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submitted 2 weeks ago by Pro@reddthat.com to c/games@sh.itjust.works
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[-] Skullgrid@lemmy.world 12 points 2 weeks ago

Incorrect! Bitcoin transactions take 10 FUCKING MINUTES.

[-] ptu@sopuli.xyz 12 points 2 weeks ago

There are countless other cryptocurrencies than Bitcoin

[-] azertyfun@sh.itjust.works 10 points 2 weeks ago

And literally not a single one of them is useful for the purpose of quick, efficient, and secure transactions.

Blockchains are slow and inefficient by design, since they need to build consensus. On any sufficiently popular blockchain, transactions are either fast or secure, never both.

The "fix" that the crypto industry has come up with is to re-invent banks, except with even more crime and virtually no regulations. Now you're just entrusting FTX with your coins to enjoy "immediate" transfers, how could that possibly go wrong?

[-] CancerMancer@sh.itjust.works 8 points 2 weeks ago

The costs are much worse than the time imo.

[-] cadekat@pawb.social 4 points 2 weeks ago

Bitcoin has lightning or you could use a chain with faster blocks.

[-] Skullgrid@lemmy.world 2 points 2 weeks ago

Lightning Labs launched the Lightning Network in 2018 with the goal of reducing the cost and time required for cryptocurrency transaction. Specifically, the bitcoin blockchain can only process around 7 transactions per second (compared to Visa Inc., which can process around 24,000 transactions per second). Despite initial enthusiasm for the Lightning Network, reports on social media of failed transactions, security vulnerabilities, and over-complication lead to a decline in interest.

[-] cadekat@pawb.social 2 points 2 weeks ago

I'm not really that familiar with LN, to be honest. It looks like there's almost $500 million in the network available for transactions (source), and according to this report, there were about 6.6 million transactions in August of 2023.

Not MasterCard or Visa levels, for sure, but also not a 10 minute wait for a transaction to complete either.

[-] frezik 3 points 2 weeks ago

How many fingering minutes is that?

this post was submitted on 16 Jul 2025
554 points (100.0% liked)

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