El Salvador’s Bitcoin law – the system doesn’t work and the public hates it

foreignpolicy.com

29 points·_Microft··9 comments

I'm not a fan of cryptocurrency in general. But why on earth would you chose Bitcoin? Don't you have to wait ~45mins per transaction and pay something like a $20 transaction fee on top of huge volitility? What an absolute disaster.

They're using the lightning network on top of Bitcoin for instant transactions and less than 1 cent fees.

If Bitcoin equals cash, Lightning is Venmo

The lightning basically network syncs to Bitcoin in large atomic updates to limit fees.

Hope that helps

Chivo doesn't use Lightning internally - it's just a PayPal-like custodial payment system in itself. (It does talk Lightning, though reportedly unreliably.)

You could argue the same for Strike -- sending $USD or BTC between users on Strike doesn't use lightning, but if you want to send to a user not on Strike it uses Lightning.

Or Cash App by Square or Venmo by Paypal -- when you send Bitcoin to another user it's just moved internally in their accounting, not on the blockchain.

It is too early to say the system doesn't work for remittances.

Yes, first it would have to work.

Buy the rumor, sell the news? Isn't it ironic that investors dump Bitcoin exactly when people want to use it the most?

archive: https://archive.is/kSfKL

Shoutz goin out to mad lad Gerard, he hated bitcoin, he thought it was frau-aud. Countries started flipping, IMFies started pippin, Sats kept rainin' on the chivo parade.

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