5 upvotes, 3 direct replies (showing 3)
View submission: ⚡ Lightning Network Megathread ⚡
It’s posts like this that make me realize we are Years from mass adoption. Be back in 500 hours when I’m done absorbing all this content.
Comment by BakersDozen at 14/01/2018 at 11:19 UTC
4 upvotes, 0 direct replies
How well do you think most people understand the mechanics of the current international financial system. Do any gaps in their knowledge prevent them from tapping their debit card in a store?
Comment by codedaway at 12/01/2018 at 21:16 UTC
6 upvotes, 0 direct replies
Hah,
None of us know the internals of PayPal and Visa, but a lot of people use them. The same will be for Bitcoin and all 2nd, 3rd, etc.. layers once the system is built out. In the mean time it's kind of us to learn about this awesome new technology.
Comment by inthearenareddit at 14/01/2018 at 13:19 UTC
2 upvotes, 0 direct replies
In simple terms, we both set aside money to use on lightning and we agree to settle the balance between us at a later date.
Only the first and last transaction goes through the Bitcoin Blockchain (the setting aside and closing out), all the stuff in the middle is just us changing the final balance of who owes who.
It's a bit like opening a tab at a bar.
Because we set aside the money in the beginning, I don't need to worry whether you can afford to pay me.