Let XRP solve the real payment problems Bitcoin Payment Network Might Not Work!

Ran NeuNer had a serious question? If Jack Mallers implements what he presented at Bitcoin 2022 and it allows users to send from any Fiat currency to any Fiat currency with instant finality and no costs, what is the use case for XRP?

So, what did Jack Mallers Present?

He talked about a new payment network – The Bitcoin Payment Network (the Superior Payment Network) where you can scan the QR code at the PoS and the $100 transaction gets completed.  And, it turns it in to Bitcoin. It takes the dollars and mines it in to the magic internet money – BTC – and the magic internet money at the speed of light moves towards the merchant – value is moving towards the merchant.  And, then right before the value moves to the merchant, hit the brake and the money gets credited to the merchant in dollars. So, the consumer spends $100 and the merchant receives $100. There is no 2 to 15 days in settlement, there is no 3%. Since the Bitcoin payment network is open globally it can be in Euros or anything. Those who do not want fiat can keep the Bitcoin.

The point is we can re-create a superior payment’s experience with a superior payments network.

There is no capital gains tax triggered, there is no volatility, there is no

Community Reaction: 

Serious answer: It’s just the start of making ecosystem on Bitcoin.  Soon, the question would apply to all the altcoins.

Rick:  We all don’t want Fiat. Jack Mallers uses BTC only as a bridge currency. You still are paying with fiat. It will be cheaper and it is a start. But not that big. BTC is like Gold a (Store of value) and that is enough use case. Let XRP solve the real payment problems.

Both concepts are poles apart: What Jack is doing is enhance lightening network to payment modules, and XRP replaces swift system and helps in intra-banking transactions.

Billy Barhydt:  Who do you believe will be supplying the billions of $ required to make this work into lightning channels?

Olbapthetroll:  USDT, they can just print it.

Prashanth DS:  What about the conversation from Fiat -> bitcoin and then again from bitcoin -> Fiat. Who does that and what about that commission?

[email protected]:  There will be no conversions, it will all be done in fiat on the front and back end. They will just debit your bitcoin on the centralized app to make you think you used Bitcoin.

Iron Halo:  Oh, good old Ran and his barely-veiled XRP hate. Serious question: Why, after 12 years, for all its pre-eminence as the #1 cryptocurrency, is BTC still unusable as a payment network? Hot hint: The Strike solution won’t work either. You can’t upscale a VCR to stream in 4K.

Serious answer: if Ripple continues to implement ODL utilizing XRP as a bridge currency, what is Jack Mallers use case with Strike & Lightning Network?

Lightning creates a new version of nostro/vostro system, since BTC layer 1 has too high fees and is too slow. The main purpose of ODL, other than speed, is removing the need for nostro/vostro accounts, not creating a new version of the same problem.

And how does it not create a tax transaction every time you choose to use crypto currency?

We will wait and see if Strike will do something about the Bitcoin Payment Network.

Post Views:
11