Post
Topic
Board Bitcoin Discussion
Merits 6 from 3 users
Re: Mempool Observer Topic
by
mikeywith
on 28/12/2023, 01:40:56 UTC
⭐ Merited by BlackHatCoiner (4) ,vapourminer (1) ,JayJuanGee (1)
The only obstacle, as I perceive it, is the limited number of merchants accepting them.

 I don't think not moving to other coins/blockchains has anything to do with the number of merchants accepting them, I hardly believe that there are enough people who use BTC for any sort of merchant payments, it just doesn't make sense to me, the way I see it is that almost nobody uses BTC for "merchants payment" if we talking merchants, how many accept bitcoin? 15,000? 30,000? against 350M + who accepts credit cards? what does that give you? 0.00x % ? you round it to the nearest whole number and you get exactly 0%.


I do however agree with the first part of your post,  leaving BTC isn't as easy as leaving your country, and the main reason why people are not leaving BTC is that they treat it as a store of value, and they think it has the best and most guaranteed chances of growth compared to any other coin. if it was not for the "store of value" concept, why would anybody buy BTC today? it's the most expensive coin to spend and the slowest to move, which proves the above point, in the grand scheme of things -- nobody uses BTC to "transact".

And yes, someone will quote the white paper "P2P electronic cash system .................", spare yourself the efforts, nobody cares.  Cheesy

So now begs the question, is BTC on-chain even feasible to use for daily payment? will it ever be? The answer is simply put - NO!.

It's now Ordinals to blame, fine, let's ban them, will that solve the problem forever? will there be enough room for 5% of the world population to transact on Bitcoin's main blockchain for cheap? NO!

is there any technical solution that we may implement in the future that would keep BTC as secure as today and process millions of transactions per second without breaking something? NO!

So what should we expect? what are we waiting for? it seems like our only hope is that the "others" would stop using it so that "we can", those "others" will differ from time to time, it could be BRC-20 junk shit, it could be banks settling their payments, pools spamming the blockchain to keep fees high, rich people paying for coffee using bitcoin, we don't know-- but there will always be "others" to fight.

What is the right thing to do?

sheeple acceptance

We need to accept that we can't expect BTC to

1- Make us ultra-rich, allow us to transact for dirt-cheap, stay as secure, not to be regulated, and cure cancer. That's just too much to ask and seems like we want everything!

Transacting for cheap on the blockchain will not be a thing in the future, I can't stress this enough, without other layers/sidechains that actually work we need to start to treat BTC for what it is treated by the majority of people who don't seem to be complaining about fees because they hardly spend any of their BTC anyways.