I shudder to think of the transaction fees for sending money to 6M wallets.
Will be on lightning network. Essentially free
El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
11–20 of 115 posts
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#12I wonder what kind of fraud/security controls they are using.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#13I shudder to think of the transaction fees for sending money to 6M wallets.
done on lightning network, so very little indeed.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#14Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#15The current bitcoin transaction fee is about $7, so nobody is going to be using this for everyday transactions, making $30 not much of an incentive. It sounds like there will be the option of choosing to accept cash instead, so it will be interesting to see how many prefer $30 of real, spendable cash over $23 of virtual, difficult to spend tokens.
Edit: Perhaps I was a bit glib as using the lightning network will probably solve the transaction fee issue. This could become an partially isolated transactional network, with less common transactions into or out of the network, like some SMS-based transactional networks in other parts of the world. In those cases uptake was quick as it was so easy to use (you only needed an SMS enabled phone). I am truly curious about how this turns out.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#16Earlier quoted context omitted.
Average HN is a salty nocoiner.
Thats a gross generalisation. One would think, that average HNer would be a coiner because of their background.
Nope, lots of people here are just like me: proud salty nocoiners.
We poor old salty nocoiners can only wipe our flowing tears with the 100$ rags from our fat wallets. Oh poor us, we foolishly put our wealth into cashflow producing assets. Oh the sorrow every quarter as the dividends are deposited in our flash-loan-hack-proof bank accounts.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#17Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#18The current bitcoin transaction fee is about $7, so nobody is going to be using this for everyday transactions, making $30 not much of an incentive. It sounds like there will be the option of choosing to accept cash instead, so it will be interesting to see how many prefer $30 of real, spendable cash over $23 of virtual, difficult to spend tokens. Edit: Perhaps I was a bit glib as using the lightning network will pro…
As has been said before on almost every thread about this, lightning network alleviates the issue of high transaction costs for small transactions.
https://www.coindesk.com/strike-launches-bitcoin-lightning-p...
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#19The current bitcoin transaction fee is about $7, so nobody is going to be using this for everyday transactions, making $30 not much of an incentive. It sounds like there will be the option of choosing to accept cash instead, so it will be interesting to see how many prefer $30 of real, spendable cash over $23 of virtual, difficult to spend tokens. Edit: Perhaps I was a bit glib as using the lightning network will pro…
But over the lightning network it will be close to free