Both are dematerialized currencies which directly contains their own value and serve freely accessible transactions. They both protect their users’ independence and privacy.
That's obviously false. Do you really think that the electronic cash we currently use (the banking system) is secure and offers a high level of privacy? Governments force banks to cooperate with them and share our sensitive data. Ask yourself this question, why some banks are afraid of cryptocurrencies and continue to block accounts of their customers who bought Bitcoin? |
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Usually, a sweep functionality should send all of the available coins from the address which corresponds to your private key to your new wallet. Sweeping it once again won't do anything since there are not any coins left. The coins would be available only in the first wallet.
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Currently the average person thinks about investments and trading when it comes to Bitcoin, but eventually Bitcoin will become so normal as being another form of money, that the investment and trading aspect won't differ from how professional parties (and to a lower extent retail traders) trade EUR/USD/CNY/JPY, etc. The average person has not much with forex trading, and will no longer care about Bitcoin in the same way when we reach the aforementioned stage.
Our community has to develop easy to use and reliable software before that happens. Personally, I doubt that ordinary people are going to use on-chain transactions. Second layer scaling solutions are better since they offer instant and cheap transaction but they still require the user to open and close a channel on-chain. That's why some think that more layers will be built on top of the Lightning Network and used by an average Joe. |
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The media will simply talk about how dangerous decentralized coins are and talk exclusively about the SECURITY one can gain with the centralized option. They will associate child porn and money laundering with decentralized privacy coins and most of the sheep will simply avoid it. Look no further than this forum for examples of this way of thinking.
Tor is a good example of what you are talking about. Many people consider the Tor network as a place where you can find only CP, drugs and other illegal things because that's how the media show it. The only difference is that they won't be able to control decentralized cryptocurrencies since it will to expensive to destroy them (e.g. Bitcoin 51% attack). Some banks have started testing out Ripple which is a good example of a centralized coin. However, it will be up to us whether or not they are going to succeed. |
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No matter how many policies and academic articles we publish regarding bitcoin's excellence as a currency, if we can't change the mindset of people who use it, there will really be no effect in turning bitcoin from an investment to a fully-functional currency.
Don't you think that many people stopped treating Bitcoin as a currency after the transactions fees had spiked? People might want to ditch PayPal (because of growing fees) in the future. Bitcoin + the Lightning Network would be the best choice for them since this combination would offer extremely cheap, instant and independent transactions. I do agree that there will be holders and investors who will only worry about their profit but new users are expected to be seen. |
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Is it so bad to use a pruned blockchain?
Pruned node is still a full node but there is still a slight problem. It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go. As above, changing historical blocks only allows you to exclude and change the ordering of transactions. If miners rewrite historical blocks too far back, then full nodes with pruning enabled will be unable to continue, and will shut down; the network situation would then probably need to be untangled manually (eg. by updating the software to reject this chain even though it is longer). Ethereum currently suffers from the too big blockchain size. Archive nodes store more than 1 TB of data which is way too much for an ordinary user. No wonder why so many users use pruned nodes. |
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Ledger Nano S, no questions asked. Been using it for years without any problem(except for the memory issue, but no biggie).
Let me explain it a little further. Since Ledger Nano S is based on a Secure Element, it has a limited amount of space. If you want to spend a specific cryptocurrency, you need to install a proper app on your Ledger. The number of apps has significantly increased in one of the latest updates so it's not a big problem anymore. However, it might annoy you if you often use many different cryptocurrencies at the same time. |
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Bitcoin cash being a replacement for Bitcoin is a hoax, among many other reasons for the fork was due to slow confirmation of Bitcoin transactions but in all indications that has been improved on and with lower fees too unlike before, bch also have it's usefulness for payments but not replacing Bitcoin
Increasing the blocksize is much easier than implementing solutions such as SegWit and Schnorr signatures. It took some time for SegWit adoption to reach its current level. Theoretically, we have a maximum of 4 MB block weight which was introduced by a SegWit soft-fork. Bitcoin Cash's method of scaling is much simpler but it might lead to some serious problems in the future (node centralization). Lightning Network payments on Bitcoin are much faster and cheaper than on-chain Bitcoin Cash transactions. |
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A reason that I responded to Flatulenters's earlier post with my question was because I am enthralled by the idea of a kind of plug and play user experience - even though I understand that command line might give a bit more control.
Perhaps I am waiting for a set up that is nearly as easy as setting up a Trezor...? hahahaha... Wishful thinking, perhaps?
Actually, we are not that far from that! There are still a few problems to solve (e.g. receiving money if one's node is offline) but it is a matter of time before someone releases a small device similar to TREZOR capable of running a Lightning Network node. I have found an interesting tutorial on making your own portable Lightning Network node. It still requires some technical knowledge but as you can see we are getting closer to the thing described by you. By the way, TREZOR T has got a micro-SD slot so it might have some LN related features in the future. |
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Is Windows 7 supported?
Ledger Live works on Windows 7 but isn't officially supported. There is quite a long discussion about it above your post. |
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Even the original idea of Satoshi Nakamoto, The founder of bitcoin’s was to develop a new digital payment system which would be globally accepted as a new mode of payments transfer, eliminating the middle man but currently this motto of bitcoins is altered by the purpose of earning profits through trading margins only.
