Quote from: teosanru on June 27, 2024, 06:52:32 PM

Quote from: DrHodler59 on June 27, 2024, 03:16:47 PM

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

I think one of the biggest criticism of Bitcoin which comes with the very inherent flaw of it. I believe it was never designed in a way to be used by so many people. So the biggest problem it faces is the scalability issues, the moment you see a lot of on chain traffic immediately you will see the fees skyrocketing up, you will see slower transactions. Apart from this obviously the environmental impact of the Pow consensus is also a big criticism which a lot of pro environmentalists pose on bitcoin. So obviously the PoS or the hybrid solutions are becoming much more relevant to the overall situation in cryptos right now. and honestly I don't have any proper answers to the question on the scalability issues.

Bitcoin Layer 1 is like Fedwire. Fedwire is an electronic funds transfer system managed by the Federal Reserve, used to settle large-value transactions between financial institutions in the U.S., such as banks. Unlike Fedwire, which is only available to banks, Bitcoin is available to everyone. Anyone can be their own bank and settle large-value transactions. Thus, Layer 1 will be used for large-value settlements because it offers immense security and decentralization. Meanwhile, layers 2, 3, and 4 will be developed for micro-payments. For example, the Bitcoin Lightning Network is currently very popular worldwide. The Bitcoin Lightning Network can perform hundreds of millions of transactions per second. In San Salvador, where Bitcoin is the official currency, it is widely used for everyday payments. Here you can see what a payment with Bitcoin Lightning looks like in McDonald's restaurants in Salvador.
https://www.youtube.com/shorts/25_VkeiT4R0

Payments with Bitcoin Lightning are instant and almost fee-free. There is a website, btcmap.org, where you can see all the locations worldwide—hotels, restaurants, gyms, etc.—that accept Bitcoin Lightning and on-chain payments. On the site spend-sats.com, you can also find some online merchants that accept Lightning payments.