Scaling Bitcoin to 8 Billion Users
Bitcoin as it is today won't scale to 8 billion users on-chain or even with lightning. Learn about the possibilities of self-custody, the downsides of ASPs, and the time and work required to make it happen.
Stephan Livera
#Bitcoin Podcaster | Work @Swanbitcoin | partner @bitcoinervc | contributor @bitcoinmagazine | $10 free BTC https://t.co/qqd4peGMn2
-
Bitcoin as it is today won't scale to 8B users on-chain or even with lightning.
— Stephan Livera (@stephanlivera) June 12, 2023
So yeah I think we have to acknowledge the reality that there will be many custodial users of bitcoin.
Let's see if future improvements can help more people self custody. https://t.co/UmXIbn2GHc -
For example, ANYPREVOUT https://t.co/3ptHcucL8g
— Stephan Livera (@stephanlivera) June 12, 2023 -
Ark might be another possibility (which will need a soft fork to have easier UX). Downsides though: high capital requirements for ASPs, and there won't be many ASPs, and of course lots of time & work would still be requiredhttps://t.co/6rcBnD2myd
— Stephan Livera (@stephanlivera) June 12, 2023 -
Another possibility might be CTV helping deal with congestion or perhaps being used in some kind of 'vault' for your bitcoin https://t.co/CRBjgfiW5B
— Stephan Livera (@stephanlivera) June 12, 2023 -
Will the system have defenses against paper bitcoin and FRB? I believe so, because without the ability to print more bitcoin, custodians will always be at risk of bank runs.
— Stephan Livera (@stephanlivera) June 12, 2023
I believe it will 'economically enforce' full reserve. But there will be custodians who try... -
None of the above changes the fundamental point though: If you can self custody, you should.
— Stephan Livera (@stephanlivera) June 12, 2023