The thing about the blockchain - favoured by the Mafia, pornographers, blackmailers and so forth - is that everyone has to agree before anything can be deleted - https://www.gizmodo.com.au/2019/02/s...ble-to-delete/
Its proponents claim a strength is that it’s outside the norms of the nation state. Indeed it is
What are you talking about? Nothing can be deleted from the blockchain. It's impossible, as that's just not how it works.
Same kind of thing as if you e-mail a dick pic to 100,000 people, there's nothing you can do to make that dick pic disappear.
n
I'm still waiting for your advice on how I send Kip using BltcoinOriginally Posted by cdnmatt
I love how you do this. When proven irrevocably wrong, instead of acknowledging that, you decide to be an antagonist instead. Good stuff.
n
I've merely asked you to demonstrate how to use Bitcoin to send Kip to Laos. Is that beyond you?
Yes, you're absolutely correct Matt - if a single person refuses to delete something from their Blockchain register it will remain forever in everyone's Blockchain register even if everyone else has agreed it is spurious and should be deleted. Of course - as some people have found to their detriment - if a transaction isn't registered in every blockchain register it doesn't really exist - see this link https://www.quora.com/Why-cant-trans...tronic-storage
Happy now?
You don't understand how this works.
Yes, when a new transactions hits the network, it can disappear. This can happen for a multitude of reasons, such as invalid format, too low of a fee for miners to care about, too much change provided, etc.
If everything is legit though, then multiple miners across the globe will go ahead and pick up that transaction and confirm it. When ever one of those miners confirms the next block, that transaction then gets added into the blockchain forever.
Once a block is solved / confirmed though, there is no deleting its contents, and it's there forever as it gets spread around the globe to probably hundreds of thousands of computers / serveres within seconds.
Excellent. Now you've got that off your chest, how do I use Bitcoin to send Kip?
You don't send Kip with bitcoin. You send bitcoin with bitcoin.
If you want to flip bitcoin into Kip, you just find an intermediary. These are all over the place.
Right so to revert to my earlier question, as I don't have any Bitcoin I need to buy some using my Canadian dollars and then I need to sell (or as you say "flip") my Bitcoin into Kip. How much "friction" is there in that set of transactions? This by the way is your recommendation - we use Bitcoin to send someone foreign currency? You'll be familiar with the concept of friction of course, but for those who are not, "Friction includes both monetary and non-monetary costs, associated with the relative difficulty of conducting a transaction" - https://financial-dictionary.thefree...y.com/friction
Just off the top of my head there's
- the cost of acquiring the Bitcoin with the usual Buy/Sell spread in Canadian dollars
- the cost of selling the Bitcoin, again with the usual Buy/Sell spread into Lao Kip
- the opportunity cost in the risk that the price of Bitcoin might fall between me acquiring it and me selling it
- the need to involve a third-party broker - your "intermediary" - (who may go bust etc. - the title of this thread basically) who presumably is making his money on the Buy/Sell spread to acquire the Bitcoin
- the transaction cost of transmitting or otherwise handling Canadian dollars to pay said broker
- the need to involve a third-party broker - your "intermediary" (the same one or another one??) - (who may go bust etc. - the title of this thread basically) who presumably is making his money on the Buy/Sell spread to sell the Bitcoin
- the transaction cost of receiving or otherwise handling Lao Yip from said broker
Have I left anything out?
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