Quote from: Abiky on Today at 12:33:49 AM

Quote from: Z-tight on August 23, 2024, 06:59:44 PM

BTC is still a great option for p2p payments and tx's, especially for cross-border payments and sending money to people on the other side of the world, with just their BTC address. It is true that fees can go high, like it happened when ordinals and runes tx's were filling up the BTC blocks, but things like that can only be temporary. The thing is, we cannot change the way the network is designed, if there is a demand for block space, tx fee is going to go up and miners will prioritize tx's that pay the higher fee.

Fees are only there to help protect the BTC blockchain against transaction spamming. They will increase according to network activity. If the attacker keeps pushing transactions on the Blockchain, fees will rise until they become too expensive for such attacker to continue. People like you and me would need to wait until fees decline to get back in the game. You can always set a low fee when making a transaction. The only downside is that you will have to wait longer for it to go through. It can take from a few hours to a few days.

If you're still in a hurry, you could try switching to an altcoin with lower network congestion. Or you can open a channel on the Lightning Network while on-chain fees are low to take advantage of its benefits. When on-chain fees rise, you won't be affected because you'll have BTC "parked" in the LN. Fees will stay dirt-cheap, while transactions will confirm almost instantly. A pity that Mike Hearn missed out all of the fun. Bitcoin is doing well without him. I wonder who will leave the development team next? Will it be Luke Dash Jr. (a staunch Ordinals critic)? Only time will tell.

So the only route for bitcoin to become the global p2p network is lightning?