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Dennis Porter shared: I don’t know who needs to hear this but Bitcoin is faster than Visa or Mastercard and can process more transactions per second than both of them combined.
For those who doubt that Bitcoin can process millions of transactions per second, I cover it here on RealDennisShow. I also discuss:
– Bitcoin’s energy use
– Lightning Network
– Bitcoin using “dirty” energy.
Community Response:
Imagine having to pay fees to send money.
Like visa and MasterCard? You know there is a charge every time you use your card. The only thing is it’s typically eaten up by the bank or the merchant. The difference with BTC is that you are your bank.
I can be my bank with XRP. Why would I ever use bitcoin for a transaction if that’s the mentality you’re after?
Fair question. How many XRP can there ever be? Sure being your bank is part of it but the main part is the sound/hard money only 21m (scarcity/salability). BTC has scalability over space, distance, and time, making it the perfect money. But please tell me more about XRP.
100 billion. The use case for XRP far exceeds that of bitcoin. Bitcoin can’t operate without a layer 2 like the lightning network to make it more efficient. XRPL needs just the XRPL. Bitcoin does not have scalability over space without a layer 2. It’s not perfect money without.
Arguing that XRP doesn’t need a Layer2 is silly when its base layer behaves like others’ Layer2s behave (even worse, optimistic Layer2s). “Your computer is only useful with a keyboard added. My keyboard doesn’t need a keyboard added”.
Lightning network is slower than XRPL. Nice try.
If Bitcoin’s Lightning Networks were handling as much Tx volume as Visa or Mastercard, how long would it take for those aggregations to settle on the L1, and what would the settlement fees look like given L1 bandwidth? And what happens if channel liquidity is insufficient?
You can bounce tx on LN there and back probably more times than 2^128 (for sure more than 2^64) and then close the channel with one tx in 10min. Does this answer your question?
Unfortunately, it doesn’t answer it. That doesn’t factor in the competition for block space brought by global demand of LN supporting Visa-like demand. Extrapolation needed.
Also must account for demands on the L1 from sources other than LN, like individuals and institutions settling directly on L1.
Forever off-chain? So they will never be anchored to L1 security?
This is simply not true.
How is this not true? Using Lightning Bitcoin transactions are instant final settlement with next no fees.
Lighting is a centralized network of IOUs. Idk how that counts as instant “settlement”.
Define your version of centralized. Because to me, it means some intermediary has control over your funds. For example, when using a shitcoin like XRP Ripple has control over your funds. In Lightning, nobody has that control. So not centralized.
BSV; where the points don’t matter and nobody cares.
Funny because your comment shows u care.
I don’t care about BSV. I do care for the supporters of BSV because they are so close to the truth.
Lots of people need to hear that. 9 out of 10 people I talk to (outside of Twitter) know absolutely nothing about Bitcoin. We are so early!
It’s not true, and you’re not early.
Bitcoin has CRUSHED all competitors at the young age of 13. It will feast on Gold, Bonds, and Real Estate’s market caps. Our current monetary system is broken, and Bitcoin is a superior system. Countries that have suffered from the current system are starting to notice BTC.
