I share some thoughts on accepting bitcoin.
I like to pay for things in bitcoin, I always prefer the shops that accept bitcoin, I think circular economy is important. Yet I think it's not the most important goal.
Why?
Bitcoin is both a savings and a payment tool. As a savings tool, it has NO ALTERNATIVE for me. As a payment tool, I can use alternatives (even if I don't like them). I know that there are many groups of people who can't, but must of us can.
Therefore being a savings tool is a more important feature of bitcoin. We should work towards making bitcoin savings accessible to more and more people: educate and provide tools.
I also gave some thought on who is willing most to pay with bitcoin for things, and who is more likely to accept bitcoin.
The most likely to want to pay using bitcoin is someone who:
- knows about bitcoin
-- has some bitcoin savings
--- has some bitcoin income
The most likely to want to accept payments in bitcoin is someone who:
- knows about bitcoin
-- has some bitcoin savings, and wants to expand the savings
The basis for bitcoin circular economy are all the people who want to save in bitcoin. By working towards enabling more and more people to do so, the wish for bitcoin payments will grow organically (and mostly from the merchants' side).
Orangepilling your corner coffeeshop or gym is nice, but it I think it's more important to orange pill your friends to buy bitcoin. The rest will follow, gradually then suddenly.
There is NO SECOND BEST when it comes to Bitcoin.
But for L2s, there may be a second best.
I'm saying this even though I'm extremely bullish on Lightning.
What happened to the miners, new year's hangover?
Avg block times over 11.4 minutes, estimated diff adjustment is -11.6% (though we are early in the period)
(reposting with habla link)
One of the biggest unsolved Bitcoin problems is
ONBOARDING A BILLION PEOPLE
@benthecarman's great piece goes over the current state.
The conclusion in my words:
- Lighning has UX issues, but it's the best we have
- Fedimints may be a good middle-ground solution (to be tested)
- We need covenants to really solve the UTXO sharing issue
๐๐๐
One of the biggest unsolved Bitcoin problem is
ONBOARDING A BILLION PEOPLE
@Carman 's great piece goes over the current state.
The conclusion in my words:
- Lighning has UX issues, but it's the best we have
- Fedimints may be a good middle-ground solution (to be tested)
- We need covenants to solve the UTXO sharing issue
๐๐๐
View article โ
With sustained high onchain fees, #LiquidNetwork will grow.
But bear in mind, that Liquid's throughput is only 9-10x higher, so on one nice day, that will be also filled up ๐
Self-custodial Lightning wallets that contain a node (Phoenix, Breez, etc.) are incredible technology.
But I start to wonder if they are a dead end.
Lightning works optimal if every channel serves multiple users.