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BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

blog.bitpay.com

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Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#31

Post by xorcist »

modeless wrote: post #7

This was foreseeable when Bitcoin Core rejected Segwit2x. BitPay's business model simply fails unless the blockchain can scale much more than Segwit alone achieves, very soon.

Segwit2x was an initiative to replace bitcoind with btc1. It is strange to describe it as being rejected by bitcoind.

Bitpay's business model was always a bit of a special case. Undercut centralized services on fees? Not likely.

It'll work as long as there are early adopters to spend their windfall, but in the long run they'll need to pivot. And not to the next altcoin.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#32

Post by r1ch »

Frogolocalypse wrote: post #27
dahdum wrote: post #25

Earlier quoted context omitted.

Bought or invested in? Bitpay was shooting themselves in the foot by not branching out into other digital assets while fees and transaction time skyrocketed. If it took Bitmain to force the issue congrats to them.

The chinese government wanted a crypto they could track, because they want to own all of the mining infrastructure, all of the nodes, all of the code base and the payment gateway to it. So that's what they got. Bcash.

Who mines a block or where the nodes are etc is irrelevant, the ledger is open and public for both Bitcoin and Bitcoin Cash. This isn't the place for wild anti-Chinese conspiracy theories.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#33

Post by arkona »

gressquel wrote: post #2

The article sounds like a propaganda for BCash. For common peoples information, BCash is supported by chinese miners, Satoshi Nakamoto impersonator, a convict named Roger and other types of dubious characters.

> Bcash

It’s Bitcoin Cash. You’re just making the community look like a cult.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#34

Post by arkona »

Frogolocalypse wrote: post #10

Bitpay is owned by bitmain, the miner that controls bcash. You will have every one of your transactions tracked if you use this alt. I'm sure the chinese government will appreciate your compliance. This is nothing more than self promotional spam.

> You will have every one of your transactions tracked if you use this alt

I don’t think you understand the concept of a blockchain.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#35

Post by lawn »

thevardanian wrote: post #23
jncraton wrote: post #12

Earlier quoted context omitted.

Bitcoin is the long term store of value for the cryptocurrency ecosystem. It's poor for small transactions, but works well for storing large amounts of value as it is significantly more secure in terms of PoW than anything else out there. The small transaction issue may be overcome by something like the Lightning Network, but in the short term, you can just use other cryptocurrencies with lower fees or other features…

The thing I don't understand, and am concerned about the most is that cryptocurrencies rely on public ledgers, and therefore not private. That is all monetary transactions are in essence public record, which is very odd to me, and really doesn't sit well.

Exactly.

Monero is the only real cryptocurrency because it does not have a public ledger. Monero is fungible, meaning you cannot tell two coins apart, which is an essential property of money.

This is a very real issue most people into Bitcoin does not seem to care about. Anyone you transact with can gain insight into your personal finances which at best informs your friends of how rich/poor you are and at worst making you a robbery target.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#36

Post by Frogolocalypse »

lawn wrote: post #30
Frogolocalypse wrote: post #26

Earlier quoted context omitted.

Yep. If you want to get your transactions tracked by the chinese government, it is cheap. Like PayPal. If you want your transactions to be private, you use a decentralized blockchain like bitcoin.

I'm sorry but your continued comments in this thread are just play wrong. > If you want to get your transactions tracked by the chinese government That's such a stupid thing to say as with an open ledger everyone can track your transactions. > If you want your transactions to be private, you use a decentralized blockchain like bitcoin. You don't even know what a private transaction is. Bitcoin has an open ledger and…

If you don't run your own node, which is the aim of bcash, your ip address is tied to your payment. You have the payment processor, and the node, and the miner, all sharing the same information.

The chinese government appreciates your compliance with its crypto implementation.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#37

Post by xorcist »

LyndsySimon wrote: post #3

It seems clear to me at this point that the cryptocurrency revolution is now bigger than Bitcoin itself. Years ago, I saw three long-term outcomes: Bitcoin being king and altcoins dying on the vine, Bitcoin being one of innumerable blockchains in use, and cryptocurrencies in general failing to gain adoption. I'm scratching the first outcome off the list, and my pen is hovering over the last outcome.

That's speculation on the level of Bitcoin taking over. There's no reason to value altcoins over sidechains, for example.

We don't know what the future will bring, only that large economies can't take place wholesale on a blockchain. But whether transactions denominated in Bitcoins will be popular is anyone's guess.

Surely some better technology will come along, but it won't be altcoins as you know them.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#38

Post by Frogolocalypse »

r1ch wrote: post #32
Frogolocalypse wrote: post #27

Earlier quoted context omitted.

The chinese government wanted a crypto they could track, because they want to own all of the mining infrastructure, all of the nodes, all of the code base and the payment gateway to it. So that's what they got. Bcash.

Who mines a block or where the nodes are etc is irrelevant, the ledger is open and public for both Bitcoin and Bitcoin Cash. This isn't the place for wild anti-Chinese conspiracy theories.

Centralized chinese miners, centralized chinese nodes, and centralized chinese payment processor.

The chinese government appreciates your compliance with its crypto implementation.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#39

Post by Frogolocalypse »

arkona wrote: post #34
Frogolocalypse wrote: post #10

Bitpay is owned by bitmain, the miner that controls bcash. You will have every one of your transactions tracked if you use this alt. I'm sure the chinese government will appreciate your compliance. This is nothing more than self promotional spam.

> You will have every one of your transactions tracked if you use this alt I don’t think you understand the concept of a blockchain.

I think you wildly overestimate yours. As a 'for instance' i know what a node does. And what decentralization means.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#40

Post by xorcist »

lawn wrote: post #6
LyndsySimon wrote: post #3

It seems clear to me at this point that the cryptocurrency revolution is now bigger than Bitcoin itself. Years ago, I saw three long-term outcomes: Bitcoin being king and altcoins dying on the vine, Bitcoin being one of innumerable blockchains in use, and cryptocurrencies in general failing to gain adoption. I'm scratching the first outcome off the list, and my pen is hovering over the last outcome.

The first version of new and revolutionary technology rarely (if ever?) becomes the dominant one. Obvious examples are search (Altavista -> Google) and social networks (MySpace -> Facebook).

Any next system is likely to be bootstrapped from Bitcoin. That's the crucial difference.
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