Please go easy on my ignorance, but seeing that 0,01 btc is about 650 dollars atm;
Is there not a large part of the population that could only dream to ever have this much as a ‘life saving’, because they only make a few buck a day?
How can they every do self custody?
I don’t want to believe (yet) that there is some flaw in Satoshi’s creation. Because, most new people joining will be forced to trust and use a third party.. Right?
Maybe it’s wishful thinking, but will the fees not drop to a reasonable place every time again after they peak, even if millions/billions finally join? And even when large entities attack btc? Or the recent runes spam thing..
I only know about utxo’s for about a year, doing dca with 20 or 30 bucks, going with the advice of sending them straight off the exchange. Costly experience that was. Yet, if i didn't follow the online hysteria of high fees ( and that they're only going to be higher) back then and waited a few weeks, my utxo management would have been a lot cheaper.
Will people not wizen up on how and when to transact with layer one.. ?
(Could be decades IDK, and so now maybe we need to be creative and hodl)
People with btc will eventually wise up, while using other layers more, keeping L1 for savings. Even now you can put a transaction out with ‘no priority’ if you plan ahead, if you don’t mind waiting a few day/weeks.
And when more miners join, competing happens?
Can or will there not be miners joining with access to cheap energy, who have incentive to make sure btc works for everyone on earth and not just the ones who can afford 1m sats?
This because they will also benefit in the ways of a more harmonious (fiat free) world. They could choose to accept lower fees (right?) and still become wealthy.
I really know little about mining, just that miners are most likely to choose the ones that wish to pay more tx fees, right?
I just don’t see that btc is meant to be working in a way, that if 21M BTC was evenly divided over the world population, giving everyone about 250K in sats, that fees in the future could be around 100k sats or 10K or even 1K once the fiat dust settles.
Please show me the light on this matter?
Artinferno / 💛 ArtInferno🔥
npub1upn…pj6q
2024-04-24 18:54:50
in reply to nevent1q…74a4
Author Public Key
npub1upnn4am26hrlp43ylj342yg7hque0x366ergw46j9ksjs7vuknvq6rpj6qPublished at
2024-04-24 18:54:50Event JSON
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"created_at": 1713977690,
"kind": 1,
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"content": "Please go easy on my ignorance, but seeing that 0,01 btc is about 650 dollars atm; \nIs there not a large part of the population that could only dream to ever have this much as a ‘life saving’, because they only make a few buck a day? \nHow can they every do self custody? \nI don’t want to believe (yet) that there is some flaw in Satoshi’s creation. Because, most new people joining will be forced to trust and use a third party.. Right?\n\nMaybe it’s wishful thinking, but will the fees not drop to a reasonable place every time again after they peak, even if millions/billions finally join? And even when large entities attack btc? Or the recent runes spam thing..\n\nI only know about utxo’s for about a year, doing dca with 20 or 30 bucks, going with the advice of sending them straight off the exchange. Costly experience that was. Yet, if i didn't follow the online hysteria of high fees ( and that they're only going to be higher) back then and waited a few weeks, my utxo management would have been a lot cheaper. \n\nWill people not wizen up on how and when to transact with layer one.. ? \n(Could be decades IDK, and so now maybe we need to be creative and hodl)\nPeople with btc will eventually wise up, while using other layers more, keeping L1 for savings. Even now you can put a transaction out with ‘no priority’ if you plan ahead, if you don’t mind waiting a few day/weeks. \n\nAnd when more miners join, competing happens? \nCan or will there not be miners joining with access to cheap energy, who have incentive to make sure btc works for everyone on earth and not just the ones who can afford 1m sats? \nThis because they will also benefit in the ways of a more harmonious (fiat free) world. They could choose to accept lower fees (right?) and still become wealthy.\nI really know little about mining, just that miners are most likely to choose the ones that wish to pay more tx fees, right? \n\nI just don’t see that btc is meant to be working in a way, that if 21M BTC was evenly divided over the world population, giving everyone about 250K in sats, that fees in the future could be around 100k sats or 10K or even 1K once the fiat dust settles. \n\n\nPlease show me the light on this matter? ",
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}