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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

#61

Post by RandomInteger4 »

down wrote: post #11
lawn wrote: post #6

Earlier quoted context omitted.

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).

right MySpace, was a technology?, I think they were build on php or so, was a slow site, Google is not a technology either, golang it is, and is somehow revolutionary through simplicity and first-ish.

Agreed! Bridges aren't technologies either, only rivets and steel beams! I keep telling people, but they just won't listen.

Cars? Not a technology, only wheels and motors are technologies.

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

#62

Post by dylz »

Frogolocalypse wrote: post #51
lawn wrote: post #35

Earlier quoted context omitted.

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.

Why do you keep using the large phrase "chinese government controlled crypto bcash" instead of just calling it bcash?

Sincerely, someone that isn't involved in all of this.

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

#63

Post by fragsworth »

nadam wrote: post #60
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/s…

> 1. Bitcoin + lighting network solves everything

As far as I can tell, the Lightning Network's design isn't robust enough to solve everything. It allows for an arbitrary number of back-and-forth transactions between any two parties. It will be good, but it's not clear to me that this extends to solving all of the scalability problems.

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

#64

Post by sergiotapia »

arkona wrote: post #33
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.

It's bcash.

From /r/bitcoin:

>Starting a new company called Apple Unlimited! Please don't confuse this with our competitor, Apple. We did "borrow" all of their code, but we claim to follow the wishes of the great Steve Jobs, because the new guys that took over are ruining everything and censoring everyone!

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

#65

Post by Frogolocalypse »

dylz wrote: post #62
Frogolocalypse wrote: post #51

Earlier quoted context omitted.

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.

Why do you keep using the large phrase "chinese government controlled crypto bcash" instead of just calling it bcash? Sincerely, someone that isn't involved in all of this.

Because bcash is overwhelmingly run by bitmain, a chinese company, at every point in its service delivery. The miners, the nodes, and now the payment processor are all one chinese company. It is also not surprising that they have specifically disabled the privacy improvement of segwit in their altcoin. So no atomic cross-chain swaps are possible either. It is a walled garden where they control all of the access.

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

#66

Post by CryptoPunk »

dylz wrote: post #62
Frogolocalypse wrote: post #51

Earlier quoted context omitted.

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.

Why do you keep using the large phrase "chinese government controlled crypto bcash" instead of just calling it bcash? Sincerely, someone that isn't involved in all of this.

It's not even called bcash. It's called Bitcoin Cash. The 1 MB maximalists call it bcash because they don't want it to carry Bitcoin's legacy in the public mind.

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

#67

Post by CryptoPunk »

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.

Given the growth in transaction volume, it's pretty clear to me it will be the second, or possibly Ethereum will take the role of Bitcoin and fulfil the first:

https://etherscan.io/chart/tx

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

#68

Post by stale2002 »

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.

Visa level transaction scale only requires gigabyte sized blocks.

We can't don't gigabyte blocks tomorrow, but that is within shooting distance.

Bandwidth costs have gone down by 20% every year for the last 20 years. And they will continue to go down, making on chain scaling absolutely doable.

Micro transactions will never work on a blockchain. But coffee transactions are definitely within shooting distance of possible.

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

#69

Post by gtrubetskoy »

Fascinating how all the comments explaining that for fast and cheap transactions there is Litecoin (which has SegWit and Lightning) and pointing out BCash (still vulnerable to transaction malleability because it does not have SegWit) technical and governance problems immediately got downvoted into oblivion.

Edit: including this comment.

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

#70

Post by stale2002 »

hrrsn wrote: post #28
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.

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…

Visa scale only requires gigabyte blocks.

That's not doable today, but it is not TOO far off.

And by the time adoption catches up, maybe the technology and bandwidth costs will be capable of supporting it.

The blocksize does not need to increase forever. All it has to do is replace all of the world's financial transactions.

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