Now on Main Stage, after Hackathon Expo, at @btcplusplus Lightning++ Edition: @allen of @fundwithflux with "The Fiat Payment Stack".
Login to reply
Replies (7)
Ideas to debunk:
- Bitcoin is expensive <-> Fiat is cheap
- Bitcoin payments are hard <-> Fiat ones are easy
Banks have a cost of capital when being a member of the FED, since they need to have capital reserves inside the FED. This is not cheap nor free.
When a person makes a payment to a merchant, in the fiat system there are around 32 steps between different actors (FED, VISA, banks, Square, etc.) that need to be satisfied.
No money really gets ever around, it is all settlments between different ledgers in the FED system.
Is Lightning that bad?
- Permissionless
- Instant
- Sort of private
- Atomic
"Bitcoin is money, everything else is credit.
Credit is expensive, so fiat payment sucks.
Lightning is magic."
this is fantastic :chefkiss:!
https://www.youtube.com/live/HBEcyydJ7ek?t=7754s
View quoted note →