Publish Your Article

Markets

Bitcoin (BTC): Tomorrow all paid by the second in satoshis?

Why do you have to wait a month or two weeks before receiving your salary? And why not every day or even every hour? The inability to make ends meet is a problem for many households, especially with the return of inflation. These difficulties are the cause of significant financial stress and a drop in productivity. Bitcoin may well fundamentally change this archaic model thanks to the Lightning Network.

Inefficient payment systems

Currently, the payment infrastructure based on transfers or even the checks is not able to switch to daily remuneration. Indeed, if a company tried to pay its employees daily or hourly with checks, it would have to print hundreds of them daily, batch them, do the accounting and send them. This requires considerable resources. The banks on their side should work a lot more to process these transactions and would increase their costs.

Today’s banking system still has too much friction and not enough automation. In other words, there are still too many humans managing these processes like bank advisors who check the conformity of checks and who do not work on weekends. Regarding infrastructures such as Visa or PayPal, the latter remain less efficient than Bitcoin and take costs higher than 3%. They also tend to increase over time.

Receive your salary daily thanks to Lightning

Satoshi’s invention profoundly disrupts the financial industry and in particular the systems of payroll and accounting. While Bitcoin is obviously unsuited to recording all these transactions, this is not the case with Lightning Network. Even if the project is still embryonic, Bitcoin’s scalability layer is based on a routed network that allows a large number of transactions, at virtually no cost, almost instantly.

This functionality brought by the Lightning network can even be considered as the third function of bitcoin : censorship-proof, inflation-proof, and now frictionless pay-rail. A way to put an end to the archaisms of the banking system to give back freedom to employees who sometimes have to increase consumption credits. Within a short time, the network would potentially be able to process hourly or even per-second payments for large numbers of people.

Stream His salary

The integration of this new monetary layer what is bitcoin to the internet will allow to see the currency as a flow. The money becomes liquid and we can stream. Of course, the dollar is not ready to collapse and many people will still want to receive fiat currency. Again, solutions like Strike which automatically converts BTC into dollars or the integration of stablecoins natively to Lightning thanks to the solution Taro will promote this adoption.

Source

More broadly, a massive adoption of Lightning as a payroll system would transform the capital market. After all, why not put your money into DeFi every second, automatically and start receiving compound returns immediately?

In short, Bitcoin profoundly changes the nature of money: it becomes a flow.

Find a bitcoin job

Want to drop everything to join the most fun and revolutionary industry of the moment? Services that integrate Lightning already offer remuneration in satoshis per minute. For example, it is possible to stream podcasts on Sphinx Chat and earn an income from it.

The company Stackwork offers to perform more or less complex microtasks in exchange for satoshis, like the service Mechanical Turk from Amazon.

The regulatory threat

Of course, such innovations in remuneration systems should not be restricted by suffocating regulations. In the United States, each time one receives BTC, it must be taken into account for the calculation of taxes. For example, it is necessary to record the time of each transaction, the price of BTC at the time of the transaction and the time the bitcoin ishodlto differentiate between short-term and long-term capital gains.

We then understand that receiving hundreds of thousands of microtransactions can create a hellish situation where the tax return would be dozens of pages long. This problem is all the greater as the BTC is volatile against fiat currencies. The advantages would quickly be eclipsed by the disadvantages.

It is possible that these applications will therefore develop first in countries with little regard for capital gains.

Bitcoin profoundly transforms the nature of money, which becomes liquid and frictionless. This monetary layer integrated into the Internet will allow future generations to receive their remuneration daily or hourly. Archaic banking systems with their processing time and fees will not be able to do the trick. Bitcoin can increase purchasing power, freedom and peace of mind. We still need flexible tax regulations on microtransactions.

Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential 247 News Bulletin!

Source: Cointribune

Related posts
Markets

Ankr: App Chains-as-a-Service will create custom blockchains for DApps

Markets

Bitcoin (BTC) will be hegemonic or will be the worst bubble in history

Markets

Dogecoin (DOGE): The ambiguous love of Elon Musk

Markets

Swiss watchmaker Hublot to accept cryptocurrency payments

Leave a Reply

Your email address will not be published.