Bitcoin Dev Says ‘Pay with Credit Cards, Not Bitcoin’

Typically, you would expect a project’s dev team to promote their work, not stop consumers from using it- especially when the industry is as competitive as what can be seen in the crypto sector.

That’s why when BTC dev Jimmy Song posted a tweet saying that it is more logical to utilize credit cards for purchases then use BTC to pay off the debts, it came as a surprise to many.

He said that if a consumer would like to use BTC as a payment method, the best way to do so is by purchasing the product or service on your credit card first. Then, when you are required to make a payment to your credit provider, sell only the amount of bitcoin you would need to pay the single bill at the time.

Merging Two Methods

Song says that this technique will reduce how many transactions are being made on Bitcoin’s blockchain. The concept revolves around minimizing the entirety of the process to only a single settlement, which in turn allows consumers to pay using BTC, and reduces issues of congestion on the blockchain.

The developer’s tweet was favoured by BTC developers and aficionados from all over the globe, indicating their agreement with his method. Various news sources reported that other developers also share similar sentiments.

While Song’s statements seem to lean against Bitcoin, they are instead supportive of spreading better cryptocurrency practices. Reducing how many transactions are recorded on the blockchain is the ideal way to avoid any slowdowns of the network.  

The Lightning Network, the lasted in BTC innovations, has already started attempting to fix the issue of congestion. It works to verify transaction off of the chain before it confirms it online, leaving space for smaller transactions.

2 years ago

Start Weekly Digest

Similar news