Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.
Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.
All that energy for bitcoin only supports 7 tx/s. Digital dollar payments do tens if not hundres of thousands per second.
tx/s?
Transactions per second
Transactions per second. Bitcoin is slow and expensive to get your transaction “approved”.
deleted by creator
deleted by creator
Are you paid to post that nonsense?
For those in blissful ignorance: This uses so-called channels between participants. Opening a lightning channel means, basically, putting bitcoin in “escrow” on the blockchain. This requires multiple transactions on the blockchain. Bitcoin doesn’t even have enough capacity to open a channel for each baby being born.
The amount that both sides put in “escrow” is the max payment imbalance that a channel can accept. Say, you want to use a channel to buy a car for $20k, then you need a channel that both you and the other guy have put in $20k in bitcoin.
If some calamity happens, these funds are lost in nirvana.
deleted by creator
I can see that you don’t know how this works. That’s ok. It’s nonsense. No one needs to know about that.
Custodial wallets work just like checking accounts, without the regulation. Crypto victims like to say: Not your keys, not your coins. The custodian owes you the crypto that you have in your account/custodial wallet. You own a debt payable in crypto. If the custodian goes bankrupt and can’t pay the debts, you are screwed (as so many crypto victims have found out to their shock). The money in a normal checking account is covered by a mandatory deposit insurance scheme, so you don’t have to worry about that.
Because custodial accounts replicate checking accounts, they can be just as fast and efficient, in themselves. Having to pay the upkeep of the blockchain in the background means, that they can’t be as cheap as actual checking accounts. If a custodial wallet offers you better conditions than a checking account, they must be gambling with the crypto (that you loaned them) in some way, that a normal bank is prohibited from doing with customer funds.
For the sake of completeness: Exchanges in more regulated jurisdictions work like stock brokerages. They must hold the assets. In case of bankruptcy, they are special assets that belong to the customer and are not used to pay creditors in general.
While Lightning doesn’t need you to open a channel for every new recipient and has smart routing through other participants, I still think it’s an inconvenient solution we don’t have to take.
We have Solana, a 300.000+ TPS Layer-1. We have much smarter Ethereum Layer-2’s that don’t require this bullshit. We have many ways to tackle this problem, it’s the hyperfocus on Bitcoin that, in my opinion, makes people go for Lightning network anyway.
deleted by creator
Solana currently has 1777 validators - which doesn’t look like much compared to Bitcoin, but is actually way more than enough for any practical intents and purposes.