The cheapest payments will be private and offline. At the end of the day redeem all of your nuts for lightning. At the end of the week move most of your lightning on-chain.

It would be crazy to see merchants jump on the e-cash train.

- Running their own personal mint would probably be less resource intensive than running a lightning node.

- If you connect to their mint and make a payment, its extremely cheap and private

- No internet access required

E-cash is the unit of exchange

Sats on lightning is the unit of account

On chain UTXO's are the store of value