Bitcoin still needs some time to become a widely used currency. Many think that its transaction fees are still expensive and because of that many merchants resigned from accepting it. I don't think if any altcoin will take Bitcoin's place. It is a matter of time before the Lightning Network gains so many users that every payment will go through flawlessly. I can't deny that many people buy Bitcoin only to earn money from trading it. |
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Why can we not have services where people make donations to a global company with enough resources to host these full nodes for them. <Not virtual servers in the cloud>, like we have with Cloud mining.
This would lead to the centralization of the nodes from which Bitcoin Cash currently suffers. I would rather pay for multiple VPS rather than rent a dedicated server which would not be used at all and owned by me. Setting up Bitcoin Core is quite easy, especially if you decide to use GUI and know how to forward ports. Plus yes, there's a service for Ethereum users that runs nodes for you in a data center called Infuria. Haha.
The Ethereum Blockchain is much bigger than Bitcoin's. Archive nodes have to store more than 1 TB of data! That's why many people choose pruned nodes which have to download only about 80 GB of data. |
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Of course, the company itself is going to say nice things, but how can we be assured that we are NOT screwed over in the future after we have set up the device and then later realize that our BTC ended up getting stolen?
If you are really concerned about this (and you should be) then consider buying Raspberry Pi with an external harddrive. You can use RaspiBlitz. It's quite easy to install. Here you can view the installation instructions and there is even a list of hardware which you will need. The cost is 120 euro (including a touchscreen!) which is about 150 dollars. Half the cost for a self-made and open source device. The only flaw is that you might not like using the command line all the time. |
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Yeah. I think that this is one of the major flaw of bitcoin: its unpredictability. But do you think this problem will be solved if everyone in a country gets into bitcoin? Or perhaps there will be more fluctuations in the market?
The price of Bitcoin will stabilize at some point in the future. We are still far away from seeing any country adopting Bitcoin and even if that happened, it would have a huge impact on the whole network. We still have to face some important issues such as ease of use for ordinary people and scalability. The next world crisis might force people to consider using Bitcoin since its completely independent from the decisions of governments. |
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Let's assume that the shop where we want to buy a cup of coffee would accept any cryptocurrency we want. Since it is an altcoin section, I would like to propose Litecoin + Lightning Network. Why? Litecoin transactions are much faster than Bitcoin's mostly because of lower block time. This makes opening and closing channels cheap and not time consuming. Lightning Network transactions are instant and extremely cheap (fees are sometimes lower than 1 satoshi; opening a channel directly with the shop would mean 0 fee). Payment would get through so fast that your coffee wouldn't be ready yet.
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Another great news! The Lightning Network has surpassed 100 BTC capacity again. The most interesting thing is that SatoshiLabs, which is the company behind TREZOR, has created their own node whose capacity is over 12 BTC! That's more than 10% of the overall network capacity. I would like to know if they are going to accept Lightning Network payments for their devices anytime soon. Source: https://twitter.com/hodlonaut/status/1036350887608942593 |
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I would rather suggest maybe some kind of decentralized review system , which cannot be manipulated. That when you have built review trust as merchant, buyers wouldnt be scared to place an order.
It would take years for such system to be widely adopted. Who would maintain it? The biggest auction sites such as Amazon and eBay? How would we determine if the person who left a review had actually bought an item from that merchant? There are many difficulties and that's why it hasn't been developed yet. Switching over completely to wire transfer is the only solution if you don't want to play around with PayPal again. However, this might discourage people from buying your products. |
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Now payment side Paypal is captured the overall marketplace value buddy. I really do not want the people take bitcoin as a consideration in a mainstream payment since as of now it is decentralized platform oriented cryptocurrencies.
PayPal might be ditched quite fast because of its growing fees and ease of chargebacks. I am tired of transacting with people who are constantly chargebacking their transactions. As far as I know, sellers have to pay a fee if someone does so. You all may hear about the Ripple's adoption in the marketplace and usage on the banks side also. That is happened because it is belongs to decentralized platform.
No wonder why banks are interested in it. Ripple is centralized and that's why it can process so many transactions. Your money can be frozen anytime and you have to pay about 20 XRP for creating a new wallet, that's ridiculous. |
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It's hard to avoid centralized centered LN nodes since merchants or nodes with high liquidity/balance naturally would have high connected channel since people would open new channel (merchant) if there aren't any available path/route and there's fewer available path/route (merchants & nodes with high liquidity/balance) if you intend to use LN for bigger payment.
The Lightning Network was designed to handle mostly micro-payments. The maximum amount of bitcoins you can send right now (in a single transaction) is about 0.041 BTC. The issue you mentioned can be solved by introducing multi-path payments which are being developed. It's still a bit unsafe to open a few big channels since there is no proper backup feature in many wallets. I would wait for eltoo with that. Lightning Network still needs some time for development but given the fact that there are so many nodes, there shouldn't be any problems with its adoption. |
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Cryptocurrencies are great for payments if we assume that both merchants and customers are fair. However, we all know that there are going to be disputes so a third party might be needed anyway. I would not trust PayPal anymore. They have been getting worse and worse over the past few years and their fees went up quite a lot recently. There wont be such thing as stolen creditcard data , you would actually need wallet private keys to stole people money. Which I think its very hard to do, a lot harder then picture data written on people credit cards…ha Most people are still going to expose their private keys by keeping them on a computer which has a constant access to the Internet. Credits cards are dumb, you need only a few numbers to pay with them and they are still popular because of how people like convenience. |
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