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Bitcoin Lightning network could disrupt $150B year payment/remittance industry

blog.coinbase.com

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Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#31

Post by [deleted] »

jmoak3 wrote: post #22
jbaczuk wrote: post #16

Earlier quoted context omitted.

Company? Lightning is a distributed network and anyone can participate.

I thought lightning was just code for "Off-Chain transactions processed by someone else". Reading here: https://cointelegraph.com/bitcoin-for-beginners/what-is-the-... I still get that impression: >The Lightning Network is a second layer added to Bitcoin’s (BTC) blockchain that allows off-chain transactions, i.e. transactions between parties not on the blockchain network. Can you help me understand how this will be d…

[deleted]

Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#33

Post by dbrgn »

jmoak3 wrote: post #10

Lightning Network is just a centralized company acting as a middleman, occasionally (if ever) committing changes to the blockchain right? If that is the case, then theoretically Visa and Paypal are already lightning networks, just without the periodic bitcoin commits. If so, wouldn't that mean that if Visa and Paypal are banned from letting country X citizens send funds to someone in country Y, wouldn't the gov of X…

No, Lightning Network is a distributed protocol. Here's a good intro: https://bitcoinmagazine.com/technical/understanding-the-ligh...

Technically, Lightning Network is fascinating and quite ingenious. Practically, the blogpost above was written in 2016, so more than 6 years ago, and LN - in my impression - hasn't really taken off yet... I wonder if it's due to its complexity, plus the potential need for watchtower services when using a node that isn't always online.

Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#34

Post by atlasunshrugged »

nly wrote: post #26
targ65 wrote: post #6

"Let’s say you want to make a $100 payment to a merchant. Using your credit card would cost the merchant $3, which is then passed along to you via hidden costs. " You also get 1-3 credit card points, which for you is extra money that you wouldn't get if you were to pay for this with Bitcoin or, for that matter, cash. Also if the merchant screws you and sends you the wrong or a broken item, you can dispute the charge…

Not to mention in Europe credit card fees are capped to 0.2% of transaction value. Americans at getting screwed with their "reward" cards.

I dunno, I'm skeptical that if merchants actually saved more money now they'd pass along those benefits to consumers. Maybe if we were at the beginning of the adoption of cards, but with those costs baked in I'd bet it'd just be pocketed as profit.

Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#35

Post by seibelj »

jmoak3 wrote: post #22
jbaczuk wrote: post #16

Earlier quoted context omitted.

Company? Lightning is a distributed network and anyone can participate.

I thought lightning was just code for "Off-Chain transactions processed by someone else". Reading here: https://cointelegraph.com/bitcoin-for-beginners/what-is-the-... I still get that impression: >The Lightning Network is a second layer added to Bitcoin’s (BTC) blockchain that allows off-chain transactions, i.e. transactions between parties not on the blockchain network. Can you help me understand how this will be d…

You don't need a third-party, you can run your own node. It's a state channel. Visa could participate as a liquidity provider to help route payments but it's totally peer to peer.

Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#36

Post by hammyhavoc »

nrmitchi wrote: post #12

A couple things, I don't think I've ever seen the word "could" do more heavy-lifting than in this headline. The submitted headline is also not the source headline ("Is the Bitcoin Lightning Network for real?" > "$150B is comprised of fee revenue for credit card and international remittances for both commercial and consumer sectors" This assumption that the lightning network would distrupt the credit card industry wit…

That sound you hear is my laughter on the wind. I'm still laughing.

Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#37

Post by mrits »

jbaczuk wrote: post #16
jmoak3 wrote: post #10

Lightning Network is just a centralized company acting as a middleman, occasionally (if ever) committing changes to the blockchain right? If that is the case, then theoretically Visa and Paypal are already lightning networks, just without the periodic bitcoin commits. If so, wouldn't that mean that if Visa and Paypal are banned from letting country X citizens send funds to someone in country Y, wouldn't the gov of X…

Company? Lightning is a distributed network and anyone can participate.

Much in the same way git is distributed.

Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#38

Post by AnonC »

this_user wrote: post #23
caconym_ wrote: post #14

I'm sick of hearing about what crypto "could" do. I used BTC to pay for a few lunches back when transaction fees were in the cents rather than hundreds (?) of dollars or worse, and it was pretty neat, but it's clear today that the crypto ecosystem has largely become a paradise for grifters, scammers, fraudsters, and straight-up criminals, and (more generally) just another way for the rich and sophisticated to get ric…

For every proposed crypto use case, there already exists a better solution that does not use crypto currency technology.

Transferring money across countries without the government seizing or controlling it. Can you list what non-cryptocurrency technology provides a better solution for that? There are several countries with permanent or temporary restrictions (I think Russia and Ukraine are recent examples).

Re: Bitcoin Lightning network could disrupt $150B year payment/remittance industry

#39

Post by Analemma_ »

this_user wrote: post #23
caconym_ wrote: post #14

I'm sick of hearing about what crypto "could" do. I used BTC to pay for a few lunches back when transaction fees were in the cents rather than hundreds (?) of dollars or worse, and it was pretty neat, but it's clear today that the crypto ecosystem has largely become a paradise for grifters, scammers, fraudsters, and straight-up criminals, and (more generally) just another way for the rich and sophisticated to get ric…

For every proposed crypto use case, there already exists a better solution that does not use crypto currency technology.

Well, except the illegal ones.
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