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RE: Bitcoin Surges To New All-Time High Near $8,000 As Wall Street Plunges In
Why is he advocating doing it on Lightning instead of the blockchain then? Am I missing something?
Why is he advocating doing it on Lightning instead of the blockchain then? Am I missing something?
Well for one thing the blockchain compromises privacy and if LN works it will be many times faster than blockchain. The way LN works is by using the blockchain as a court system. Just as it is the case that not every issue goes to court, so too will it be unnecessary to send every transaction to the blockchain which will increase both speed and privacy.
Yeah I agree. But I think we should still keep on-chain transactions cheap.
The fewer transactions on the block, the cheaper they will be. I think it's unlikely that we'll still have 1 MB blocks post 2020.