Blockchain in our lives

AndrewChan

Contributor
How many people are asking you about Bitcoin now?Or how often did you hear about the blockchain on the street or wherever you hear it
I believe that this is all a matter of time and the crypto is a cart that is long packed but quickly rides
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Lightning, the Bitcoin’s trick up the sleeve - BASE.INFO
 

CryptoTC

Crypto Fat Cat
Some people saw Bitcoin as a sort of PayPal 2.0, or, in other words, as the one to become an ultimate payment mode. Nevertheless, as soon as Bitcoin encountered a number of technical difficulties, the hype quickly faded away. However, the concept may now return in a trendy manner, as applications are being created on the lightning platform, which is a layer-two tech that entered beta-testing earlier this year, and they already display such a good performance that any conventional modes of payment are not able to compete.

I predict bitcoin cash will perform better than bitcoin as a payment method and as an app platform. Bitcoin will serve more as an investment.

This way the tech may enable the digital currencies to outrun the card platforms and other payment projects that use conventional methods. The app that handles absurdly small online transactions is the one to steal the limelight. This is achievable because online payments can be costly, even despite being performed directly to the customer.

Even though micropayments might not look convincing, according to the analysts, they do have the potential to create a wide range of new businesses, the models of which would be centered around this technology.

I tend to agree, but transaction speed, transaction volume per seconds and costs all need to improve. Micro transactions are inefficient for credit and debit cards, but crypto could be perfect for this. Right now bitcoin can fill that with lightning network, as you note, but why not Stellar, or XRP, or EOS, or NEM, or any number of other currencies with low fees and rapid speeds. Note I don’t mention ETH as an example. They need to get scaling fixed quickly, or risk adoption moving on to other platforms.

This increases the chances to finally get the upper hand against conventional centralization existing with all the major businesses in the industry by proving that these micropayments have practical application in apps in a lot of different ways.

Smart contracts, micro payments, the internet of things built on microtransactions, database record storage using micro payments, shared powerful CPU processing on demand with micro payments. It’s all exciting, but we have quite a way to go with a lot of pain during the trip.

 
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