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Lightning is worse than that. When you do try to convert from BTC to USD, you pay a transaction fee twice. Once to close the channel, and another to transfer to
by mikegreenberg 5y ago
Lightning is worse than that. When you do try to convert from BTC to USD, you pay a transaction fee twice. Once to close the channel, and another to transfer to the party where you want to exchange your BTC.
And further, you can't predict the fee you'll pay. And I hope you aren't in a hurry to settle in those cases.
- mw888 5y agoAs Lightning grows so will USD to Lightning custodial services. I’d be surprised if there weren’t any you could use right this minute, actually.
- mikegreenberg 5y agoI'm not really sure how that changes anything I said. You're naïve if you think the service isn't going to pass those costs onto their users. And if you need to resort to a custodial service, what are you even using BTC for? Using a custodian to give you permission to enter and exit a market is antithetical to everything Bitcoin stands for and exactly what it was created to fix.