I have a question. Suppose Bitcoin becomes a legal currency in all the countries of the world, will it be able to scale? Maybe with the help of lightning network and eCash Fedimint?
Discussion
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I think lightning will scale as it becomes too expensive to do on chain transactions - small transactions with lightning and larger transactions on chain. This is being talked about now during periods of higher fees and a bull market in progress š
I wouldnāt recommend fediment as youāre trusting a āfederation of guardiansā and receiving tokens.
The point of bitcoin is sovereignty. Bitcoin, as a legal tender in every country, would represent a tectonic shift in global finance, unshackling money from state control. Its fixed supply counters inflation, a bane of fiat currencies.
Sure. Scaling is the best problem to have. People will figure it out. There is ecash, ark, lightning, liquid, regular bitcoin banking, etc. We have already scaled so much from the early days. We just need to keep going and we will get there.
Currently, no. Not even close. With a change to the protocol like TXHASH things like Ark, LN improvements and UTXO sharing will allow #Bitcoin to scale >10x from currently capabilities.
Luckily Bitcoin is growing organically and we donāt have to worry about global scaling being necessary overnight.
Scaling improvements will be built and implemented slowly but surely. Donāt want to rush anything and risk breaking Bitcoin bc it is so important.
If this happened tomorrow, then custodians would surely play a major role in various forms - be those retail banks, Bitcoin exchanges, cash app, Revolut, Apple, Visa etc etc.
This may not sound the ideal scenario, but remember with no lender of last resort for Bitcoin, there will be a lot of scrutiny on all of them in how they custody it, and huge levels of competition in all areas.