HI welcome to starbucks
>thanks
What can i get for you today?
>Well. I'd like a double mocha normie expresso
Sure thing. Will that be cash credit or bitcoin.
>cool you guys accept bitcoin now?
yep. we sure do.
>ok ill do bitcoin
Great! that'll be 0.0004btc
>ok so how do i send you the btc?
Well we don't actually accept btc anymore because it's too slow and the fees are too high so you'll need to open a LN channel with us.
>ok so how do i do that?
well first you need to lock away a certain amount of btc for future use with us.
>ok this is kinda sounding like im using a credit card only twice as hard
Yes. that's correct.
>eh. I'll just pay with my debit card
great! that will be $4.35
>ok here's my card
thanks. oh it looks like you have some reward points built up would you like to use those?
>wow i didn't know i had any points
yep it looks like your coffee is free today sir. have a nice day.
HI welcome to starbucks
cryptocurrency is going to be the backend of a payment system, you’re still thinking inside the box
People this ignorant should be outlawed.
no one is going to open a payment channel for anything ever.
bitcoin is used for cp/drugs dump and buy monero asap user
>have Bitcoin in a wallet
>transfer a few to a Bank
>you can now use X Bitcoin without fees
Its called Layer 3
You don't have to open a new LN channel with everyone you transact with. If you already have a channel connected to the network it can find a route to their channel kind of like the internet.
Even with LN, the blockchain itself with 1MB blocks can handle the same amount of tx's as right now. So it will always handle max ~500 tx/day.
What is the fucking point of BTC blockchain then ever, if 99% of transactions will be pushed out of the chain onto a payment network that is not decentralized.
DYOR Veeky Forums
at some point all those LN transactions have to be settled with real bitcoin.
Bitcoin is now about 10k. The fees are about 20. If Bitcoin gets to 1M, the fees will be 2000 per transaction. Just something to think about.
bitcoin is only up so high now because reddit got wind of this last pump and then everyone and their literal grandma started buying in not having a clue what they are even buying. When a bitcoin shill like Max Keiser gets on air and admits that it's mania that should be a red flag for everyone.
I want a pumpkin spice latte, NON FAT MILK, I'm trying to watch my figure. Then I'll have that blueberry muffin, I'll just eat the top. I'm trying to watch my figure.
>well first you need to lock away a certain amount of btc for future use with us. Don't forget to include $15000 fee for this.
>we should all support bitcoin because FUCK BANKS!!!
>lol just use a bank to do everyday transactions
It's hilarious how the whole idea of "fuck government!" and "fuck big banks!!" got thrown out the window after people realised Bitcoin doesn't actually work as a currency and now it's just "its a store of value! just keep using fiat and banks for your everyday life!"
Only an absolute moron refuses to see it for the bubble it is at the moment.
The difference here being that BTC banks can't print that money and steal value from holders.
You will still hold most of your Bitcoin in your own Wallet, but every once in a while you send like 5% or whatever to some Settlement, which works with other Settlement-Companies to move some ledger if Bitcoin is spend. See it as prepaid.
Unless LN solves the Blocksize issue this is the way it will play out and it doesn't mean you have to trust all your Bitcoin to one of such service. But isnt it better to pay a fee once to get it on such service, than to pay a fee for 100 different things?
Didnt u read? DigiByte will be use for that kinds of transactions #mcdonalds #kfc #starbucks
>FUCK BANKS
If banks use a currency that can't be printed indefinitely I won't mind paying fees to use their services.
(((Settlement Companies)))
But they can and will profit off of transactions going through their LN nodes. That is the whole point of why people hate LN.
The main chain will only ever facilitate max ~500tx/day with 1MB blocks. SegWit adoption might help a bit here, but not significantly. If people actually start using Bitcoin outside of crypto trading, then the main chain will get 100x more clogged and expensive. That 1 transaction might cost you $500 in a few years.
Make your own bank then.
No blockchain will ever become close to VISA, it's simple as that.
>they can and will profit off of transactions going through their LN nodes. That is the whole point of why people hate LN.
Why would you care who gets profit off transactions if they are several orders of magnitude cheaper than Chink miners.
I rephrased it to make it more clear what Banks used to be
Doesn't Segwit increase the txs by a lot, same with LN?
samefag
Yes, and?
>No blockchain will ever become close to VISA, it's simple as that.
There are multiple cryptos that are trying to reach VISA levels.
- Ethereum with Plasma, PoS, sharding, Virtual machine swap,...
- BCH with first of on-chain scaling and maybe some off-chain in the future if on-chain starts to run into limitations.
- IOTA, Byteball, Rai,... with their DAG veridsion of blockchains (0 fee, almost instant transactions)
- probably some more, I don't know much about Ripple, but it supposedly can already process 1000tx/s
Many different approaches with multiple devs and communities involved overall, but some random guy on Veeky Forums knows already that all of them are trying the impossible. Okay then.
>Why would you care who gets profit off transactions
The whole point of cryptos is to get rid of banks and companies profiting off of our transactions. The banks will choose the transaction fees and choose what transactions they allow to pass through their node. That would not be very different from the same system that we know have. Only that instead of $ or € sign, you will have a ₿ sign in the stores.
>Doesn't Segwit increase the txs by a lot, same with LN?
Segwit can maybe increase txs 2x or so. LN is fully off-chain, that would not improve the chains ability at all. It will reduce the load on-chain, but with a lot more people using Bitcoin, it wont be enough and the fees on-chain will still reach over $100.