Scaling Bitcoin so that it can enable hundreds of millions of people to become sovereign individuals is the most pressing challenge of our times. Our community must accept inevitable realities: not everybody will be able to afford on-chain transactions. The success of Bitcoin means that one day, during our lifetimes, a single Bitcoin
Discussion
$18k to be more precise, but that is only true if the energy price does not reduce in comparison to Bitcoin AND if dollar still exists.
If it only costs hundreds that would be a win I think. If it’s almost impossible for anybody besides the large institution or government to do a transaction, to me that negates a lot of the value proposition
The future of bitcoin is off-chain.
How can be off-chain sovereign?
The real question is how can billions of people on-chain be possible? It simply can’t, and it negates the premise of the argument. There will always be a majority of the population who relies on banking, but with bitcoin we can make the system work more fairly and transparently.
What if billions of people can do on-chain transaction, just not at one time? What if they can, but actually don’t need to?
It's worth noting that innovations to increase transaction efficient without changing the protocol are still possible. Payjoin is one example of this.