I have never figured out "lightning network", their "solution" for payments. (bitcoin payments are so impractical that they have a different, separate system to use for actual payments, that works completely differently.) Seems very convoluted. I need to pay a huge fee just to make a channel so I can receive anything? And there is something about liquidity? I implemented bitcoin stuff and still cannot figure lightning out.
bitcoin is mainly for buying it and looking at a chart.
> bitcoin is mainly for buying it and looking at a chart
That’s what my broker and many others do. They buy a pool of crypto and resell to investors. You don’t get a wallet, you can’t transfer your crypto at all. It just sits there until you sell it. The most distilled Hodl practice ever.
You can't get rich with gold. And haven't been able to for a long long time. It usually preserves wealth due to its long term real rate of return of around zero. But as BTC is new enough, the early owners have indeed become very rich.
I'm trying to figure out what the significant storage costs for bitcoin are. It's a bit higher than a Robin Hood stock because it costs fees when buying/selling, but it's significantly lower than gold/silver which really require some investment in physical security or a vaulting service.
It's the miners who are hemorrhaging hard currency.
It's currently costing $8-10 billion per year to keep the BTC blockchain alive, but blockchain fees are paid when transacting, not when HODLing, so it's not a storage cost.
Sort of like gold I guess.
I have never figured out "lightning network", their "solution" for payments. (bitcoin payments are so impractical that they have a different, separate system to use for actual payments, that works completely differently.) Seems very convoluted. I need to pay a huge fee just to make a channel so I can receive anything? And there is something about liquidity? I implemented bitcoin stuff and still cannot figure lightning out.
bitcoin is mainly for buying it and looking at a chart.