The Centbee Show 31 - Struck by Lightning!

In this episode of The Centbee Show, hosts Lorien Gamaroff and Kage Ntshingila discuss Bitcoin's (BTC) ongoing scaling problem, highlighting how the Lightning Network fails to solve the issue of high transaction fees due to BTC's one-megabyte block size. They explain that the Lightning Network, a proposed Layer 2 technology, does not provide a reliable, low-cost transaction method and they also critique the Lightning Network's complex payment channels and hubs, which lead to centralisation and do not solve the main routing problem. They explain how the need for constant online connectivity and handling multiple transactions makes the Lightning Network inefficient and impractical.

The hosts compare BTC's small block size and high fees, which make it unsuitable for global use, with Bitcoin SV (BSV). BSV offers scalable, low-cost transactions true to Satoshi's vision of digital cash. Lorien and Kage point out that BSV’s steady move to unbounded block sizes allows for efficient micro and nano payments.

They also talk about the upcoming London Blockchain Conference, which will focus on BSV’s regulatory compliance and practical uses. Industry experts will discuss how blockchain can be applied in business. Centbee will participate, showcasing new merchandise and interviewing entrepreneurs and BSV companies.

The hosts also announce Centbee's newest ChatPay feature, which enables easy social payments within chat groups, providing ways to split and share payments, thanks to BSV's low transaction costs.

User questions cover BSV’s use in the Philippines, offline transactions using Simple Payment Verification (SPV), and the practicality of spending cryptocurrency. The hosts highlight Centbee’s benefits as a global digital payment solution, especially for those without traditional banking access.

Centbee: https://centbee.com
BSV Association: https://www.bsvblockchain.org
Lorien Gamaroff's Substack: https://gamaroff.substack.com

Articles and Channel attributions:
https://www.youtube.com/watch?v=B8fwA4DbRIM&ab_channel=CoinGecko
https://www.youtube.com/watch?v=1Cm73SC43N0&ab_channel=LondonBlockchainConference

Other BSV Channels on Youtube:
https://www.youtube.com/@bsvbitcoin @bsvbitcoin
https://www.youtube.com/@BSVsearch @BSVsearch
https://www.youtube.com/@GavinMehl @GavinMehl
https://www.youtube.com/@CoinGeek @CoinGeek

0:00 - Intro: BTC's Scaling Problem
1:12 - Welcome to The Centbee Show
2:03 - Upcoming London Blockchain Conference
3:28 - The Unique Value of the BSV Blockchain
4:45 - The Importance of Blockchain Utility
5:55 - Entrepreneurs and Government Sectors at the Conference
7:10 - The Excitement of BSV Ecosystem
8:23 - Centbee at the Conference: Booth and Merch
9:18 - Potential Live Shows and Interviews at the Event
10:05 - Introduction to ChatPay: Social Payments by Centbee
11:30 - Group Chats and Split Payments with ChatPay
13:02 - Low-Cost Payments on the BSV Blockchain
14:28 - Micro and Nano Payments Made Easy
15:12 - The Challenges of BTC's Lightning Network
16:58 - Understanding Payment Channels and Routing
18:20 - The Issue of Liquidity in Payment Channels
20:05 - The Concept of Lightning Hubs
21:45 - Centralisation and Its Problems
23:15 - Transaction Fees and Double Transactions
25:08 - The Unsolvable Problems of the Lightning Network
27:12 - Complexity Theory: The P vs. NP Problem
29:05 - The Impact of Routing Problems on BTC Scaling
31:02 - The Real Potential of Satoshi's Vision
32:50 - Centbee's Role in Facilitating Digital Payments
34:40 - User Questions and Feedback
35:02 - SPV and Offline Transactions with BSV
36:35 - The Benefits of Using BSV Over Traditional Banking
38:10 - Conclusion and Final Thoughts