Cash provides essential fallback when digital payments break down, Payment Choice Alliance points out

Meanwhile, Bitcoin hasn’t had a single hack or a single hour of downtime since it started 15 years ago. Decentralization is the answer.

  • corvi@lemm.ee
    64·
    5 months ago

    Bitcoin also processes a tiny fraction of a percent of global transactions and uses a ton of power in the process. Decentralization may be the answer, but Bitcoin definitely isn’t.

    • makeasnek@lemmy.mlOPEnglish
      25·
      5 months ago

      <1% of global energy use to process billions of value transfer every year. Lightning transactions have the energy usage equivalent of an e-mail since they don’t go on chain. Main chain, via lightning and other L2 solutions, can process and secure trillions of transactions per year.

  • tyler
    24·
    5 months ago

    Bitcoin has been hacked so many times it isn’t even funny anymore, it’s just sad, including a $300 million hack just a few days ago.

    And hour of downtime? Bitcoin has also had that numerous times, where you haven’t been able to process exchanges at all for hours and hours.

    What an absolute load of crock. And you’re using an article literally saying not to use digital currency to justify using bitcoin?! This entire post is the exact opposite of truthful.

    • makeasnek@lemmy.mlOPEnglish
      42·
      5 months ago

      Bitcoin has been hacked so many times it isn’t even funny anymore, it’s just sad, including a $300 million hack just a few days ago.

      Bitcoin has never been hacked. Nobody has ever been able to print money the protocol doesn’t allow nor spend money without the appropriate private key. People have had their Bitcoin stolen, which is like getting your wallet stolen IRL, but we don’t say ‘The USD got hacked’ or ‘The USD is insecure’ just because that happened.

      And hour of downtime? Bitcoin has also had that numerous times, where you haven’t been able to process exchanges at all for hours and hours.

      That’s not downtime, that’s congestion. It never stopped processing transactions. If you paid a high fee, you would go through immediately. And that’s happened rarely and doesn’t effect lightning transactions which are the ones you use if speed is a priority.

      • tyler
        23·
        5 months ago

        You’re defining hack as a very small subset of what an actual hack is. Many, many exchanges have been hacked due to security flaws, or phishing attacks, etc. You’re clearly defining “hack” to mean a protocol 0-day or something like that, which is honestly ridiculous.

        Or you can just go ahead and generate valid wallets and hope that there’s money in them. https://github.com/DavidMGilbert/btc-hack

        That’s not downtime, that’s congestion. It never stopped processing transactions. If you paid a high fee, you would go through immediately. And that’s happened rarely and doesn’t effect lightning transactions which are the ones you use if speed is a priority.

        -_- you’re insane. good luck.