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Not owning Bitcoin
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this post was submitted on 19 Jul 2023
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Bitcoin
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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation, corrupt bankers and politicians. With Bitcoin, you can be your own bank.
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Lightning is cool as a concept, but it's limited by base layer itself. Opening a channel requires a bitcoin transaction. Because of that you would need much larger block size. Bitcoin doesn't want large block size. Almost every time the network forks because of it.
Lightning network had problems with minting non existant coins and due to internal state errors, actually locking up bitcoins forever.
Distributed networks are extremely difficult to implement, and they suffer from the traveling salesman problem. It's insanely difficult to find the shortest route.
A few hours ago you didn't know anything about bitcoin or lightning, and now you're a lightning expert?
Entirely wrong.
Should we stop using credit cards because of credit card fraud?
I've looked into what you're saying. Most of the information online seems to be marketing with no negative sides mentioned. Last time I've heavily read and tried to understand the bitcoin crypto was in 2016. Lightning network was only proposed as a solution to the inherit scalability problem all PoW cryptos have back then, and even then being slowed down by bitcoin itself was identified. It was clear that you would have to work with a hub and spokes model in order to more or less solve the routing problem. In the end it starts looking like casual banking and returning to a system that is in concept identical.
The only place where bitcoin is heavily encouraged seems to be El Salvador, and by some PPPeter channel on Youtube it seems it's not exactly working. People still rather use dollars for convenience.
Bitcoin cash seems also to support my idea that you would need larger block sizes.
Nobody ever claimed bitcoin is the dominant payment network, you're just stating a truism.
bcash: $245.45
bitcoin: $30135.00
That tells you how much bcash matters and how right their ideas are.