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152 sats \ 2 replies \ @028559d218 6h \ parent \ on: Have we all been overpaying for Bitcoin transactions? bitcoin
Please see my top post which I boosted... #1077925
Bitcoin is strong when it is used... and weak when it's not. 1sat/vb not from a 'cost' perspective but from a 'demand' perspective... means that the transactional component of Bitcoin is not being utilized.
1sat/vb means that blocks are barely full and it/btc is not being spent.
If someone buys their Bitcoin on Coinbase, leaves it there, never withdraws, never runs or uses a node... and decides to "sell" it by clicking a user interface...
What was even the point of Bitcoin? If companies custody it 'for you' it can be seized or censored... and all it is is 'number go up' on a screen that you decide to 'sell' without an on-chain transaction ever happening.
Things are OK now... but if they don't change eventually Bitcoin will fail.
the transactional component of Bitcoin is not being utilized
Could it be that the transactional component has moved to Lightning? What do the data say?
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