Post
Topic
Board Bitcoin Technical Support
Re: [May 2024] Fees are low, use this opportunity to Consolidate your small inputs
by
tranthidung
on 21/05/2024, 10:38:26 UTC
Bitcoin will survive, just not as magic Internet currency in the base layer. It might sound like too-Saylor, but it is true: the base layer is the asset layer. The bet is to produce a working layer on top of that base. A second layer like lightning is what I'd rather recognize as a "transaction layer". Lightning payments fit better the definition of a "transaction", because you'd expect from a transaction to complete instantly, very inexpensively and more importantly: to be feasible to make nearly infinite (small) transactions.
The biggest disadvantage and also barrier of Lightning Network is, people have to make an on-chain transaction to open their Lightning Network channel and start using Lightning Network for "small" transactions. The prerequisite step is not too attractive for people who simply want to save transaction fee at beginning and for people who don't usually make transactions. That first transaction is actually expensive if Bitcoin mempools are congested.

If people have to surpass this "barrier" by using centralized platforms that support Lightning Network, it sucks because they will have to give up control on their coins.