Post
Topic
Board Bitcoin Discussion
Re: Why has bitcoin adoption failed in El Salvador?
by
LegendaryK
on 31/08/2022, 06:12:41 UTC
What do we end up with? Bitcoin adoption in El Salvador failed. Why did this happen? It’s not about bitcoin, it’s about the approach, of course.

It is about math , and the lack of btc supporters that refuse to use math.

BTC transaction fees are too high, so no one is stupid enough to use it in everyday purchases.
LN is a failure because it charges 2 onchain transaction fees, plus it's own fees,
ensuring that direct transactions of less than 1000 transactions, it is still cheaper onchain, which is already too high.
Only Banks can use LN affordably since they can loop thousands to millions of transactions of offchain to 2 onchain transaction fees.

Adoption of onchain bitcoin is designed to fail, between individuals, only using Banks and never transacting onchain makes any financial sense,
and if that is the case using visa/mastercard makes more sense with less headaches.

So bitcoin adoption has always been a not starter, since the refusal of the btc devs and community to increase blocksize, which is the only way to spur adoption thru lower onchain transaction fees.
LN was design for banks usage, not retail.  Tongue