Bitcoin Banks are about to occur. We I have quite a few. We’re going to have more of them. Existing Legacy banks will start to offer services. New The banks will be established around Bitcoin. This This is a situation that cannot be avoided. Bitcoin doesn’t scale. Even Absent that, they value other services that require external parties. Debt The chief is the one.
This It is a fact that cannot be denied.
Even Even if we had the ability to snap our fingers, and launch every well-specified covenant and opcode proposal all at once it would be a long time before we began building layers of self-custody that could compete at scale with things like banks and credit unions offering bitcoin account. That This is not something that you can solve in an instant.
So What are our options? We You need to have a more localist mindset when it comes to interacting with bitcoin. This This requires, I’m sorry to say, a double-pronged approach. One involves technical development. The other, well, it is lobbying.
There There are already software programs like LNDHub and LNBits which allow users to provide custodial account for Lightning. We We need more of this type of software, but it must be much better. It It is not necessary to spend time on the command-line, installing independent software or browsing. Github It is not worth the time to read manual instructions and try to match dependencies.
It It is not enough to simply work.
ClickThe network will now be synced. It needs to be something that power users who are still not very tech savvy can run safely, and not lose other people’s money. It Support for more than simple accounts is needed Lightning. Ecash Offers privacy which is important for small groups that know each other. You don’t want your friend seeing what you spend your money on. It It is important to provide support for things such as Unchained The following are some examples of how to use Nunchuck Style on-chain Self custody. People aren’t going to want to hold all their friends and family’s life savings, but holding a recovery key to safeguard them from their own mistakes is another matter.
We We need software to scale up this kind of interaction with users beyond the nerds who are online.
We Also, we need to create a regulatory exemption. There There needs to be an acknowledgement of the fact that software developed for family and friends with trivial sums of money (say, thousands of dollar) and without charging any fees is unregulated. Helping Interaction between friends and family Bitcoin Safely, easily, and free of charge, you are still not a financial institution. The The idea that banks handling billions of dollar must comply with regulations is simply absurd.
This How can we move forward with the present constraints? BitcoinThe reality is that the adoption of blockchain technology continues to grow and accelerate, which leads us further away from a financial system that will be completely dominated and neutralized by traditional institutions.
Instead The current limitations in scaling BitcoinWe depend on one another.
This The article is also known as Take. Opinions expressed are entirely the authThe following are some examples of how to use's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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