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RE: Bitcoin Isn't A Great Financial Tool....YET! 3 Developments I'm bullish about!
Sadly the current Bitcoin fee paradigm exposes a significant failing within the Bitcoin ecosystem – that of accessibility. The failure of a mechanism which requires all transactions regardless of size (or fee) to be executed on a FIFO (first-in/first-out) basis shows an inherent weakness and failing within the ecosystem.
This is why this will imploded if not fixed. bitcoin is bloated because it is all buyers and speculators and not being used as a currency. If little shops that accept bitcoin want to sell a coffee and a sandwich for $7 bucks how’s that going to work with a huge fee of 3 to 10 bucks?
I agree with your analysis of what Bitcoin is right now and surely it won’t be something we can shake any time soon! I feel that HODL’ing is just part of the ecosystem to reward early investors for their faith in the network
Once we reach a point that I hope can where it’s decentralized enough/more wallets and used enough that price drops don’t affect transactions like if we at a 1million dollar bitcoin kinda level
We can for sure reduce payment costs and speed with the help of second layer networks on top of Bitcoin which I think will happen
Yes it’s clunky and not great to use but it’s still better than what we have centrally and building something robust that the whole world can use was never going to be easy
I’m still pretty bullish on BTC and I think it’s got plenty to offer! Let’s see where the next few years take us
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