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RE: Using Bitcoin Lightning Network
As a merchant, I trust the transaction sent, prior to 6 confirmations. This point you made escapes most people when they consider payment options. Good one!
As a merchant, I trust the transaction sent, prior to 6 confirmations. This point you made escapes most people when they consider payment options. Good one!
That is indeed a smart move you did, that way you outrun possible competition. The confirmations are there to make sure it is like carved in stone. For future security.
And I noticed this direct transaction settlement using Bitrefill and then it hit me how it totally made sense. Transactions are carbon-copy available in the Mempool of many nodes.
Bitcoin {BTC} had a very clever setup from the start. The more nodes, the more decentralized, the more 'carbon copied' the transaction Mempool, the stronger the Crypto-Currency on top of that.
This is why the amount of nodes is a key element for the succes of a Crypto-Currency, I think. Especially if a merchant, like you, wants to use a transactions straight away as a proof of settlement.
The more I dive into this matter, the more amazed I am. :-)
I have been working for years to get people to adopt it as our business model, so far only 5 out of ten thousand work this way. You know if merchants are really squeamish about this, they should switch to Digibyte, almost instant, dirt cheap, going anonymous to a degree... and all on the chain, no side chains. I am looking forward to when their DigiAssets are fully deployed, people will have the fiat or crypto options.
It can be quite a challenge to convince people to start using Crypto-currencies. In Nederland there is the city of Arnhem, called Bitcoin town, BTC is being used there by relatively a lot of merchants. Strangly enough only in Arnhem.
(It is a 1.5 hour drive by car/train from Rotterdam.)
Have not dived deep enough into Digibyte. It has 1 minute blocks, that I know. And all kinds of products/services build on top. At a certain moment when a certain threshold has been reached I think more merchants will join in.
Not many know that Bitkassa (Arnhem NL) offers merchants a zero fee conversion from BTC to €uro. Right after the made a sale that was payed for with Bitcoin. It will take some more time.