this post was submitted on 18 Jun 2024
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Privacy
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Bitcoin is completely inefficient but including a payment / donation system is a good idea. That should be available on mastodon such that you can donate to your fav people/orgs but it's probably difficult for the average person to verify that you donate to the right person
They should look at GNU Taler for having it in the future.
Actually, tipping on social media posts are an excellent use for Bitcoin. I regularly tip on nostr, it works well, I wish lemmy had it too. Good luck enabling transactions that complete in under a second, globally, for less than a penny in fees, with any other system. And without requiring you to hire an absolute team of lawyers to setup accounts and manage liquidity and make deals with foreign banks to backstop that liquidity. Oh and don't forget about counterparty risks, chargebacks, currency conversion, and long settlement times! Bitcoin solves that all magically for basically free.
Yeah the fact that all the tipping is done off-chain via the lightning network is even more of a turn off. Did anyone else follow all that drama back on reddit?
It's done off-chain because on-chain would be expensive and slow. On-chain takes 10 min and $1.50-$15 in fees depending on the day. Lightning takes < 1 second for < 1 penny in fees.
Lightning transactions are secured by the base chain, so you're not at risk of losing any funds. The transaction data is "off-chain" because there's no reason for it to be "on-chain".
Yes and all that technical debt, complexity and loss in decentralization could be avoided by simply increasing the block size. BCH for example has zero-conf transactions and the average fee is also <$0.01.
But that would mean that you'd be able to use it as an actual means of exchange instead of this crippled "Internet gold" bastardization that BTC has become.