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.
How could that work? Doesn’t it take some time for a bitcoin transaction to get pulled into the chain?
Layer 2 networks like the lightning network operated in the milliseconds time frame.
A couple minutes?
Yeah, and the article says the shippers are given a couple of seconds to pay in bitcoin.
At the size of transactions they’d be doing, it’d probably be worth it to set a high fee so that it gets picked up and processed faster. Should still be peanuts compared to the value of cargo these tankers are carrying
It takes 10 minutes to get a single confirmation, but I’m assuming that it takes more than 10 minutes for a ship to transit this waterway, so it wouldn’t matter.
Yeah, but the article says they have seconds to pay with bitcoin.
I don’t imagine trying to trick Iran out of their money is a particularly good long-term strategy anyway. Nothing unless you’re going to turn up in a new ship every time.
The ships can wait, I guess.