1 week until bitcoin pizza day

[slackovic]

As for the Lightning network... Did you read this article saying that there is more Bitcoin on the Ethereum network (WBTC - wrapped BTC) than there is on the Lightning network? I think that Lightning network is far far far from being adopted.

Sure. It doesn't really mean that much though when talking about retail transactions though, as even the Ethereum blockchain is also susceptible to being congested. Remember the crypto kitties days? Yep. The network pretty much slowed down to a halt. Wrapped BTC are mostly used for staking and such, not really for "coffee transactions" so I don't really think it's right to compare WBTC to Lightning.

I agree that Lightning is not there yet though.

Neither network (Bitcoin or Ethereum) are good enough to be used for micro transactions. Their transaction speed simply isn't fast enough. Sure, you can buy a cup of coffee with BTC and the transaction will go through. But what if millions of people tries to do the same? You think that Bitcoin or Ethereum network will be able to process it?

As for WBTC, I'm just saying that it's funny that more Bitcoin is locked up in the Ethereum network than there is BTC on the Lightning network. Plus, article says that there is only 1000 BTC in the LN! That's saying how low adoption of the Lightning network is...

[mk4]

But what if millions of people tries to do the same? You think that Bitcoin or Ethereum network will be able to process it?

Potentially through Bitcoin layer 2 and layer 3 solutions, yes.

As for WBTC, I'm just saying that it's funny that more Bitcoin is locked up in the Ethereum network than there is BTC on the Lightning network. Plus, article says that there is only 1000 BTC in the LN! That's saying how low adoption of the Lightning network is...

Though Lightning's adoption is no doubt very low, it's really expected for there to be more bitcoin "on" Ethereum though. Lightning is for small transactions, whereas WBTC are mostly for staking. It's pretty much spending(LN) vs hodling(WBTC) for interest and for those "DeFi contracts", so of course there would be more bitcoin locked up on Ethereum.

[slackovic]

But what if millions of people tries to do the same? You think that Bitcoin or Ethereum network will be able to process it?

Potentially through Bitcoin layer 2 and layer 3 solutions, yes.

As for WBTC, I'm just saying that it's funny that more Bitcoin is locked up in the Ethereum network than there is BTC on the Lightning network. Plus, article says that there is only 1000 BTC in the LN! That's saying how low adoption of the Lightning network is...

Though Lightning's adoption is no doubt very low, it's really expected for there to be more bitcoin "on" Ethereum though. Lightning is for small transactions, whereas WBTC are mostly for staking. It's pretty much spending(LN) vs hodling(WBTC) for interest and for those "DeFi contracts", so of course there would be more bitcoin locked up on Ethereum.

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

[mk4]

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

I don't have the data to back this up, but in my opinion it's mostly simply because not that much people are using Lightning yet(even though Bitfinex already implemented bitcoin deposits and withdrawals through Lightning, but maybe they just want to be the first exchange to support LN).

As for the difficulty of implementing lightning on a website, regardless how difficult it might be(I really don't know, because I haven't tried implementing LN on a website), if people want it, they would find a way to implement it no matter how complicated. It's mostly might just be the case that not a lot of people are willing to pay through it.

[cryptoaddictchie]

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

Creating another layer or channel for LN is not that hard maybe big companies are not yet interested but I found this site that compiled a comprehensive list that accepts bitcoin through Lightning network.

Payment with the Lightning Network

_{Its being accepted so some clothing line, some tech shop, even pizza and many other establishment that accept LN}.

[slackovic]

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

I don't have the data to back this up, but in my opinion it's mostly simply because not that much people are using Lightning yet(even though Bitfinex already implemented bitcoin deposits and withdrawals through Lightning, but maybe they just want to be the first exchange to support LN).

As for the difficulty of implementing lightning on a website, regardless how difficult it might be(I really don't know, because I haven't tried implementing LN on a website), if people want it, they would find a way to implement it no matter how complicated. It's mostly might just be the case that not a lot of people are willing to pay through it.

I think that (at least where I live) the biggest problem is not will the shop implement payments through LN. Shop must have fiat for all sells so they have to automatically exchange BTC for fiat when they receive it. That's where BTC payment gateways come in place and I guess when they implement LN, shops will accept it too.

