I disagree here, first about fees for transactions there was a lot of FUD these days about the fees, but if you look right now the mining difficulty adjusted and now its back to normal, the time per block, and the fee cost, even with high fees near 10$ still better than any Bank transaction for big transactions, bitcoin is not made to pay 1 dollar for a soda, that is for other networks.
Bitcoin is not a bad network, it focuses on decentralization and security, not scalability, even Hive that I see it as a good network is not as decentralized as Bitcoin simply because of PoW, it cost more but gives more security and decentralization, the cost of speed and scalability, but to end I'm not saying is going to be the MAIN network in the future, but the FUD right now makes no sense.
Thanks
Bitcoin was made to pay for Pizza.
As Bitcoin gets more expensive, it starts to squeeze out more and more average people from using it to pay for what they need.
Bitcoin maximalists already have the bag so the dominant strategy is to get institutions and corporate with lots of money to come in to pump their bags, while leaving more and more people and use cases behind.
Sustainable? I guess the question is why wouldn’t the institutions cooperate instead and release big boys coin and leave the former plebs holding onto their bags without further upside?
yeah that was the initial intention maybe, but I guess lightning network now is for buying pizza, BTC now means a lot of stuff for each individual really 😂, also we now look at BTC price in USD but that is in the present, BTC is a market of itself.
@brianoflondon talks extensively about the issues with Lightning Network.
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Maxis holding Bitcoin and the network are two different things. The miners are not the major bag holders. so they have different viewpoints.
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Perhaps Litecoin can fulfill the role originally seen for Bitcoin? Litecoin is essentially Bitcoin but with changes to MAX supply and hashing algorithm. Its behavior should be effectively the same as that of Bitcoin. It may not be good for soda or pizza, but it's perfect for a dinner date or a night game at an arena.
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Totally agree with you but I guess the author of the post is not 😂
Are you sure Hive is not as decentralized as Bitcoin? Hive has 20 consensus witnesses. They are all unrelated. This is what controls the network. How many entities control Bitcoin's network? 5 major mining pools? Now I will say that BTC is beyond a 51% attack. But the number of entities truly in control is rather small.
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I think both have good decentralization. I don't want to compare them really they are different, now from what I know the pools cant take those decisions those are the nodes themselves, I'm not sure I'm still learning this, but I'm not sure Bitcoin is a bad network that's all.
Miners or miner pools do not control the network. Only theoretical threats from miners are DDOS or double spend attack (aka. 51% attack), but even with these attack they cannot change consensus rules. Nodes running Bitcoin Core control the network. At the moment there are approximately 44k nodes – these are the entities that enforce consensus according to which miners have to play. Every one of these can choose what version of Bitcoin Core they run and there's no way anyone can force an individual to run a certain version of Bitcoin Core.
Miners already pushed for a change in the block size with BCH fork, yet they failed to convince even such a simple change. Node runners as a whole are in control.
There was a time when Bitcoin could have been used to buy something as small as a can of soda; it's just that people back then didn't care except for early adopters (including those who bought that famous pizza pie).
Since at least 2017 (if not earlier), each BTC has been treated as a stock certificate rather than as the decentralized and permissionless money it was envisioned as.
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