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0 sats \ 4 replies \ @AJ1992 28 Jul 2023 \ parent \ on: I just got a beer with a WorldCoin employee. AMA bitcoin
The way on chain BTC fees rise and fall like a roller coaster ride and the price to transact compared to virtually every other blockchain is the main reason the common folk will never adopt bitcoin. This is why lightning is so damn important. Humans are naturally greedy, they're not going to pay even 10 cents (way more expensive to transact on chain, just making a point) to send funds/money when they can do it without paying anything in the form of cash, cashapp, debit/credit cards, other cryptocurrencies, ect.
Also, no one wants to sit around and wait an unknown amount of time for their tx to confirm...most people are still unaware that a small amount of wallets like BTC core and electrum will let you spend unconfirmed funds but obviously that comes with many risks anyway.
The fact is, on chain bitcoin will never replace fiat or be widely adopted by a majority of the population due to the reasons mentioned above. So many of you think Bitcoin is perfect and has no flaws, while you should be identifying the flaws and fixing them/adapting/growing like other cryptocurrencies have.
Someone at your level won’t have to worry about on-chain fees at all.
You’ll get your paycheck on lighting instantly and you’ll use mostly custodial wallet solutions.
Your “bank” (fedimint) will take care of lower level settlements for you
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You'll never see me store funds in a custodial wallet, even with lightning.. I may move them through a custodial wallet temporarily for swap purposes or whatever, but no, i know better. I'm actually pretty well rounded in the crypto world. Been involved since ETH airdrops you could claim without having to pay the gas (they were actually free) were a thing..Back when Waves airdrops/Waves DEX was a thing.
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So explain something to me then. Why do you think lightning has any value?
Since you say Bitcoin is terrible, why would lightning (which helps move small amounts of Bitcoin faster) make any difference?
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Because you have to realize over 85% of cryptocurrency transactions on all the major blockchains according to some data i read about a year ago are worth less than $100 USD.
That means most people are moving small enough amounts for whatever reasons to be able to use lightning and integrate it into their lives. Also, lightning has value because it's essentially feeless, instantly available in the receivers wallet (assuming there are no routing delays), and is super conveinient given everyone is already glued to their smartphones most of the time anyway. It's actually easier than having to pull out a debit/credit card and swipe it in my opinion.
Lightning is the only way bitcoin stays relevant and doesn't eventually die in my opinion. It's the only way for bitcoin to become a widely accepted method of transacting funds/paying for purchases/services.
As stated, the majority of the earth's population doesnt have the time, patience, or extra funds (even 50 cents or less is a turn off to people when they can pay another way for free) to deal with on chain bitcoin transactions.
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