Post
Topic
Board Bitcoin Discussion
Merits 3 from 2 users
Re: Off chain transactions (trigger warning)
by
BlackHatCoiner
on 20/10/2021, 18:57:40 UTC
⭐ Merited by pooya87 (2) ,ETFbitcoin (1)
I love Bitcoin the currency, but IMO a major barrier to adoption has been the community's reluctance to embrace "off chain" payment systems.
I think that every day that passes blunts this phenomenon.

The lightning network was highly criticized in 2018-19 with FUDs like centralization. Now that most of them have understood the concept in a technical level, they're probably supporting it. During that time, there was a lot of development in OSes such as myNode, Umbrel etc., that made it more user-friendly and attracted those who were “afraid” to use it.

Now what if Visa added BTC as a supported currency?
Don't you find it oxymoron? The Lightning Network does what Visa does, but without Visa.

What if some entity (El Salvador?) issued BTC backed bank notes?
People use IOUs if it's comfortable. For instance, prior 1971, it was much easier to use a banknote rather than gold itself as a currency. In the case with bitcoin, they're both equally comfortable so I don't find a reason to have IOUs.

Lots of bitcoin users already transact with IOUs. Take for instance, the ones at Binance.