Thread by @DarinFeinstein

The #Bitcoin Network compared to VISA

Facts:

The #Bitcoin Network FINAL SETTLES ~4-7 TPS (transactions per second)

Visa final settles ZERO TPS

The confusion...

Visa can APPROVE 1700 TPS
Approvals are not settled transactions
Visa's FINAL SETTLEMENT can take months

1/5

Months after each Bitcoin Network Block is audited, settled and written to an immutable blockchain

Visa still struggles to settle the transactions on their network. Those transactions were ONLY approved but not PAID and require teams of people to complete

2/5

VISA

1. Visa approves a transaction on a Friday
2. The $ gets deposited into the merchants account on Monday or Tuesday (5 Days)
3. The customer gets invoice/bill 30 days later (30 days)
4. Customer can contest charges for 60 days
5. If Customer contests charge (cont)

3/5

5 (cont) Visa can auto debit the merchants account and TAKE THE MONEY OUT, Transaction rescission
6. In order to get all this done during this 60 day period Visa needs 20,000 employees on every continent on the planet. They need lawyers, lobbyists, a CEO and others

4/5

Each Bitcoin is FINAL SETTLED and AUDITED in 10 minutes

#Bitcoin transactions have No credit risk, no counter party risk, no human error risk, no CEO, no lawyers

Visa has 60 days of problems

You cannot compare an approval from VISA to a Final settled #Bitcoin transaction

5/5