4 ms·
> hard to identify a specific economic problem which they currently solve Problem: a handful of private companies could exert monetary censorship. World chang
by sebleon 8y ago
> hard to identify a specific economic problem which they currently solve
Problem: a handful of private companies could exert monetary censorship.
World changing organizations like Wikileaks are possible because of cryptocurrencies, when Visa/Mastercard/etc began blocking donations. Cryptocurrencies enable anyone to take online payments. [1]
> Transactions are slow and costly, prone to congestion, and cannot scale with demand
Lightning Network has found a very promising solution to these issues. Off-chain transactions can be completed in under a second, without the scalability concerns of on-chain transactions. I highly recommend checking this out if you're unfamiliar [2]
[1] https://www.forbes.com/sites/jonmatonis/2012/08/20/wikileaks-bypasses-financial-blockade-with-bitcoin/#219909167202 https://www.forbes.com/sites/jonmatonis/2012/08/20/wikileaks...
[2] https://lightning.network https://lightning.network