But why exactly does it have to be on an append-only ledger where transactions are processed/validated for a fee? Why can’t it be a more conventional transaction processor like VISA on top of the banking system?
Because conventional transaction processors can be compelled to shut off payments to publishers whose content offends the powerful. Just look at what happened to wikileaks.
Much cheaper than using a credit card processor.
Not cheaper than using one of the instant net settlement services like FedNow (UPI in India, PromptPay in Thailand, PayID in Australia)
Do you see what the issue might be with the parenthetical there?
2 replies →
Something like BAT isn't that wasteful, and without crypto you'd be stuck never getting paid by bad actors in the scheme.
But why exactly does it have to be on an append-only ledger where transactions are processed/validated for a fee? Why can’t it be a more conventional transaction processor like VISA on top of the banking system?
Because conventional transaction processors can be compelled to shut off payments to publishers whose content offends the powerful. Just look at what happened to wikileaks.
2 replies →
Because Visa doesn't (hasn't) wanted to do microtransactions, ever, since the beginning of the internet.
4 replies →
Bitcoin Lightning Network works and roughly maps to that.