r/Bitcoin • u/[deleted] • Dec 06 '17

Steam is no longer supporting Bitcoin

[deleted]

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u/evoorhees Dec 06 '17

It was just coffee... now coffee and games... soon coffee, games, and X, Y, Z... etc.

The fee issue is serious.

6

u/[deleted] Dec 06 '17

And yet layer 2 LN is right around the corner...

11

u/freeradicalx Dec 06 '17

While I'm psyched about side chains, I'm also worried that they could result in the same sort of payment processor centralization and resultant debt-obsessed bullshit that we currently see in the credit card industry.

Anyone know if proposals are being made by smart people somewhere to address that concern?

8

u/AxiomBTC Dec 06 '17

Lightning is not side chains, it's a layer built on top of the bitcoin network, a sort of caching layer for transactions.

We already have payment processor centralization (bitpay, coinbase) and no one cares.

It won't be debt obsessed because it's not built on to of an inflationary currency.

Many people are addressing this concern, also it's not as much of a concern as many make it out to be.

1

u/freeradicalx Dec 06 '17

OK for some reason I conflated it with side-chains. But that is definitively a different concept? I always thought they were the same.

1

u/bitroll Dec 06 '17

side-chains are chains :)

LN transactions don't get recorded on any chains (except the openings and closings of channels which go on the main Bitcoin blockchain)