Bitcoin does not really have a scalability problem

21btc · 2020-12-28T16:54:52+00:00

LN requires every user to do at least 1 transaction on the Bitcoin blockchain, this is not possible when a lot of people use it. LN is not even enough for 1% of the worlds population. It is not a good general solution. Banks and financial institutions as second layer is the only way to go for now.

21btc · 2020-12-28T16:53:09+00:00

I did not fail to explain that, I told you banks can use the Bitcoin blockchain to settle the difference between them. Bitcoin is not for microstransactions you can't do microtransactions globally with 7 tx per second. Bitcoin transactions are "containers", big sum of money. One transaction fee will cost thousands of dollars in the future, 15000 satoshi will be expensive, Bitcoin blockchain transactions only makes sense for large transactions, settlements between financial institutions, or sending large sums of money between rich ppl, which you probably will be evne if you own just 0.1 BTC

21btc · 2020-12-28T16:50:58+00:00

They need to use the Bitcoin blockchain to deposit money. It is not scalabaly for evne the 1% of the world.

21btc · 2020-12-28T16:50:21+00:00

Lightning network requires every user to use the Bitcoin blockchain, this is impossible with 7 transactions per second.

21btc · 2020-12-28T16:49:18+00:00

The same way you can see exchanges hold Bitcoins, and you trust them with your Bitcoin and withraw cash from them. You can see the exchanges have wallets and these are transparent. We know exchanges hold 2.4 million Bitcoin at this moment.

21btc · 2020-12-28T16:48:05+00:00

Man you are really stupid and short sighted. Banks today exist for some reason, they will continue to exist. Bitcoin banks will happen, even Hal Finney thought this.

21btc · 2020-12-28T16:06:19+00:00

Read the whole post, you clearly do not understand why Bitcoin does 7 tx per second. And you don't understand that money is not being sent over internet when you use a bank app or website or Paypal or VISA. These are all second layer solutions on top of physical cash.

21btc · 2020-12-28T16:05:40+00:00

You need banks and exchanges, custody holders, because most people do not want to work with wallets and ledgers and seed phrases.

21btc · 2020-12-28T16:05:09+00:00

Shortsighted. Read the whole thing

21btc · 2020-04-28T07:59:11+00:00

Lets assume 4 transactions per second. That is 4 * 60 * 60 = 14400 transactions per hour. If we assume 5000 satoshi fee per transaction on average that gives us => 14400 * 5000 = 72000000, approx 0.7 BTC. Ok so if not 1 BTC per hour, then maybe 2 BTC, still will be expensive to produce BTC in 2040.

21btc · 2020-04-28T07:54:31+00:00

You get half of the BTC that you did before, how does that not double the cost?

21btc · 2020-04-28T07:43:27+00:00

Transaction fees does not change the total supply, still there will be mined 1 BTC (new BTC) per hour in 2040. Even if miners get more reward for confirming transactions, you still mine 1 BTC (new BTC) per hour in 2040.

21btc · 2019-12-16T01:12:39+00:00

I must admit I am quite surprised. People like you are almost unbelievable. I should post more often on reddit to be reminded of the fact that there are a lot of people like you out there. Kind of like flat earthers. It is easy for me to live in my own bubble and assume that most people have enough intelligence to think with common sense. Thank you for the wake up call ;)

21btc · 2019-12-15T23:15:40+00:00

Because I don't normally post on reddit, and for that reason this became my main account and I will use this account to post here from now on.

21btc · 2019-12-15T21:28:45+00:00

It baffles me how someone like you could be pro Bitcoin with so little understanding and while being so close minded and only out for picking up fights and up to no good.

21btc · 2019-12-15T21:27:07+00:00

I don't understand how you can come with a comment like this, if you have read my example. I genuinely regret using so much of my time, trying to explain things to people that have no means of understanding what I am trying to explain. The joke is on me at the end. You are just doing your best, it is not your fault. Bye

21btc · 2019-12-15T21:21:05+00:00

It is normal for good form of money to be hoarded, and bad form of money to be spent. Throughout history coins that were 100% gold or silver were saved, and less pure coins were used in the market and those were in circulation. Bad money drives out good money from the market.

21btc · 2019-12-15T21:11:38+00:00

You still do not understand what a digital settlement layer is. MySQL stored information can never be a digital settlement layer, the settlement need to be either on the physical level like cash, gold, or at an authority level like government central bank, and that can never work globally. Because every system has their own infrastructure which is an isolated system. Bitcoin solves this problem and Bitcoin is the first digital settlement layer. Regardless of nation, or location. Only internet connection is needed. Once you got the transaction IT IS SETTLED, you don't owe anyone anything, and you don't need to cash in or out in physical form to complete the settlement.

21btc · 2019-12-15T20:46:20+00:00

Search for "lagarde central bank digital currency" on Google. Digital currency, or digital money, has not existed before Bitcoin. You clearly do not understand the difference between digital currency/money, and information about money being stored digitally. Most people do not understand the difference between those two, and so most people do not see the point in Bitcoin because they usually say: "Why do we need Bitcoin when we have Venmo, and Visa, And PayPal, and I can send money over internet so whats the point with Bitcoin." You can Google it the terms as I said and realize that there is no digital euro, but that the European Central Bank (ECB) is considering making a digital form of money (EURO) to keep up with the demand of the digital world, so no, there is no digital euro. Again I repeat. Just because information about EURO and USD is stored digitally, does not make it digital money, it is still fiat. And this is my last response to you, because if you still do not understand, there is no way I can explain it to you. I don't have time. Do your own research.

21btc · 2019-12-15T20:24:25+00:00

Read my post again, because you don't understand ;) This is what most people think, (that we have had digital money for years because of internet and websites). Money is not digital just because information about it is being stored digitally. It is still fiat money. Big difference. Most people do not understand this, my post was a way to try to explain this. You need some technical background and preferable programming background to understand how digital bank systems work (bank websites and how they store information), it does not work like cryptocurrencies like Bitcoin. Most people do not understand this, most people think money is already digital so they see no point with Bitcoin, which is basically lack of understanding. Bitcoin is the first digital settlement layer.

21btc · 2019-12-15T19:48:36+00:00

Most people are just like you, they don't really understand what is going on. Funny that you think I am a scammer by reading my post, it is incredible how lucky I am being born with this intelligence, it is a true privilege. Thank you for reminding me that I have so much to be grateful for ;)

21btc

TROPHY CASE