When a person makes a payment to a merchant, in the fiat system there are around 32 steps between different actors (FED, VISA, banks, Square, etc.) that need to be satisfied.
No money really gets ever around, it is all settlments between different ledgers in the FED system.
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Is Lightning that bad?
- Permissionless
- Instant
- Sort of private
- Atomic
"Bitcoin is money, everything else is credit.
Credit is expensive, so fiat payment sucks.
Lightning is magic."
