RE: Lesson 3: Bitcoin is not ready for mass adoption: scalability problem
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80 billion of unique BTC wallets
I think you mean 80 million right?
Right now, it seems that BTC at its core level and what most seem to be stating it now is a store of value i.e. buy it, hold it for a few years and it will appreciate in price (not financial advice). So BTC right now appears to be mainly to move large sums of money (if you price it in fiat) but one question I have is if it's just considered purely in sats, are those network fees the same amount?
However, there's 2nd layer solutions that are being used as a way to send as little as single satoshis out quickly and with lightning network in development, there's another layer which is looking to use Bitcoin as a currency to spend. @chekohler has been digging deep in to this so will be able to shed more light on that.
I'd say that BTC is a lot more accessible now than it was just 5 years ago but looking at Visa and PayPal now accepting payments, I don't think we're as far away from a version of mass adoption as some may think...
Yes!! I totally agree. Corrected the 80 billions (way too much)
Definitely BTC is going to be mass adopted as store of value, it is already, because without having many applications as other blockchains, it is the leader in capitalization, and the scarcity associated with the mining will increase that value.
I meant, not scalable as itself and as transaction currency to descentralize mainstream channels. Indeed I was reading information about Ripple approach to make descentralization possible for international bank transactions. And yes, Lightning network is a topic I'm working on as well.
Thank you for commenting.
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I think a lot of the scaling critique is also around poor UTXO management a lot of people don't interact with the chain correctly and group too many UTXOs together and thus increasing their transaction size even if the value isn't high in terms of Satoshis and then say Bitcoin isn't scalable
Sure this isn't a front end thing most people see or understand abs they pay the price for it but I don't think that's the fault of the chain either, but user experience interfaces and education on Bitcoin
If only a couple of fine young gentlemen could get some free time and create a manual of some description 😛
Lol If Bitcoin were to moon and buy these gentlemen lets say a 1 month paid vacation I think it could be done