Re:MasterCard to open up network to cryptocurrencies
by agumonkey on Thursday February 11, 2021 @11:50AM
(#26103833)
I have a feeling that traditional cc system are slower than the time user waits for confirmation. Isn't it buffer based like disk io ? the bank has a buffer to accept any card that is legit (for small transactions) and the rare time a problem occurs they deal with it on the side ?
Re:MasterCard to open up network to cryptocurrencies
by dragonwriter on Thursday February 11, 2021 @11:58AM
(#26103953)
> I have a feeling that traditional cc system are slower than the time user waits for confirmation.
Raising this in response to Bitcoin’s limited throughput is a nonsequitur, as this is latency, not throughout. Yes, the time between initiating and settling a credit card transaction is nontrivial, but that doesn't effect the number of transactions the system can process per second. If the credit card system didn't have the throughput to handle transactions at the rate they are initiated, there's be an ever-growing queue, and there isn't.
Most cryptocurrencies are plagued by the same issue. Everyone and their mother still come out with their own cryptocurrencies, but none has been proven to have any actual usefulness outside of speculation. I guess Monero and ZCash are at least really used as a transaction method because of the "black market", but, outside of anonymity, they also have the same fundamental issue that btc has.