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Author Topic: Get drunk with Lightning  (Read 384 times)
jak3
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June 03, 2019, 10:41:36 PM
 #21

OMG, I didn't know that lightning network is very for implementation I thought you are still in the development process. It's good to see that shops can finally embrace the power of digital currency and grow their business without any limits. Great news maybe soon we can see even more Bitcoin adoption.
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June 03, 2019, 11:14:53 PM
 #22

This will solve the bitcoin scalability issue, hopefully more news will be seen in the future as the market is on its progress.
For those who haven't understand yet how lightning network work, you can watch this video, Bitcoin's Lightning Network, Simply Explained!.

bitcoin has no scalability issue
bitcoin has a developer insisted stiffling limit that hinders scalability

bitcoin has no fee issue
bitcoin has a developer insisted fee war that hinders bitcoin onchain spending opertunity

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
LeGaulois
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June 04, 2019, 08:44:02 PM
 #23

A good point is they don't use a 3rd party for the transactions, they created the app with BTCPay. Usually, the merchants like to use something centralized like Coinbase or BitPay. If you wanna see a video using it https://www.youtube.com/watch?v=udULbc3f9dY
Great to see businesses using LN, I wish to the bar owner a great ROI with this. If the mass adoption has to come though LN, then go LN

I for one wouldn't be overly enthusiastic about this use case

Most certainly, after an initial rage and rush with trying out real-life payments for things like a glass of beer (or a cup of tea if beer is not your thing), people will get back to their deep-rooted practice of keeping bitcoins and spending fiat instead. In other words, LN is not going to help Bitcoin adoption (at least not in a considerable degree). Changing spending habits and consumer preferences would help but that is beyond our control or influence as it basically requires rewiring human brains en masse (and we are not there yet)

Yes true but what about if I can buy my coffee cheaper?
When I pay with my card and a POS terminal, Visa charges a fee to the merchants. I don't remember the % but it's something not negligible for a merchant.

Let's say the fee is 2%. Since the merchant saves 2% he can say, ok I lower my price by 1% for folks willing to pay with BTC.
Yes lowering 1% isn't a lot but people will be happy to use BTC to pay cheaper. When there is money people listen to, a dollar is a dollar and nobody refuses to save money

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deisik
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June 06, 2019, 02:24:13 AM
 #24

Let's say the fee is 2%. Since the merchant saves 2% he can say, ok I lower my price by 1% for folks willing to pay with BTC.
Yes lowering 1% isn't a lot but people will be happy to use BTC to pay cheaper. When there is money people listen to, a dollar is a dollar and nobody refuses to save money

I'm not sure if it is economically viable

Given Bitcoin's insane volatility, the merchant would have to set prices in bitcoins allowing for the sudden drops in price (otherwise the price tag for a cup of coffee would be changing like the US national debt counter). But that is way above measly 1% and to the upside at that. Besides, the merchant in question will be accepting crypto directly, and that is a whole can of worms of its own (should he use a third party as a payment processor), which would add to costs as well. In other words, don't expect coffee to be cheap when you pay with bitcoins for it

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June 06, 2019, 08:25:42 AM
 #25

This will solve the bitcoin scalability issue, hopefully more news will be seen in the future as the market is on its progress.
For those who haven't understand yet how lightning network work, you can watch this video, Bitcoin's Lightning Network, Simply Explained!.

bitcoin has no scalability issue
bitcoin has a developer insisted stiffling limit that hinders scalability


Very disingenuous of you. The Core developers will not give up decentralization for larger transaction throughput. Plus a hard fork to bigger blocks, just to make a minority in the community happy, is risky and dangerous to the network.

Quote

bitcoin has no fee issue
bitcoin has a developer insisted fee war that hinders bitcoin onchain spending opertunity


You're right. Because will evertually support the miners. Don't believe me? Watch Bitcoin Cash ABC and SV's next halvings. How will those networks support their miners with halved block rewards every 4 years, and almost zero fees?

They will need to follow Bitcoin's model if they are to be successful. Cool

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