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Please go easy on my ignorance, but seeing that 0,01 btc is about 650 dollars atm;

Is there not a large part of the population that could only dream to ever have this much as a ‘life saving’, because they only make a few buck a day?

How can they every do self custody?

I don’t want to believe (yet) that there is some flaw in Satoshi’s creation. Because, most new people joining will be forced to trust and use a third party.. Right?

Maybe it’s wishful thinking, but will the fees not drop to a reasonable place every time again after they peak, even if millions/billions finally join? And even when large entities attack btc? Or the recent runes spam thing..

I only know about utxo’s for about a year, doing dca with 20 or 30 bucks, going with the advice of sending them straight off the exchange. Costly experience that was. Yet, if i didn't follow the online hysteria of high fees ( and that they're only going to be higher) back then and waited a few weeks, my utxo management would have been a lot cheaper.

Will people not wizen up on how and when to transact with layer one.. ?

(Could be decades IDK, and so now maybe we need to be creative and hodl)

People with btc will eventually wise up, while using other layers more, keeping L1 for savings. Even now you can put a transaction out with ‘no priority’ if you plan ahead, if you don’t mind waiting a few day/weeks.

And when more miners join, competing happens?

Can or will there not be miners joining with access to cheap energy, who have incentive to make sure btc works for everyone on earth and not just the ones who can afford 1m sats?

This because they will also benefit in the ways of a more harmonious (fiat free) world. They could choose to accept lower fees (right?) and still become wealthy.

I really know little about mining, just that miners are most likely to choose the ones that wish to pay more tx fees, right?

I just don’t see that btc is meant to be working in a way, that if 21M BTC was evenly divided over the world population, giving everyone about 250K in sats, that fees in the future could be around 100k sats or 10K or even 1K once the fiat dust settles.

Please show me the light on this matter?

Toshi 1y ago

Yes, self custody in the way we know it will never scale and will also exclude the majority of the world’s population because of fees. There are ideas on how to maybe share UTXOs among several people and that may help. But I don’t know much about it.

If you imagined that the whole world will be able to use the base layer then Satoshi’s creation is probably flawed. But people are working on layers on top of Bitcoin to increase throughput and lower fees.

Fees will always fluctuate but if they will be as low as they are now in 10, 20, 30 years time is highly doubtable. When people share UTXOs they share fees too, so that might help. But what the fees really are we can just speculate. Fact is block size is limited and if more people want to transact they have to bid to get into a block. That let’s fees rise.

To DCA $20 and always go send them directly to your cold storage is a bad idea. Every time you do that you create a new UTXO. Those are going to be worthless one day. It’s much better to use a good exchange, accumulate on the exchange until you have like 0.01 BTC and then send it to cold storage. At least in my opinion. And consolidate those that you have already sent as soon as fees are low again.  People will have to use block space efficiently, yes.

I don’t know about your theory with miners.

But yes, miners choose usually the txs with the highest fees.

Don't know if that helps you

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Discussion

... 1y ago

Thank you. You asked for thoughts and felt good to spel mine out. I imagine it might be possible to keep fees lower later one, but i can be way off. It's like when I get cash from the atm. I could get 200 or 300 bucks and have a week or more to spend it or I can get only 20,- out the atm, so I'll need to que up sooner. Especially a longer que when other do so too. We'll learn to take out more to send to layers two three four and use.

Curious to see how that sharing utxo's develop.

🙏