Bitcoin’s first day as El Salvador’s legal tender

Re:Bitcoin’s first day as El Salvador’s legal tender by dustintrex on Wednesday September 08, 2021 @08:11AM (#28455897)

Unfortunate wording in the title. The price of Bitcoin "crashed" as in plummeted, and the Chivo wallet system they're trying to use in El Salvador "crashed" as in went offline. The Bitcoin network, of course, chugged merrily along, at its usual 4 or so txns/second.

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Re:Bitcoin’s first day as El Salvador’s legal tender by ninetenfour on Wednesday September 08, 2021 @08:23AM (#28456023)

Wait, is BTC really only doing 4 transactions a second? I knew it was bad, but I didn't realize this bad. Bitcoin is like a 1960s mainframe computer in an old bank headquarters that runs everything but is an archaic relic.

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Re:Bitcoin’s first day as El Salvador’s legal tender by UncleMeat on Wednesday September 08, 2021 @08:47AM (#28456215)

Yes. There was a big argument several years back about increasing transaction counts and the "more transactions please" advocates lost. BTC, by design, targets roughly this number of transactions per second regardless of how much energy is spent to mine.

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Re:Bitcoin’s first day as El Salvador’s legal tender by seanw444 on Wednesday September 08, 2021 @10:03AM (#28457153)

Isn't this the reason for the Lightning network layer?

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Re:Bitcoin’s first day as El Salvador’s legal tender by UncleMeat on Wednesday September 08, 2021 @10:48AM (#28457836)

It is. There are some people who believe that lightning causes a "worst of both worlds" situation where you are reliant on intermediate processors for everything and the network still emits gobs of CO2.

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Re:Bitcoin’s first day as El Salvador’s legal tender by qecez on Wednesday September 08, 2021 @04:58PM (#28462965)

This is wrong. Lightning Network transactions are 100% non-custodial.

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Re:Bitcoin’s first day as El Salvador’s legal tender by Hammershaft on Wednesday September 08, 2021 @08:26AM (#28456055)

4 transactions a second!? I heard it was bad but that is absolutely pathetic, my local strip mall likely averages out to more then 4 transactions a second.

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Re:Bitcoin’s first day as El Salvador’s legal tender by frays on Wednesday September 08, 2021 @08:57AM (#28456319)

Is it still 4 txns/second even with the Lightning network?

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Re:Bitcoin’s first day as El Salvador’s legal tender by mort96 on Wednesday September 08, 2021 @09:54AM (#28456992)

4 transactions per second is for the main chain, not side-chains.

Nobody uses side-chains, so I don't think their capacity is the interesting number.

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Re:Bitcoin’s first day as El Salvador’s legal tender by qecez on Wednesday September 08, 2021 @05:06PM (#28463066)

> Nobody uses side-chains...

I use LN every day. Also, have you heard the El Salvador news?

This is just active, malicious disinformation - why are you doing this?

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Re:Bitcoin’s first day as El Salvador’s legal tender by qecez on Wednesday September 08, 2021 @05:01PM (#28463012)

LN blows away legacy payment rails by many orders of magnitude - you can do hundreds of millions of transactions per second, today.

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Re:Bitcoin’s first day as El Salvador’s legal tender by letmeinhere on Wednesday September 08, 2021 @08:35AM (#28456124)

> chugged merrily along, at its usual 4 or so txns/second.

who needs failure when this is what success looks like?

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