Quote:
Originally Posted by jscott
I think you don't use Bitcoin on-chain, it's VERY fast and VERY cheap lately.
I think you also are not aware of Bitcoin 2nd layer Lightning Network which sends instantly & free.
Most people do this though, they disregard Bitcoin without using or learning about it. Why? I think most dive into unit bias cheap "the next Bitcoin" types who have marketing teams who promise they are better faster safer prettier than Bitcoin, which is always bullshit.
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We know quite a bit about bitcoin, specifically working with bitcoin-core and have extensive experience with it.
Do you meant off-chain rather then on-chain? Because all "normal" transactions on BTC are on-chain. I am absolutely aware of lightning as well, but found it fairly useless for our application. It's useful if you want to send money from person x to person y, but not useful if you want to take a $20 subscription from 10000 people.
Here's the thing for me with Bitcoin. It's there, it's solid, it works. But sometimes, it takes $40 and an hour to make a transaction when it's busy. If you set too low fees, your transaction can be stuck for hours or even days. The same can be said for ETH - when it get's busy I've had to send $20-30 in transaction fees. Now what would happen to either of these if we suddenly increased the traffic in them by 10 fold? 100 fold? This problem would get exponentially worse. In fact, it doesn't even that many transactions for it to go to shit if you look at the charts that show the number of transactions. A busy day is +50-100k transactions, so even going from 250k/day to 300k/day makes it an issue.
Thus, imho, in it's current form it's not scalable, which can be seen easily by what happens during bull runs in crypto
I'm not saying it's bad, i'm not saying money can't be made on it. I'm just saying that if we doubled the number of transactions we'd be up shit creek.