Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by plebianRube on Wednesday September 14, 2022 @07:20AM
(#32835626)
Lightning is popular because few prefer slow transactions.
El Salvador primarily uses lightning network, same network Strike uses for instant cross border payments.
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by hackerlight on Wednesday September 14, 2022 @08:21AM
(#32836122)
Of course, I stand corrected about that.
So, aside from irreversibility of transactions, what is preventing adoption?
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by spiralx on Wednesday September 14, 2022 @10:32AM
(#32837775)
It doesn't even use that, the Chivo wallet only uses LN for external transactions, everything else is a plain old centralised app.
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by plebianRube on Wednesday September 14, 2022 @09:26AM
(#32836854)
I don't have time to thoroughly research the topic and come back to you, so maybe you can do some leg work.
But I do know people over estimate what can be accomplished in a year and underestimate what can be accomplished in 10.
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by MrMan on Wednesday September 14, 2022 @12:32PM
(#32839573)
also correlation doesn't equal causation, the Overton window, etc
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by adastra22 on Wednesday September 14, 2022 @12:28PM
(#32839515)
Setting up lightning channels are still slow, expensive, and worse require hot, online wallets.
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by VMG on Wednesday September 14, 2022 @07:17AM
(#32835600)
Those that need unstoppable transactions are willing to pay the 10'000 satoshi fee on a transaction with arbitrary amount.
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by mrguyorama on Wednesday September 14, 2022 @02:18PM
(#32841078)
Which users actually need and want irreversible transactions. What's the utility of a system that doesn't let you combat fraud?
Re:One year on, El Salvador’s Bitcoin experiment has proven ...
by yellowapple on Wednesday September 14, 2022 @08:02PM
(#32845191)
A system with a middleman capable of reversing transactions enables fraud. See also: the folks behind Flipper Zero being permanently robbed of more than a million USD thanks to PayPal's whims (as the latest of a long list of high-profile cases of PayPal taking vendors' money and running).
A lot of the risk can be hedged by custodians, so I don't agree.
The reason it should fail for transactions is because Bitcoin sucks for transactions. Few people will prefer slow, irreversible and expensive transactions.