Chapter
The Role of Bitcoin in Transactions and Settlements
1:00:07 - 1:11:03 (10:55)
Bitcoin serves as the slow-moving high assurance final settlement network, while Lightning provides an overlay network for faster and less frictional transactions without the need for periodic settlement. Visa and other payment systems ultimately depend on utility-scale settlement systems like Fedwire and ACH.
Clips
Despite the initial value proposition of increasing block sizes for more merchant adoption, Bitcoin Cash and Bitcoin SV's relative values to Bitcoin have ultimately not lived up to expectations.
1:00:07 - 1:02:16 (02:09)
Summary
Despite the initial value proposition of increasing block sizes for more merchant adoption, Bitcoin Cash and Bitcoin SV's relative values to Bitcoin have ultimately not lived up to expectations. The two cryptocurrencies currently trade below 1% of the value of Bitcoin.
ChapterThe Role of Bitcoin in Transactions and Settlements
Episode#173 – Nic Carter: Bitcoin Core Values, Layered Scaling, and Blocksize Debates
PodcastLex Fridman Podcast
Bitcoin's base layer is designed as a slow-moving, high assurance final settlement network for payments that need to be finalised in a short period of time, while the higher payment stacks which incorporate payment processors, banks and fast payments such as PayPal, are built on top.
1:02:16 - 1:07:52 (05:35)
Summary
Bitcoin's base layer is designed as a slow-moving, high assurance final settlement network for payments that need to be finalised in a short period of time, while the higher payment stacks which incorporate payment processors, banks and fast payments such as PayPal, are built on top.
ChapterThe Role of Bitcoin in Transactions and Settlements
Episode#173 – Nic Carter: Bitcoin Core Values, Layered Scaling, and Blocksize Debates
PodcastLex Fridman Podcast
The Lightning Network is an overlay network that sits on top of Bitcoin and allows for faster and less frictional transactions without the need for Bitcoin's slow periodic settlement.
1:07:52 - 1:11:03 (03:10)
Summary
The Lightning Network is an overlay network that sits on top of Bitcoin and allows for faster and less frictional transactions without the need for Bitcoin's slow periodic settlement. This network operates by sending back and forth cryptographic commitments to a counterparty, similar to opening a bar tab, and allows for transactions between parties who may not have a direct relationship.