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Can somebody give me a plausible explanation to how bitcoin with 7 TPS on base chain could satify 8 billion people’s need for transactions WITHOUT TRUSTED third parties?

7 transactions per second means 220 million transactions maximum per year. With 8 billion people to transact this means that you could do 1 transaction every 36 years.

Lightning? Well that won’t do it. Arc? I have no idea.

So the Bitcoin maximalists are waving away this question and I suspect that this is because they don’t have a clue how to answer it either. ”Big block retards” ”Shit coins” ”Sovereign money” ”Bitcoin is Truth, don’t you UNDERSTAND?!?”

No I don’t understand how bitcoin could become a medium of exchange WITHOUT TRUSTED THIRD PARTIES.

Bitcoin is the best Store Of Value, but it certainly is not a perfect one, and it is a LOUSY Medium of Exchange.

Prove me wrong. (Without the hand wavy gestures and knee jerking, please)

epsql 5mo ago

Zero Knowledge rollups seem to be a promising way to achieve scale in a trustless way:

https://dba.xyz/a-bitcoin-l2-thesis/

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Hans Karlsborn 5mo ago

Good that it is ”promising”; promising doesn’t do it for me as an explanation for the question how bitcoin could scale WITHOUT TRUSTED THIRD PARTIES though.

epsql 5mo ago

The linked article has more details if you want to do some reading

Hans Karlsborn 5mo ago

I have read it now and I understand that this Layer 2 is promising but presupposes changes in the functionality of the L1 (so maybe) and a continued development of the layer 2 itself. So maybe.🤷🏼‍♂️

epsql 5mo ago

The answer for this specific case is necessarily a "maybe" since it would have already been done had it been much easier to achieve.

I'm not sure what other kinds of answers you can get on the topic other than promising tech currently in development