When the network is congested #btc fees can get really expensive… like 10% for a single transaction…
If I wanted to use #bitcoin to pay for ever transaction in my day, like my transport, Food, shopping etc, would I have to pay this amount for each transaction or be willing to wait hours to get a confirmation?
No, separate your UTXOs shouldn’t have a problem
Or learn to use certain Wallets where you can use certain coins
I don’t think we’ll be using the base layer for everyday transactions. I’m assuming we’ll be able to use lightning for that.
Is the lightning ⚡️ network also decentralized? Why should we use the base layer for?
The base layer is what everything will be built on top off. That’s where you’ll keep the mother load of your stash. Lightning networks will be for everyday use, and it’s still decentralized Bitcoin you can use for peer to peer transactions.
But is off chain, meaning is not as secure as the bitcoin ledger, correct? It could allow dishonest activity before it gets into the bitcoin blockchain…
I wouldn’t worry too much. You won’t be storing much there. And, it won’t have any more potential for dishonest activity than a debit card or credit card.
