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Distributed Charge: Real Time Machine to Machine Micropayments Over The Bitcoin Lightning Network

Discussion in 'Model 3' started by andyschroder, Jul 10, 2020.

  1. andyschroder

    andyschroder Member

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  2. ThomasD

    ThomasD Member

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    You don't have to convert it to Fiat Money or pay a transaction fee when you use it. It is just a straight Bit Coin payment
     
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  3. holmgang

    holmgang Active Member

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    Another case of bitcoin/crypto/blockchain solving a problem that doesn't exist
     
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  4. andyschroder

    andyschroder Member

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    Yes, definitely no fiat money involved.

    Fees are non-zero though. As your payment is routed through the lightning network, very small fees are paid at each hop. You also need to pay a fee to initially open payment channels in the lightning network.

    If you regularly used the same charger, you could open a payment channel directly with it and then make direct payments, which could then require no additional fees to be paid since no routing is required.

    The beauty of the lightning network is that as long as both parties keep the payment channels open, unlimited transactions can be made and received over the channel, with only a few hundred milliseconds of delay for each payment. This hopefully makes the relative cost of opening payment channels continuously diminish.
     
  5. andyschroder

    andyschroder Member

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    The problem this fixes is vendor lock in and annoying account setups from the car owner's side. From the property owner's side, this can dramatically reduce the barrier to entry of setting up a charge station, which will allow them to generate revenue and help build out the infrastructure needed to make electric vehicles practical everywhere.

    Key properties that bitcoin provides both the buyer and seller are limited supply, financial sovereignty, and financial privacy. You'll eventually understand this once your central bank drives the value of your currency to zero. When that happens, bitcoin will be there waiting for you.
     
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