Alright. Let's say that you want to get into bitcoin. You just learnt about what it does an you wan to use it the proper way. So you go to the local Bitcoin ATM and put $100 in it thinking that you will get $100 (or at least $90 after the ATM's fees) in BTC. Later that day you check your self custodial wallet and you see that you only got $25. You are very confused. You look around and find that the fees are extremely high and most transactions are not worth it right now. What you also find is that "amazing" system called the Lightning network that is made for the sole purpose of making the Bitcoin transactions cheaper. Alright cool you still aren't discouraged by the fees so you decide to start a node. While researching on how a Lightning node works and how to start one you find that there are at least two transactions involved. That means that you'll need to lose at least $140 to not lose more. This is when you get mad and decide that Bitcoin isn't your thing so you quit.
Oh, but you'll use custodial wallet while waiting for the fees to get low. No, this breaks the purpose of Bitcoin.
Oh, but can't you just wait a week or twot to see that fees lower? No, the economy doesn't have a week or two.
Bu... But that only happens once every 4 years. No, fees were sky high (still not as much compared to a few days ago) at the beginning of last year.
TL;DR is don't make Bitcoin hard to get in for newbies if you want adoption.
PS: I self host my own email server, a Lightning node and a bunch of other things.
Owner_of_donky
npub1wm…mt98k
2024-04-28 04:44:20
in reply to nevent1q…hsl8
Author Public Key
npub1wm3k7tatl0vvx5llek50upu80gyh0mj248vmes3y7qsr34emx7rsemt98kPublished at
2024-04-28 04:44:20Event JSON
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"content": "Alright. Let's say that you want to get into bitcoin. You just learnt about what it does an you wan to use it the proper way. So you go to the local Bitcoin ATM and put $100 in it thinking that you will get $100 (or at least $90 after the ATM's fees) in BTC. Later that day you check your self custodial wallet and you see that you only got $25. You are very confused. You look around and find that the fees are extremely high and most transactions are not worth it right now. What you also find is that \"amazing\" system called the Lightning network that is made for the sole purpose of making the Bitcoin transactions cheaper. Alright cool you still aren't discouraged by the fees so you decide to start a node. While researching on how a Lightning node works and how to start one you find that there are at least two transactions involved. That means that you'll need to lose at least $140 to not lose more. This is when you get mad and decide that Bitcoin isn't your thing so you quit.\n\nOh, but you'll use custodial wallet while waiting for the fees to get low. No, this breaks the purpose of Bitcoin.\n\nOh, but can't you just wait a week or twot to see that fees lower? No, the economy doesn't have a week or two. \n\nBu... But that only happens once every 4 years. No, fees were sky high (still not as much compared to a few days ago) at the beginning of last year.\n\nTL;DR is don't make Bitcoin hard to get in for newbies if you want adoption. \n\nPS: I self host my own email server, a Lightning node and a bunch of other things.",
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