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0 sats \ 4 replies \ @cointastical 18 Jan 2023 \ parent \ on: 🤷 What if a lot of people really want to use bitcoin permission-less? bitcoin
No.
Many people use a custodian for their funds. In the bitcoin ecosystem, that will also be the case -- even with numerous methods for self-custody that are easy to use, safe and inexpensive.
One of my LN wallets that I use is custodial -- Wallet of Satoshi (WoS). I don't keep much on WoS (or any wallet on my phone). I am comfortable with using WoS for retail and/or other light-duty payments.
Lightning uses payment channels. So if you want to to use Lightning and you want to be self-custody, then you need a channel on-chain. That's the design. Does that scale to a billion plus active users? No, Lightning alone with everyone using their own on-chain channels does not scale to a billion plus active users.
Lightning is not the only layer 2 technology though. I can't predict what the space will look like a dozen years out, or even a couple years out even. But I can say many of the brightest people on earth are figuring out how to self-custody your bitcoin on a layer two.
Ok, so basically we don't have any vision for that.
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The vision is
BITCOIN WILL EVENTUALLY BE A SETTLEMENT-ONLY LAYER
Layer Twos will be where scaling will need to occur.
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Sure.. but my question is how to do it permission-less way?
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I just checked.
The most recent block mined was clearing even some 1 sat/vB transactions.
LN will scale for you today, tomorrow, next year, maybe even for the next decade.
There's nothing that is in concrete that blocks will not ever increase in size. Just that there is no urgency for that to happen today. Or next year, or maybe not even in the next decade.
L2's have removed that on-chain pressure.
So you still have the ability for an on-chain channel, today, without a high fee.
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