John Martinez on Nostr: Just earlier this year we saw really high transaction fees. Enough to make anyone ...
Just earlier this year we saw really high transaction fees. Enough to make anyone consider making a transaction. Let alone a transaction for something as small as a cup of coffee.
That was because of ordinals.
If everyone in the world wanted to transact using bitcoin on the bitcoin blockchain: one the fees would be enormous and two it wouldn't be possible due to the time to finalize the transaction. Some people may have to way several days even years for the transaction to finalize.
Right now, in the USA a wire transfer can cost around $30/ per participant or more depending on the service provider for immediate payment transfers.
In a future of mass adoption even making a transaction to get onto the lightning network might be high.
It really is something to consider. It doesn't break bitcoin as sound money but it is something to consider when espousing "not your keys not your coins"
Ultimately I'm still learning and am actively seeking more knowledge, so I may not have adequately articulated all the nuances of this hurddle.
That was because of ordinals.
If everyone in the world wanted to transact using bitcoin on the bitcoin blockchain: one the fees would be enormous and two it wouldn't be possible due to the time to finalize the transaction. Some people may have to way several days even years for the transaction to finalize.
Right now, in the USA a wire transfer can cost around $30/ per participant or more depending on the service provider for immediate payment transfers.
In a future of mass adoption even making a transaction to get onto the lightning network might be high.
It really is something to consider. It doesn't break bitcoin as sound money but it is something to consider when espousing "not your keys not your coins"
Ultimately I'm still learning and am actively seeking more knowledge, so I may not have adequately articulated all the nuances of this hurddle.