• frezik@lemmy.blahaj.zone
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    2 days ago

    Imagine you can’t use visa or mastercard. What other fucking payment card acceptance system are you going to use for payment processing in under 30 seconds?

    This is one of the few places where I think cryptocurrency could be useful. It ain’t much, but there it is.

        • azertyfun@sh.itjust.works
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          1 day ago

          And literally not a single one of them is useful for the purpose of quick, efficient, and secure transactions.

          Blockchains are slow and inefficient by design, since they need to build consensus. On any sufficiently popular blockchain, transactions are either fast or secure, never both.

          The “fix” that the crypto industry has come up with is to re-invent banks, except with even more crime and virtually no regulations. Now you’re just entrusting FTX with your coins to enjoy “immediate” transfers, how could that possibly go wrong?

          • qwerty@discuss.tchncs.de
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            1 day ago

            getmonero.org 1 minute average confirmation time, private by default. Eth average confirmation time is 6 seconds and right now it’s doing 16 transactions per second, not counting L2s. Blockchains are way more secure than a centralized database controlled by a financial institution that can freeze or deny you the right to use your money or fat-finger your life savings away with no recourse.

            • azertyfun@sh.itjust.works
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              22 hours ago

              16 transactions per second

              Please, that’s nothing. In a mass adoption scenario, the whole thing would either crumble or eat a significant portion of the world’s electric production.

              I won’t have an argument about the futility of the whole decentralization endeavor and how it fails to meaningfully address any of the very real concerns that central banking has addressed over the centuries. History has already proven all of you fools.

              • qwerty@discuss.tchncs.de
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                18 hours ago

                It’s 16 tps right now because that’s the current demand, highest tps recorded was 57, not counting L2s which are doing 430 tps right now (stats) and can handle way more, for example the biggest one called base can handle 1400 tps alone and the next major eth upgrade is targeting 100000 tps capability.

        • Skullgrid@lemmy.world
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          1 day ago

          Lightning Labs launched the Lightning Network in 2018 with the goal of reducing the cost and time required for cryptocurrency transaction. Specifically, the bitcoin blockchain can only process around 7 transactions per second (compared to Visa Inc., which can process around 24,000 transactions per second). Despite initial enthusiasm for the Lightning Network, reports on social media of failed transactions, security vulnerabilities, and over-complication lead to a decline in interest.

          • cadekat@pawb.social
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            19 hours ago

            I’m not really that familiar with LN, to be honest. It looks like there’s almost $500 million in the network available for transactions (source), and according to this report, there were about 6.6 million transactions in August of 2023.

            Not MasterCard or Visa levels, for sure, but also not a 10 minute wait for a transaction to complete either.