How can we use #bitcoin every day on-chain with high transaction fees like theses days?
What will happen if there are more transactions, adoption in the future and the fees are always high?
#asknostr #btc
Discussion
Lightning
Unless lightning is accepted everywhere in the future, for now you can't live fully with lightning, there is a moment you will have to do on-chain transactions for using lightning
But you can also use custodial services. Most people will rely on that and don’t use own nodes or channels.
Btc have been created to avoid using any custodial and third parties, but bitcoin future may depends of custodial services 🤔
Bitcoin wasn't created to avoid intermediaries, it was created to avoid trust because you can validate transactions yourself.
That you need someone to help you make the transaction is nearly unavoidable, as soon as you want to move it. If nothing else, you need a wallet.
Simply pay the fee.
You buy for $50 of bitcoin and pay around $2 of fees, 1 year later your bitcoin is worth $100, you want to spend that money now but the fees are $60 to move your btc so you have $40 left now.
Depends how important it is for you personally to make the transaction right now. Its around $20 for a simple transaction and for full and final settlement of the transfer of funds, still mega cheap in my mind. You can always wait for a more favourable fee situation. Or just fire off your transaction now at your preferred fee rate and wait. Worst case is your funds go nowhere.
You should not be making bitcoin mainnet transactions every day. This is a multi-generational store of value not a ledger for purchases. Use lightning or a custodial service for purchases. Use mainnet for decades long storage of wealth.
I feel that high fees will eventually be permanent. Layer 2 will be needed for daily usage. Is it lightning? I don't know.
The fees will always be high. Bitcoin is digital gold. You don't pay for normal things with gold coins, either, you keep them in reserve and trade using reserve notes.
That's what Lightning and other 2nd and 3rd layers like eCash are for. But, unlike reserve notes, they're directly tied to the reserve asset.
