alt Hacker NewsLightning has mostly done this by being a lot more centralized in practice and one could argue... What's the point of it all in this case? Why not just use regular currency?
Replies
jenadine • yesterday at 10:02 PM
Could you elaborate why it is more centralized?
The point is that it is resistant to censorship, it is pseudonymous, and so on (all the other bitcoin attributes apply)
Sorry, I do not understand your comment. Can you clarify. What does "a lot more centralized in practice" mean?
> What's the point of it all in this case?
Lightning is an L2 protocol, highly scalable and used for low cost payment in Bitcoin. Level 1 networks are almost never used for user transactions: your credit card payments do not go over fedwire, etc. Bitcoin protocol is not scalable to serve worldwide money transfer needs; Lightning is. And with the cost of a penny per transaction or so.
> Why not just use regular currency?
There are a lot of frictions in the current banking systems, because money laundering, because drugs, because whatever. Getting $5-$10k in regular currency while on an overseas trip can be a major quest. With Lightning I can transfer that much (or more) in a few mouse clicks.
As a side note, I think the federales are already way too nosy regarding my use of my own money, so I want to give alternative options as much business as I can. My 2c.