[mk4]

I think that (at least where I live) the biggest problem is not will the shop implement payments through LN. Shop must have fiat for all sells so they have to automatically exchange BTC for fiat when they receive it. That's where BTC payment gateways come in place and I guess when they implement LN, shops will accept it too.

Most stores that accepts bitcoin(besides a small minority) accepts bitcoin in the first place anyway, whereas the bitcoin are automatically converted to fiat. Fortunately, open-source platforms like BTCPay exists for this exact purpose; and they've implemented LN too: https://docs.btcpayserver.org/FAQ/FAQ-LightningNetwork/

[casperBGD]

and, do anyone know where Laszlo is today, and what portion of his own BTC was this 10k

https://cointelegraph.com/news/bitcoin-pizza-guy-laszlo-hanyecz-on-why-bitcoin-is-still-the-only-flavor-of-crypto-for-him

here is an interview with him

but, i do not think that it is fair to @jercos, since for me he was a believer to bought Pizza and deliver it to @laszlo for BTC, so i think that he also deserve to be in the book or movie for that, if not more than Laszlo, then at least the same, for me Laszlo sold his BTC for Pizza, and Jeremy (a buyer) was a BTC believer or Bitcoiner

[NavI_027]

Also, 10.000 BTC for two pizzas was quite expensive because it was worth around $41 at that time (according to the fourth post in the topic).

No mate, you misunderstood what stompix said . Laszlo really bought a pizza for 10,000 way bitcoins way back 2010.

Anyway, I really feel pity for him. For sure that one is the biggest mistake of his life. But on the other hand, I'm wondering where's Papa John (I don't know the exact name of the receiver) now? He's so lucky to got such huge amount holding. It makes me feel jelous lol

[Rikafip]

Anyway, I really feel pity for him. For sure that one is the biggest mistake of his life. But on the other hand, I'm wondering where's Papa John (I don't know the exact name of the receiver) now? He's so lucky to got such huge amount holding. It makes me feel jelous lol

I don't think that we should pity laszlo, or that he even sees that as a mistake. Without early adopters that actually used and promoted BTC , we wouldn't be at this point, many of us not even on this forum.
Same goes for that guy who bought pizza's and got 10,000 BTC, as he sold that to pay some trip.

Thanks to those guys I don't have to think what to make for lunch on May 22nd

[casperBGD]

Anyway, I really feel pity for him. For sure that one is the biggest mistake of his life. But on the other hand, I'm wondering where's Papa John (I don't know the exact name of the receiver) now? He's so lucky to got such huge amount holding. It makes me feel jelous lol

I don't think that we should pity laszlo, or that he even sees that as a mistake. Without early adopters that actually used and promoted BTC , we wouldn't be at this point, many of us not even on this forum.
Same goes for that guy who bought pizza's and got 10,000 BTC, as he sold that to pay some trip.

Thanks to those guys I don't have to think what to make for lunch on May 22nd

yeah, you can figure it out from the article that he also has few thousand BTC in paper wallet, for his kids, and still working the same job

buyer sold their BTC for a road trip, but there is also important fact that he has grocery stores chain and does not accept BTC, really interesting for a first guy that actually received BTC for a pizza

[Rikafip]

yeah, you can figure it out from the article that he also has few thousand BTC in paper wallet, for his kids, and still working the same job

In that article he said that his kids have paper wallets with a thousandth of BTC , or 0.001 BTC, not thousands.

buyer sold their BTC for a road trip, but there is also important fact that he has grocery stores chain and does not accept BTC, really interesting for a first guy that actually received BTC for a pizza

You might misunderstood that part I think, when he says his local  grocery stores don't accept BTC it doesn't mean he actually owns those stores.

[casperBGD]

yeah, you can figure it out from the article that he also has few thousand BTC in paper wallet, for his kids, and still working the same job

In that article he said that his kids have paper wallets with a thousandth of BTC , or 0.001 BTC, not thousands.

buyer sold their BTC for a road trip, but there is also important fact that he has grocery stores chain and does not accept BTC, really interesting for a first guy that actually received BTC for a pizza

You might misunderstood that part I think, when he says his local  grocery stores don't accept BTC it doesn't mean he actually owns those stores.

it could be that i misunderstood the article, did not that thoroughly through it, but nevertheless, for me Jeremy was a bit bigger believer at that time, and should be mentioned with Laszlo as well, when talking about pizza