Replying to Avatar Seodan

Well ...

... the way it is set up to become [BTC ETFs, CEXes, KYCed wallets (looking at you Relai 😉)] people will need 'banks' or central financial services in order to use Bitcoin. And that is supported by many well-known Bitcoiners.

On the other hand L2s on Bitcoin supported by technologies that many Bitcoiners would call 'crypto', those are the ones indeed able to build a future where the use of Bitcoin does not require banks or centralized services (DEXs).

https://sovryn.com/all-things-sovryn/layer-2-projects

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Relai 🇨🇭 1y ago

I believe you're confusing on/off ramps service with Bitcoin itself.

Bitcoin is your own bank, and self-custodian walleta will always be available, as they're software

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Seodan 1y ago

Thanks. There's no confusion.

If the sole purpose of a bank was to keep money safe in a vault ... then yes, Bitcoin is your own bank. A big achievement, indeed, and I do hope self-custodial non-KYC wallets won't be criminalized.

But if a bank is also enabling financial services (payments, lending, borrowing, using BTC as collateral etc.) ... then in the current state of affairs, you cannot use Bitcoin mainstream without a bank (centralized service).

There are projects out there that want to enable Bitcoin to be used bankless (L2s). But those are too easily brushed off by such platitudes.