Yes, the people arguing that blockchain has it figured out for regular transactions are fools. Blockchain has a long way to go and many serious challenges to overcome before it can compete with payment networks like Visa.
It does a disservice to say the technology is already there, because it suggests that the current version is as good as it gets. To me, blockchain or something that incorporates its best features (decentralization, immutability) will need to process transactions for:
- Fractions of a cent
- Confirm in seconds
So far that is not possible, and there is no clear way to achieve it, but with blockchain as a base there is no doubt that it will eventually be done. At that point, if you have not sacrificed decentralization or immutability, you have something truly amazing.
Really, for me, before I could ever consider using Bitcoin for regular transactions, it would need to become many orders of magnitude more stable. There's no way I could ever use something as a currency replacement when its value still swings up and down by as much as 10% in a week.
I don't think I could ever use Bitcoin for regular transactions, even if it became as stable as USD. As soon as someone gets your bitcoin address they can see your full transaction history and basically your net worth, there's no way anyone wants that!
Arguably you shouldn't put all your eggs in one basket, i.e., you'd split it up across many wallets. But I agree with this sentiment. Banks exist for a reason folks, holding your entire net worth in btc across a few thumb drives isn't much different than storing all your retirement funds in a shoebox IMO.
> Arguably you shouldn't put all your eggs in one basket, i.e., you'd split it up across many wallets.
Has anybody brought up how user friendly bitcoin is?
I too enjoy having to print bitcoin private keys on archival paper, wrap them in ten ziplock bags, shove that into a watertight container and bury it under the backyard bird feeder. Otherwise somebody would get my keys and take ownership of my entire net worth, leaving me destined for the poor house.
Because with bitcoin, whoever has the key owns the bitcoin.
You’re describing the Lightning Network. There’s still a lot of room for improvement before it’s suitable for non-enthusiasts, but it works and has been live for well over a year now.
Ah yes, LN will has been poised to save bitcoin for the last decade now. The one little secret to bitcoin investors don’t want you to know! Want bitcoin to be a success? Don’t use it!
It does a disservice to say the technology is already there, because it suggests that the current version is as good as it gets. To me, blockchain or something that incorporates its best features (decentralization, immutability) will need to process transactions for:
- Fractions of a cent - Confirm in seconds
So far that is not possible, and there is no clear way to achieve it, but with blockchain as a base there is no doubt that it will eventually be done. At that point, if you have not sacrificed decentralization or immutability, you have something truly amazing.