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...in the blockchain, if only two participants care about an
everyday recurring transaction, it’s not necessary for all other nodes in the
bitcoin network to know about that transaction. It is instead preferable to
only have the bare minimum of information on the blockchain. By defer-
ring telling the entire world about every transaction, doing net settlement
of their relationship at a later date enables Bitcoin users to conduct many
transactions without bloating up the blockchain or creating trust in a cen-
tralized counterparty. An effectively trustless structure can be achieved by
using time locks as a component to global consensus...
everyday recurring transaction, it’s not necessary for all other nodes in the
bitcoin network to know about that transaction. It is instead preferable to
only have the bare minimum of information on the blockchain. By defer-
ring telling the entire world about every transaction, doing net settlement
of their relationship at a later date enables Bitcoin users to conduct many
transactions without bloating up the blockchain or creating trust in a cen-
tralized counterparty. An effectively trustless structure can be achieved by
using time locks as a component to global consensus...
Did you read that? "net settlement at a later date"?
Does that sound like a retail transaction to you?
A newspaper might let you read a daily column using that arrangement, but how many merchants will let you walk away with physical goods?
