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452

Iran Demands Bitcoin For Ships Passing Hormuz During Ceasefire (slashdot.org)

submitted 2 days ago* (last edited 2 days ago) by technocrit@lemmy.dbzer0.com to c/technology@lemmy.world

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He said that the tariff is $1 per barrel of oil, adding that empty tankers can pass freely. "Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can't be traced or confiscated due to sanctions," Hosseini added.

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[–] shortwavesurfer@lemmy.zip 3 points 20 hours ago

Something tells me the article doesn't understand the way Bitcoin works. A transaction takes 10 minutes to clear on-chain, unless you're using the lightning network, and the lightning network is fucking terrible, especially for high-value transactions like this. Because you can be rug-pulled. That and you can't send high-value transactions on a lightning network because every link in the chain has to have the proper amount of liquidity to make that transaction occur.