Forget Google - It's time to break up the payment processing duopoly of Visa and MasterCard

submitted by magnora7 from medium.com

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[–][deleted] 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (10 children)

Bitcoin is the future

[–]Slutbuster 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (9 children)

Sure, if you want to wait 45 min to process a payment.

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

not true, i use it all the time, its fast

[–]Double_A 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

Bitcoin transactions are actually fairly slow and expensive. It's currently at ~1$ for a transaction that takes up to 10 minutes to complete. And that fee will rise with usage.

The bitcoin system is designed so that it always takes about 10 minutes to mine a block (this can't be sped up with more computing power, it's by design), and a block can only hold a limited amount (~4000) of transactions. That obviously doesn't scale. I.e. in early 2018 when everyone wanted to get bitcoins that fee was at about 50$ because everyone was competing for one of those 4000 spots.

But yeah there are other faster and cheaper coins, like ETH or Stellaris. There's also the lightning network for Bitcoin which is faster and for small transcations... but it's still kinda in beta.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

whats a dollar when you've made millions

you can also use the lightning network, which is faster,

been in bitcoin many years, haven't had much of a problem

[–]Double_A 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Yeah but if you want people to buy groceries with bitcoins... The pure blockchain approach is not going to work. You can't wait 10-20 minutes in a store, and pay 10s of dollars of fees to pay 20$ of groceries. You need some faster more insecure sidechain (i.e. lightning) but then you didn't solve the problem. Bitcoin is more like Gold bars...

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

right, bitcoin, is like gold bars, but better, it is like a store of value, yes, you're right, it wont work in grocery stores, and un-usable when millions of people start using it at once

but bitcoin isnt very old, and the problems eventually will be solved, as they are building more layers, like the tcp/ip layer we can't except bitcoin to be perfect out of the box, no software is, with time it will be fixed,

ive been buying monthly since 2013, because i see what the future holds, and the future is bitcoin, i can finally opt out of the fiat system without violence, and i have 0 debt bitcoin saved me

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Retard detected

[–]apoliticalinactivist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

Bitcoin Cash, forked off from bitcoin and still focused on everyday transactions.

bitcoin.com or /r/btc

[–]Slutbuster 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Nano ftw. (Although I did get a nice chunk of free money from the BCH fork)

[–]apoliticalinactivist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Not a fan of a fixed coin supply, as that leads to the same issue of "old" money having outsized impact on the economy and voting rights. Similarly will slow adoption with the masses as any saturation point will come with a price spike without a steady supply. As well as the single dev team with 7mil reserved voting rights gives a bit too much control for my taste. Zero fees are nice and they do have the stated goal for mass adoption, so who knows.

Just my view, written for future people who may view the thread.