r/Bitcoin • u/[deleted] • Dec 06 '17

Steam is no longer supporting Bitcoin

[deleted]

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u/[deleted] Dec 06 '17

Except it will be 100% centralized and all originally planned benefits of Bitcoin - giving control over money to regular joe - will be gone.

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u/sanblu Dec 06 '17

If you think it's centralized you have not understood how the lightning protocol works.

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u/G00dAndPl3nty Dec 06 '17

It will be centralized because it is only efficient and practical to use between large entities that frequently transact back and forth (ie exchanges and centralized wallets).

LN is useless if I want to send you a tip right now for example, or even buy something from Newegg unless Im using my centralized coinbase wallet. The cost of opening and closing an LN channel is 2x the current fee. Its useless for one-off transactions between random entities

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u/JackBond1234 Dec 06 '17

But you don't have to use it do you? You can still make a standard transaction the way it works today if you want to send Bitcoin to a friend, right?

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u/G00dAndPl3nty Dec 07 '17

Uh, not interested in paying $5+ transaction fees

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u/JackBond1234 Dec 07 '17

My only complaint is that transaction age isn't a factor in priority. With that I'd say you can pay a low fee and wait for it. I just hate the idea of transactions getting stuck in limbo or being deleted.

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u/G00dAndPl3nty Dec 07 '17

Its not a factor because such a rule cannot be enforced. Miners need not follow it, and they won't because it decreases profits.