Iran Demands Bitcoin For Ships Passing Hormuz During Ceasefire - Slashdot
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An anonymous reader quotes a report from the Financial Times: Iran will demand that shipping companies pay tolls in cryptocurrency for laden oil tankers passing through the Strait of Hormuz (source paywalled; alternative source), as it seeks to retain control over passage through the key waterway du...

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.

  • shortwavesurfer@lemmy.zipEnglish
    14·
    3 days ago

    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.

    • Echo Dot@feddit.ukEnglish
      4·
      2 days ago

      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.

      • shortwavesurfer@lemmy.zipEnglish
        2·
        1 day 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.