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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

#51

Post by Frogolocalypse »

lawn wrote: post #35
thevardanian wrote: post #23

Earlier quoted context omitted.

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 makin…

Bitcoin cares about decentralization. The Chinese government doesn't. So that's why there is bcash. If low fees were important, you'd just use litecoin. It has been around for years. They even have segwit, which allows atomic cross-chain swaps, which even further enables privacy. It is no surprise that the chinese government controlled crypto bcash didn't want that.

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

#52

Post by tmp9876 »

davej wrote: post #22
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.

While I agree that Segwit2x would have been good for BTC, it ultimately only kicks the can down the road a little bit. If BTC (or BCH) is going to be used at Visa/Mastercard scale then the transactions need to happen off-chain. The Lightning Network is the answer here, a lot of work still needs to be done though, particularly on the software side.

We could start using 'Side chains' today you might as well just create a bitcoin bank where everyone has an account hmmm hmm i mean a channel and all transactions can happen on your bank network and not on the blockchain. See i solved the problem. But first i need to convince everyone to use my side network, sooo if the main blockchain is like a stream what i need is for this stream to be blocked so that i can channel everyone to my side stream. Maybe i will call my bank blockstream.

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

#53

Post by Frogolocalypse »

ribosometronome wrote: post #50
Frogolocalypse wrote: post #20

Earlier quoted context omitted.

I use email almost every day, yes. You realize the arpanet is the internet right? It wasn't replaced, it was expanded. Call it layers if that would make it easier to understand.

ARPANET refers to a specific network that was decommissioned in 1990. And for 13 years of it's 21 years in existence, it was using NCP rather than TCP/IP.

And the bitcoin node software i use today is version 0.15.1, not 0.8.0. The segwit block structure is different to the original implementation. One turned into the other. Nothing is stopping you running a 0.8.0 node of course. But the newer implementation has more functionality.

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

#54

Post by Frogolocalypse »

tmp9876 wrote: post #52
davej wrote: post #22

Earlier quoted context omitted.

While I agree that Segwit2x would have been good for BTC, it ultimately only kicks the can down the road a little bit. If BTC (or BCH) is going to be used at Visa/Mastercard scale then the transactions need to happen off-chain. The Lightning Network is the answer here, a lot of work still needs to be done though, particularly on the software side.

We could start using 'Side chains' today you might as well just create a bitcoin bank where everyone has an account hmmm hmm i mean a channel and all transactions can happen on your bank network and not on the blockchain. See i solved the problem. But first i need to convince everyone to use my side network, sooo if the main blockchain is like a stream what i need is for this stream to be blocked so that i can channe…

There is nothing stopping you creating your own super duper side chain if you think you have a better solution. It is open source after all.

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

#55

Post by Frogolocalypse »

r1ch wrote: post #43
hrrsn wrote: post #28

Earlier quoted context omitted.

This is the major (technical - plenty of political issues) problem I have with Bcash. It’s cheap and fast because transaction volumes, and price, are 10% of BTC, yet blocks are 1.5x the size (roughly, looking at a block explorer). As soon as they fill up, they’ll have the exact same problems down the line. Increasing the block size doesn’t scale long term and is a bandaid solution at best. BTC was fast and cheap when…

Some of the blocks appear larger on Bitcoin Cash even though they have a lower transaction count because they contain transactions that are consolidating unspent outputs (example: https://blockchair.com/bitcoin-cash/transaction/5254e22a6a5f... ). These kinds of transactions aren't feasible on the Bitcoin chain since the fees are prohibitive, so all those small unspent outputs remain in the UTXO set forever and are es…

I get it. You want litecoin. It has been around for years.

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

#56

Post by Frogolocalypse »

modeless wrote: post #48
hrrsn wrote: post #28

Earlier quoted context omitted.

This is the major (technical - plenty of political issues) problem I have with Bcash. It’s cheap and fast because transaction volumes, and price, are 10% of BTC, yet blocks are 1.5x the size (roughly, looking at a block explorer). As soon as they fill up, they’ll have the exact same problems down the line. Increasing the block size doesn’t scale long term and is a bandaid solution at best. BTC was fast and cheap when…

> they’ll have the exact same problems down the line But it could be years later; years in which other scaling solutions can be researched. If you only accept scaling solutions that can scale to infinity today, you will never accept a single one.

I only accept solutions that don't affect decentralization.

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

#57

Post by Frogolocalypse »

lawn wrote: post #41
xorcist wrote: post #37

Earlier quoted context omitted.

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.

> There's no reason to value altcoins over sidechains, for example. > Surely some better technology will come along, but it won't be altcoins as you know them. There's no reason to value sidechains over other coins. Better technology will come, but it could come in the form of other coins.

I know i know. It must be hard constantly trying to convince everyone your new altcoin is the next best thing. I know! Why don't you put the name 'bitcoin' in its name! That will work, right? Right? Guys?

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

#58

Post by joeblau »

ribosometronome wrote: post #50
Frogolocalypse wrote: post #20

Earlier quoted context omitted.

I use email almost every day, yes. You realize the arpanet is the internet right? It wasn't replaced, it was expanded. Call it layers if that would make it easier to understand.

ARPANET refers to a specific network that was decommissioned in 1990. And for 13 years of it's 21 years in existence, it was using NCP rather than TCP/IP.

I worked at BBN Technologies in the early 2000's. I was always amazed at how a company that essentially co-founded the internet and had the second domain name ever registered[1] could basically go out of business.

You just made me think that Bitcoin could definitely be the ARPANET of blockchains and Core devs could be BBN. Don't get me wrong, I worked with some extremely smart people, but in the end, Raytheon bought the whole company.

[1] - https://en.wikipedia.org/wiki/List_of_the_oldest_currently_r...

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

#59

Post by jcranmer »

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.

Actually, I think that it's he doesn't understand that trying to uncover anonymous identities in financial transactions is a problem that governments have been solving for decades (I'd say centuries, but I'm not sure the problem is that old). Pretty much the only difference with a blockchain is that you can no longer rely on banks cooking their books to protect you.

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

#60

Post by nadam »

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.

I see 3 scenarios right now:

1. Bitcoin + lighting network solves everything

2. Bitcoin's dominance ends and a more scalable payment-focused currency start to dominate (like Dash)

3. Bitcoin remains the main store of value, and people will convert some of their bitcoins to an altocin to do daily paymnt where there will be debates on the level of decentralization, but is designed to be extremely high (Visa level) tx/sec, and very low latency. My bet is currently EOS.

I still think any of these can become true, but I am more and more predicting (3) to be the case. (That is why my main investments are BTC and EOS, but I also have some Dash in case (2) becomes true.)

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