Damus
waxwing profile picture
waxwing
@waxwing
Reasons to spend bitcoin (incl. Lightning):

1/ It's more secure and private than filling out a form with personal information (e.g. credit card payment on some websites) or 1a/ handing over *credentials* to a waiter, or a POS machine that you don't trust. 1b/ The UI is therefore better (it's smoother)

2/ It's cheaper *maybe* for you, but specifically for the merchant, than credit cards

3/ It (quasi)-settles immediately in LN case and in 10 min on chain; card payments often take 60 days

4/ It has cash like properties but you can pay remotely and immediately

5/ It cannot be blocked by a payments provider

6/ There is no (realistic) limit how small or large the payment can be

7/ Every transaction, especially the more p2p ones, e.g. between friends, but also to companies, adds and improves bitcoin's privacy overall - consider that if we did nothing but move bitcoin to and from KYC exchanges, there would be zero privacy, independent of advanced cryptography. More business or personal transactions without KYC, the less information is in the onchain tracing.

8/ There is no global systemic downtime when some backend fails (this one is more debatable)

9/ Actually using bitcoin is how you learn its mechanics and will give you necessary expertise to not lose it, even if your primary goal is only saving.

10/ Using bitcoin makes it a better money, as you are participating in the process which makes it a viable form of money for others.

#spedn

3225❤️38🤙18❤️4🔥3🚀3👍2
YODL · 55w
I’m ashamed it took me a few beats to understand the hashtag 🤦‍♂️
Jerome Loman · 55w
I’m tired of my credit card number getting stolen. Wife likes to buy stuff on random websites 😅
DrZhivago · 55w
Zaps should be multi-blockchain. You only want Monero zaps? Only want fiat cbdc USDT zaps? Only want onchain BTC/lightning/cashu? All should be acceptable. Open competition between Zaps. Ideally they'd also be interchangeable. So the recieving party always gets their desired Zap in wallet and the ...
LE PEDALEUR · 55w
Yes… absolutely. We pitch in with Coffee💎✌️⚡️ PM us and we Ship you some LE PEDALEUR ⚡️ https://image.nostr.build/f5ec69872860da5e7b8dfb78db98c069aeba2235d231ab67ec2fe91407692691.jpg
Ulysses · 55w
Well said sir 🫡
renatoenfisema · 55w
that sounds awesome, but lacks a list of reasons that answers the question why not spend Bitcoin
the guy running GoodBeans 🇸🇻 · 55w
Look I'm all for spending on lightning, I've done literally thousands of transactions but let's strive to be accurate. Card payments do not take 60 days to settle
bootlace · 55w
21 extra sats for #spedn
cryptoshi2k21.bitcoin · 55w
Great note Fren and ⚡ #Lightning network transactions are all of the things you stated and more. Imagine our future with #Nostr and Zaps ⚡⚡ integrated hand in hand and what we still will create that we don't yet have and haven't either thought up or been able to build yet. I love ❤️ #Nostr...
Filou · 55w
Thank you! Need more thinking like this 💯
Skhron - VPS for Bitcoin, Lightning and Monero · 55w
If being realistic, with point 5 there is an issue if merchant uses custodial solutions to accept Bitcoin - most (if not all) of them involve AML and sometimes even KYC. Unfortunately, custodial gateways are pretty common.
Conrad Keeps · 55w
I haven’t quite squared away the issue of dust on the bitcoin blockchain with lightning…which presumably often comes back onto the time chain as dust…
Reed · 55w
I'm finally getting bullish on ecash after listening to nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg on nostr:npub1sk7mtp67zy7uex2f3dr5vdjynzpwu9dpc7q4f2c8cpjmguee6eeq56jraw I think ecash will really be what makes P2P payments take off. https://fountain.fm/episode/eBPlXig...
TinoLibertario · 55w
I prefer not to spend it for the moment, but it is clear that to really know how bitcoin works you have to learn how to spend it.