The main use case in El Salvador is having instant payments better than credit cards without needing a bank account (which few non-corporate merchants can get)
But the main use worldwide is remittances without paying %30 fees.
But the main use worldwide is remittances without paying %30 fees.
What's the average time for a bitcoin transaction these days?
Ten minutes, ok.
So those people in El Salvador actually aren't transacting in BitCoin, they're doing transactions by having a number change in a centralized database somewhere that someone owns, and then claims that all transactions are backed by bitcoin, whatever that means.
And the difference between that, and having your bank update their centralized database as a result of a transaction going through the VISA network is... what, exactly?
So it's a) faster for most people, b) you don't pay big corporations for the transfer itself, c) it works 24/7, d) doesn't track "well" as of now. Those reasons are enough for some people to prefer it over traditional remittance.
Wrong, people in El Salvador are using Lightning Network.