3 ms·

After a certain threshold "slow" and "down" are effectively the same thing though.

by p1necone 6y ago

capableweb 6y ago
ACH takes "business" days. Bitcoin takes hours, 24/7.
- Robotbeat 6y ago
  It takes days to a week to clear a Bitcoin transaction unless you want to pay a much higher fee than you would for a small or medium sized ACH. And that’s with still very few Bitcoin transactions (single digit transactions per second). If everyone started trying to use base Bitcoin, transaction fees would skyrocket but transaction rate would remain just 7/second.
- dralley 6y ago
  ACH is in the process of being replaced with a system that handles transactions within a couple of seconds.
- grey-area 6y ago
  Faster payments takes seconds, 24/7.
- quesera 6y ago
  ACH costs $0.20 for next-BD settlement, or a little more for same-BD settlement. Bitcoin costs 50-100x that: $10-15-20 for "small number hours" settlement. A Bitcoin transaction with a fee of $0.20, might settle after several days, but would more likely expire from the mempool before confirmation. And the really fun part is the unpredictability! ACH isn't perfect. But Bitcoin is completely inappropriate for the common ACH use case.
Melting_Harps 6y ago
> After a certain threshold "slow" and "down" are effectively the same thing though. Except when you realize the mempool has a complete record of every pending tx, unlike the central bank whose system is completely down and cannot and will not have a record of any of these transactions and it's services cannot be reached. A part of me wants to be elated, but another part realizes that the end of US empire may allow the CCP to continue unabated, and that has incredibly horrible consequences given all the sabre rattling and their focus on Taiwan after illegally annexing Hong Kong and enslaving Xianjing. The West will continue, and the lack of the US hegemony may allow it to prosper in other ways, but this will be an incredibly rough patch as it loses its status on sole Super Power, I don't think the CCP's China qualifies as a super power as it cannot unilaterally impose the world to operate on its own standard in anything but trade reliance, something it can and should lose. As creditor it cannot really do much except in a close sphere of emerging African countries, of which Bitcoin is actually flourishing, or the Russia/Iran block, and Iran is a hotbed of Bitcoin influence with state sponsored miners. I hope the US takes the lead once more without the need for overt militaristic, police-state tactics as the petro-dollar loses its gravitas, I just don't want to be here when it happens.

After a certain threshold "slow" and "down" are effectively the same thing though.

capableweb 6y ago

ACH takes "business" days. Bitcoin takes hours, 24/7.

Robotbeat 6y ago
It takes days to a week to clear a Bitcoin transaction unless you want to pay a much higher fee than you would for a small or medium sized ACH. And that’s with still very few Bitcoin transactions (single digit transactions per second). If everyone started trying to use base Bitcoin, transaction fees would skyrocket but transaction rate would remain just 7/second.
dralley 6y ago
ACH is in the process of being replaced with a system that handles transactions within a couple of seconds.
grey-area 6y ago
Faster payments takes seconds, 24/7.
quesera 6y ago
ACH costs $0.20 for next-BD settlement, or a little more for same-BD settlement. Bitcoin costs 50-100x that: $10-15-20 for "small number hours" settlement. A Bitcoin transaction with a fee of $0.20, might settle after several days, but would more likely expire from the mempool before confirmation. And the really fun part is the unpredictability! ACH isn't perfect. But Bitcoin is completely inappropriate for the common ACH use case.

Melting_Harps 6y ago

> After a certain threshold "slow" and "down" are effectively the same thing though. Except when you realize the mempool has a complete record of every pending tx, unlike the central bank whose system is completely down and cannot and will not have a record of any of these transactions and it's services cannot be reached. A part of me wants to be elated, but another part realizes that the end of US empire may allow the CCP to continue unabated, and that has incredibly horrible consequences given all the sabre rattling and their focus on Taiwan after illegally annexing Hong Kong and enslaving Xianjing. The West will continue, and the lack of the US hegemony may allow it to prosper in other ways, but this will be an incredibly rough patch as it loses its status on sole Super Power, I don't think the CCP's China qualifies as a super power as it cannot unilaterally impose the world to operate on its own standard in anything but trade reliance, something it can and should lose. As creditor it cannot really do much except in a close sphere of emerging African countries, of which Bitcoin is actually flourishing, or the Russia/Iran block, and Iran is a hotbed of Bitcoin influence with state sponsored miners. I hope the US takes the lead once more without the need for overt militaristic, police-state tactics as the petro-dollar loses its gravitas, I just don't want to be here when it happens.