 9y ago
        Ah. I didn't know this. Even in different currencies?
        kuschku 9y ago
        Until 2018, SEPA transactions only clear in EUR, I think from 2018 on there will also be support for other EU currencies.
        nkkollaw 9y ago
        Very nice. I spent a lot of money and time before diacovering Transferwise.
    - MR4D 9y ago
      Fedwire is AT MOST a day...usually immediate. https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm https://www.federalreserve.gov/paymentsystems/fedfunds_about...
lostmsu 9y ago
Wait, did not Bitcoin enable SegWit already?
- slindz 9y ago
  They did, but adoption has been very limited. If you look at fees from the activation date (a few months ago now) it has not moved the needle at all.

jeremyt 9y ago

This is laughable. I transferred btc today in about 30 mins.

econner 9y ago
For what fee?
- jeremyt 9y ago
  For a fee that’s barely a rounding error for a ‘multimillion dollar payment’
  - notyourwork 9y ago
    Don’t be so specific
  - econner 9y ago
    I tried to transfer $20 out of coinbase and it was going to cost $32 to do so. Seems like if you're not doing multimillion dollar payments it's not worth it. Then again, even if you are it's not worth it.
flashm 9y ago
And 30 minutes is acceptable...?
- etr-strike 9y ago
  Yes? Confirmations in bitcoin were never instant...
- xzel 9y ago
  Don't ACH and wire transfers take at least a day? And as a disclaimer I'm not for or against either coin.
  - kuschku 9y ago
    In the EU, since November 2017, wire transfers take 15 seconds (Disclaimer: some banks are still rolling it out). Welcome to the world of the Single European Payments Area Instant Credit Transfer Scheme.
    - nkkollaw 9y ago
      Ah. I didn't know this. Even in different currencies?
      - kuschku 9y ago
        Until 2018, SEPA transactions only clear in EUR, I think from 2018 on there will also be support for other EU currencies.
        nkkollaw 9y ago
        Very nice. I spent a lot of money and time before diacovering Transferwise.
  - MR4D 9y ago
    Fedwire is AT MOST a day...usually immediate. https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm https://www.federalreserve.gov/paymentsystems/fedfunds_about...

lostmsu 9y ago

Wait, did not Bitcoin enable SegWit already?

slindz 9y ago
They did, but adoption has been very limited. If you look at fees from the activation date (a few months ago now) it has not moved the needle at all.