3 ms·

Yeah, let's just wait an hour or two for a transaction to finalize and pay a $50 merchant fee per transaction.

by encryptluks2 4y ago

m348e912 4y ago
It wasn't always this way :-/
- Scoundreller 4y ago
  You know the miners control it all when they stopped including free transactions for aged coins (ie: most transactions used to be free).
- highwaylights 4y ago
  Because the volume was almost zero, which it can handle. The volume now is (in relative terms) slightly above zero, which it cannot handle.
- cortesoft 4y ago
  Right, because it works fine at a smaller scale, but could never handle the transaction throughput that VISA handles.
gbaygon 4y ago
have you heard of lightning network?
- yebyen 4y ago
  Where do you actually use lightning? Does it work for you most of the time?
  - gbaygon 4y ago
    Well I've actually paid for street food using lightning, and also use it regularly it to send money to my family using Strike. It's instant and practically free.
    - toomuchtodo 4y ago
      So FedNow instant payments? If one has to choose between central finance with regulations, protections, and recourse and cryptofolks running DeFI with zero recourse, which is a financial participant more likely to choose? https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
      - k__ 4y ago
        Just imagine you're not in your cushy first world country and that question answers itself.
        toomuchtodo 4y ago
        Sure, crypto might be useful in a few backwater or failing nation states. In all other situations, it’s a dumpster fire being put forth as a solution when there are other superior options. China, the US, or Europe could even offer digital wallets to individuals in those countries if they could get KYC worked out. Venezuelans use USD via Zelle for example, not crypto. https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-testing-ground-for-digital-dollarization-and-zelle-doesnt-like-it/ https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-t...
- jjtheblunt 4y ago
  lightning is a reimplementation of a part of visa, caching for response time and still recording on a blockchain, no? reminds me of https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule
  - gbaygon 4y ago
    It's an alternative payment network, implemented as a bitcoin layer 2. You can argue that it's somewhat centralized, but not as much as Visa.
  - npc12345 4y ago
    No, that is not how lightning works.
    - jjtheblunt 4y ago
      How is it essentially different?
      - npc12345 4y ago
        Visa transactions can be reversed, Lightning transactions can not. Bit a of an apple to oranges comparison anyways but that's the biggest difference.
- dgrove 4y ago
  The only problem with LN is that is actively requires an internet connection. Wherein Bitcoin could be done offline similarly to a Card Imprinter
deleted 4y ago
[deleted]

Yeah, let's just wait an hour or two for a transaction to finalize and pay a $50 merchant fee per transaction.

m348e912 4y ago

It wasn't always this way :-/

Scoundreller 4y ago
You know the miners control it all when they stopped including free transactions for aged coins (ie: most transactions used to be free).
highwaylights 4y ago
Because the volume was almost zero, which it can handle. The volume now is (in relative terms) slightly above zero, which it cannot handle.
cortesoft 4y ago
Right, because it works fine at a smaller scale, but could never handle the transaction throughput that VISA handles.

gbaygon 4y ago

have you heard of lightning network?

yebyen 4y ago
Where do you actually use lightning? Does it work for you most of the time?
- gbaygon 4y ago
  Well I've actually paid for street food using lightning, and also use it regularly it to send money to my family using Strike. It's instant and practically free.
  - toomuchtodo 4y ago
    So FedNow instant payments? If one has to choose between central finance with regulations, protections, and recourse and cryptofolks running DeFI with zero recourse, which is a financial participant more likely to choose? https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
    - k__ 4y ago
      Just imagine you're not in your cushy first world country and that question answers itself.
      - toomuchtodo 4y ago
        Sure, crypto might be useful in a few backwater or failing nation states. In all other situations, it’s a dumpster fire being put forth as a solution when there are other superior options. China, the US, or Europe could even offer digital wallets to individuals in those countries if they could get KYC worked out. Venezuelans use USD via Zelle for example, not crypto. https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-testing-ground-for-digital-dollarization-and-zelle-doesnt-like-it/ https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-t...
jjtheblunt 4y ago
lightning is a reimplementation of a part of visa, caching for response time and still recording on a blockchain, no? reminds me of https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule
- gbaygon 4y ago
  It's an alternative payment network, implemented as a bitcoin layer 2. You can argue that it's somewhat centralized, but not as much as Visa.
- npc12345 4y ago
  No, that is not how lightning works.
  - jjtheblunt 4y ago
    How is it essentially different?
    - npc12345 4y ago
      Visa transactions can be reversed, Lightning transactions can not. Bit a of an apple to oranges comparison anyways but that's the biggest difference.
dgrove 4y ago
The only problem with LN is that is actively requires an internet connection. Wherein Bitcoin could be done offline similarly to a Card Imprinter

deleted 4y ago

[deleted]