Almost all bitcoin transactions in the future will be done on exchanges, between bank accounts, or through digital warehouses without any bitcoin moving on chain. I'm not holding mine like that but you know most people and companies will, out of fear or because they don't know any other way.
Nice list. You are basically describing a centralized shitcoin thats like meta-Paypal 2.0 with magic blockchain pixie dust sprinkled on top. Who needs it?
(Not the banks, who do not like transparent blockchains for their own use! There is a reason why JPMorgan Chase (!) paid the erstwhile Zcash Company to adapt zk-SNARKs to their own bigbank confidentiality requirements. See also Greg Maxwells discussions of bigcorp interest in Confidential Transactionswhich are accordingly implemented in Blockstreams Liquid. Only idiots make their own finances publicly transparent; bigcorps are not so stupid.)Notably, you omitted
Lightning Network, and other off-chain things
not under the control of banks and other regulated corporations.
The end game is bitcoin becomes the settlement layer for the world. Transaction costs are going way up in the future, you're not going to want to do on-chain transactions when it costs $1000+ to do so, but if you're settling a billions dollars, that's a tiny price to pay.
The fact is, whether we like it or not, very few individuals (other than those of us here) will hold private keys in 10 years. The transaction costs alone will ensure it.
That would turn Bitcoin into a bankers wet dream: The totally controlled, centralized, regulated basis for a cashless dystopia in which everybody can be tracked, traced, and forced to ask permission to use money.
That is not a new allegation, and its not true.
The fact is, whether
you the bankers like it or not, cryptographic cleverness will continue to enable technologies that
put the individual in direct control of his own money.
most people ive talked to about bitcoin think like rolling is posting right now. so i talk about seeds wallets lightning confirmation etc? i usually get wtf as an answer
so i tell them open an account at coinbase (USA) and yeah bad rap but ive had em for like seven years no problem. i tell them just leave it there. later i can explain the real deal but i gaurentee only one in five would care; the rest would leave the money there and use it as the hot wallet. so yeah those are gonna be off chain once coinbase hooks to all those merchant payment portals.