The problem is, most people will only adopt new technologies... if it is more convenient and more user-friendly. Now take Bitcoin in it's current application and tell me that it is better (without the Lightning Network) than other payment methods. (Example : Debit and Credit cards)
When I use a debit card, I simply tap at the pay point and enter my pin to finalize the transaction in seconds.... now compare that to a Bitcoin transaction that takes almost 10 minutes to confirm.
(Why will merchants and customers move to a payment option that are less effective?)
Yes, Bitcoin transactions cannot be reversed and for small amounts, like a cup of coffee.. merchants can accept zero confirmations (low risk) ...but that is not ideal. Also, Credit card and Debit card transactions just look like it is instantaneous ...but it can take up to 2 days for the actual transfer of the money to take place between the different Banks.
Bitcoin transactions will be much faster, if the Lightning Network can be adopted by more merchants and customers.
When I use a debit card, I simply tap at the pay point and enter my pin to finalize the transaction in seconds.... now compare that to a Bitcoin transaction that takes almost 10 minutes to confirm.
(Why will merchants and customers move to a payment option that are less effective?) Yes, Bitcoin transactions cannot be reversed and for small amounts, like a cup of coffee.. merchants can accept zero confirmations (low risk) ...but that is not ideal. Also, Credit card and Debit card transactions just look like it is instantaneous ...but it can take up to 2 days for the actual transfer of the money to take place between the different Banks.
Bitcoin transactions will be much faster, if the Lightning Network can be adopted by more merchants and customers.