High Tx fees driven by Bitcoin ordinal demands are hurting African #Bitcoiners, that transact on-chain.
We say want to fix Africa’s broken payment system & the minute we have the chance—GREED clouds the better judgment of far too many. 😖#bitcoin
Discussion
This seems like the perfect opportunity to encourage more use of the Lightning Network. What do you see as being the main obstacles?
A few things -one there are still so so many African Bitcoiners transacting on the main chain. High on chain fees will likely lead to switching to stablecoins or much worse back to fiat.
And even folks using Lightning now have reported network instability in this new environment.
Do they need to transact on-chain though? Transaction fees will only increase over time with more bitcoin adoption. Unless its a large amount people should use Lightning for transactions. Faster & much cheaper 👍
Lightning allows for scale and speed for sure. But just like here you have to meet people where they are. And you are assuming everyone has access to Lightning and they don’t.
Binance (one of the highest volume exchanges in Africa) is not using Lightning right now. Seems like they are working on it. Until that happens Their customers are getting killed in fees.