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How are they getting around the very long wait times and large fees for transaction confirmations? I'm guessing the "government digital wallet" is just an accou
by skizm 5y ago
How are they getting around the very long wait times and large fees for transaction confirmations? I'm guessing the "government digital wallet" is just an account on a government service that changes values in a (centralized) database while holding a bunch of btc under the hood? Or maybe there are private bank options that do the same?
- dahfizz 5y agoCredit card transactions take 3 days to clear the visa network, but swiping your card to pay for something is still instant. These things have already been solved in the application layer.
- el-salvador 5y agoThis is one of the reasons that many Uber drivers in El Salvador cancel rides paid with credit cards. They prefer to be paid in cash.
- m00dy 5y agoThey use lightning network.
- doomroot 5y agoThe mempool is relatively empty to fees are pretty minimal at the moment. But you are mostly right about holding balances on the app on a centralized database. However they are partnered with large lightning payment providers like Strike to make bitcoin transactions over the lightning network to non-government wallets.
- la_fayette 5y agoThey use layer 2 lightning network.
- Geee 5y agoLightning Network. [0] [0] https://lightning.network https://lightning.network