If you’re distributing $180m in Bitcoin to 6 million wallets, do you pay transaction fees (currently about $6) once, or 6 million times?
El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
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Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#22I shudder to think of the transaction fees for sending money to 6M wallets.
done on lightning network, so very little indeed.
Wait, lightning network is really cheap for moving money on existing channels, but channel openings still need to happen on-chain right?
That would still mean one transaction per citizen to open their lightning channel. Or, at least, one output.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#23The 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…
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Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#24This is a really good move. It will "force" people to setup wallets, study how it works, etc.
As far as I can tell they are using some lightning network app so it's cheap but likely doesn't really teach you to setup more than an app.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#25Earlier 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.
What happens is that many on HN were around in 2009-2011 when it first appeared and was cheap. Everyone who didn't buy in then has a vested interest in it failing because then they feel like they didn't miss out and that their decision not to get involved was validated.
It is becoming apparent as time goes by that there are very many of them here. I seem to have attracted some that downvote every comment I make.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#26Earlier quoted context omitted.
Average HN is a salty nocoiner.
I notice that hn largely ignores blockchain tech. It almost feels luddite.
Most (software) engineers understand rather quickly that blockchains are a wasteful solutions to problems that are already solved by other methods.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#27This is a really good move. It will "force" people to setup wallets, study how it works, etc.
It is, if you want to receive business for money laundering and want to obfuscate it by using civilians. I don't see another reason to go down this path...
I think el-salvador is going down this path because their current path doesn't work. So instead, they are trying another monetary theory.
Short term profits might come, not from money laundering, but from bitcoin whales that are true believers and decide to come live there. Some of those whales might have gotten their bitcoin illegally, and are happy to avoid a fiat off-ramp. I suppose that might be money-laundering in some sense.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#28Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#29If you’re distributing $180m in Bitcoin to 6 million wallets, do you pay transaction fees (currently about $6) once, or 6 million times?
Somewhere in between. You pay per byte.
Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
#30Before you post a comment about Bitcoin fees, please take a little time and try out lightning. It's come an incredibly long way, it's very fast, and very cheap, and very easy using a mobile wallet.