OT: Bitcoin, Altcoins, NFT's & All Things Crypto

RUAldo

All Conference
Sep 11, 2008
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But they are needed for a decentralized blockchain. And how does it run contrary to lowering costs when consumers are able to move money for near zero cost? The miners are being rewarded for validating transactions in btc.
Bob-law = is it not true that transaction/payment fees that are currently charged by processors/banks are simply replaced with much higher and/or variable energy fees/costs charged by utility companies for BTC mining operations? Also, from what I understand, private blockchains do not need BTC-like mining ops because it’s not decentralized = therefore, doesn’t the whole mining structure seem incredibly inefficient? Private blockchains have less nodes, are more secure because identities of members are known, and rely on algorithms that don’t require massive computing costs. Seems to me that there must be a better way to achieve PoW without native tokens.

 

RU-05

All American
Jun 25, 2015
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It's not just a gut feeling. It will see adoption. The numbers and YoY growth in wallet addresses and usage clearly suggest this. The money coming into the space for development also further this. Amazon, Apple, Walmart, in the last 6 - 12 mos all started up "alternative payment" departments.

Once retail learns that you can use the Bitcoin network to save credit card fees, watch what will happen. Again, not using the asset btc to purchase things; simply using the Bitcoin network as a method of instant cash remittance. Im not of the ilk of btc to the moon. Yes, I have strong conviction it'll be 1mm befor the decades end, but the use case as a payment network is what genuinely excites me. Seeing what Dorsey does w Block is exciting. Again, I do not have a financial background. My bg is in tech. I see this technology as potentially life changing for people
What are the basics of a lightning transaction?

Is it something like, a consumer downloads the app, connects it to a bank account, then during the transactions cash transfers to btc with immediately transfers back to cash which the seller, who also has a lightning app collects?

Ie, neither party needs to own bitcoin in the transaction?
 

RU-05

All American
Jun 25, 2015
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Saw a lady on CNBC a month or so ago, and she said the one use case which BTC is currently able to do, is transfer large amounts of money quickly and without much in terms of transaction fees.

She didn't think there was much else real world uses currently.

Of course that can change, see lightning transaction discussion above. And while she did say the large sum transaction was currently something BTC could be used for, I don't think she said how often it is actually used for it.