I'm putting this as a poll because I wanna close this question once and for all. I won't deny but I often get confused how even with the Lightning Network Bitcoin is gonna be scalable for the billions ofa men and women? So, I'm putting a few options out of my confusion or from the variety of thoughts I've read or listened about the issue of Bitcoin's scalability.
Here are the options for,
Can Bitcoin ever be scalable on its own?Can Bitcoin ever be scalable on its own?
It's already Scalable66.7%
It'll be scalable in future5.6%
It'll ne er be scalable on its own22.2%
I can't say. 5.6%
18 votes \ poll ended
Can Bitcoin ever be scalable on its own?
Here "own its own" include LN as well.
What does on its own mean? Just on chain, or level 2s also?
Without the help of some other tech or some other form of implementation beyond Bitcoin.
So with or without L2s like lightning?
This means with Lightning. Lightning isn't beyond Bitcoin. Can LN CREATE MORE COINS THAN 21 MILLION MENTIONED IN THE WHITE PAPER?
It's as scalable as it needs to be. Things always have layers.
So, you're saying billions of people can start using Bitcoin as a medium of exchange from today.
Not necessarily. I am saying things take time and it will scale as it needs to. I am grateful for all those who are building it. And I have complete trust it will serve all those who are ready to receive it's blessings.
I've asked something that doesn't mean I'm not grateful. I also think that LN is good for now but what about when we reach in the territory of hyperbitcoinization or closer to it? Will LB be capable to handle the load of transactions with so because LN can't increase the cap of 21 million. Can it?
Sir, this is Austrian economics
I put my faith in you. I need a simple answer because I'm not technically that sound. Can Bitcoin scale to the needs of billions of people in the world with or without Lightning Network?
Even if it is slow and clunky, layer one only, as is, it serves to change the world.
So you don't put your faith in lightning network?
And, you also believe that Bitcoin on chain will be enough to scale for the whole world?
It's great to ask questions. We all have our own questions to ask.
I have complete faith. But I don't know anything about it technically. My Bitcoin ah ha moment was about intuition. I've never understood how it works.
The same here. I want to be technically as sound as I see many here but I can barely play with the keyboard only.
Yeah. I want to run my own node. I am working on that. I mine but that is pretty straight forward. I know just enough.
Some of things I also know enough of but for a lot of things I get confused and now thanks to SN we have a lot of intelligent stackers who we can trust to clear our confusion.
I think Bitcoin can't scale onchain but it can scale with Lightning Network.
I think it has already scaled a lot.
For me it's already scaled
According to the Deagel report, absolutely!
I believe lighting network can handle the scalability issue very well for Bitcoin. It's ready. It just require a bit of education though.
Bitcoin IS.
It does everything on it's own.
Does Darth ever particate on your polls? His opinion might be valuable for this?
Yes, I think it can scale on its own since the volatility of Bitcoin is very strong, so right now it is at a price and it could be that tomorrow or in a week its price could rise.
This means with Lightning. Lightning isn't beyond Bitcoin. Can LN CREATE MORE COINS THAN 21 MILLION MENTIONED IN THE WHITE PAPER?