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

Post by yuan43 » Fri, Aug 12, 2022, 3:21 AM UTC

nly wrote: post #69

yuan43 wrote: post #8

> ... Arcane Research estimated that in Q1 22, Lightning facilitated $20–30M in monthly payments. That’s a 4x YoY increase, but a far cry from the $866B Visa facilitates each month. It's worth noting the scorn and hate once thrown on this idea as a scaling method for Bitcoin back in 2014-2018. Part of the problem was that the protocol needed to be upgraded for certain things to work well. Part of the problem was that…

Bitcoin smart contracts were neutered early on, were they not? In practice the bytecode in the protocol isn't used except for a handful of cookie cutter template transaction types?

See for yourself:

https://en.bitcoin.it/wiki/Script

Post by Seattle3503 » Fri, Aug 12, 2022, 3:45 AM UTC

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…

A company could offer these on top of the lightning network. The article's point is that an oligopoly of payment processors is collectively costing consumers billion. It is sad so many HN users would rather see cryptocurrency fail than see disruption of this space

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

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