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?
A couple minutes?
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.
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
The ships can wait, I guess.