” Cold coffee is still drinkable, but bad coffee will make you sick with a traditional bank transfer for up to 5-7 days replied one tweet after French Hill’s irony about slow bitcoin transfers. This representative, newly elected chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, believes, in fact, that “ it is not ready for payments “.
Republican French Hill finds flaw in bitcoin
The crypto commission announced by Representative Patrick McHenry is set to deal with one of the biggest files of its entire existence, the regulation of stablecoins. Republican French Hill, who chairs the U.S. House of Representatives subcommittee on digital assets, fintech, and inclusion, still thinks it seems too early to talk about a deal. in bitcoins at this point.
” New Digital Assets Committee Chair: Sending bitcoin is taking so long my coffee is getting cold. It’s not ready for payments.
We are so far ahead. »
Of the two things one, estimates Eric Arruda, promoter of the concept Infinite Banking Concept (IBC): either Mr. Hill confuses transfer ” with ” settlement “, that is ” he never used Lightning “. However, many believe that the banks do not come close to the Lightning network in terms of international payment.
” Has this guy ever made an international payment? It takes days, even weeks…By the time the payment is settled, your coffee is completely evaporated. »
Cryptocurrencies and transaction speeds
Note, however, that the transaction speeds of cryptocurrencies do not seem to not uniform, for the moment. While Cardano, with ADA, can process up to 1 million per second, Ethereum, aided by its recent Merge, performs up to 100,000 transactions per second for ETH.
As it concerns blockchain Bitcoin, it can process up to 7 transactions per second. However, thanks to the Lightning network, favorable to off-chain transactions, the speed of 1 million transactions per second is no longer utopian.
To say that Visa and Mastercard transaction rates are currently as follows: 65,000 transactions / second for the first and 5,000 transactions / second for the second. Enough to motivate the South African group Pick n Pay to turn to bitcoin lightning.
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