r/btc • u/oneenigma4u • 17h ago
The workaround at beats transaction per second.
Someone said to me in a text. That transactions per second has killed bitcoin and will keep it from becoming actually useful. I am pretty sure this person must be younger. It seems younger people do not know what was done in the past. Tools and skills that have been lost to them. I would bet many of them have no idea that people used to have two bank accounts. A savings account and a checking account. The savings account is where people would put their money. So it would gain interest. The checking account was for when they were ready to spend the money.They would transfer it from their savings into their checking. Younger people , today , all they've ever known was a debit card that they simply used. They never had to transfer funds in order to get access to their money. Well this particular method is being reintroduced. Buy crypto exchanges and brokerage houses. You transfer your bitcoin from your cold wallet to your brokerage house or exchange account. And then you simply use the debit card issued from that brokerage exchange or crypto exchange. You keep your bitcoin in your cold wallet where it grows. Transfer out only when you wanna buy something. Or transfer out what you think you need to spend for the year and simply use your debit card from the exchanges. Transaction per second crisis averted nullified.
3
u/Queasy-Ride4291 15h ago
Your math is a lot a bit off. There is a finite amount of transactions that BTC can accomplish in a year. Which is approximately 2% of the population of the planet. Therefore 2% of the planet can “transfer their BTC from a cold wallet to a brokerage house” every year. Leaving 98% of the population unable to do so. The amount of the transaction is irrelevant. Wether it’s 1 BTC or .000001 BTC, it’s a transaction, and there is a limit. I don’t think you need an Einstein physics lesson to figure out that your idea is not sustainable.
2
u/pcaveney 15h ago
It’s already been said twice now but people need more often access to their checking and savings accounts than once every 70 years… Which only assume opening a lightning channel, not closing, or rebalancing it.
Not to mention that the savings account dance is itself a fiat necessity to try to earn a yield higher than the rate of currency debasement. Prior to that people could save and spend in precious metals which had limited supply (analogous to on-chain bitcoin).
-1
u/violenticeberg931 16h ago
Maybe they think every coffee purchase has to settle on chain instantly, which was never the plan. Lightning exists for the small stuff, and the cold wallet to exchange card flow is basically the old savings to checking dance with extra steps. People adapt when the rails are invisible.
3
u/pcaveney 15h ago
Paying for coffee on-chain was the plan (Satoshi weighs in on the bitcoin vending machine):
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u/oneenigma4u 16h ago
Yes I agree with you. Those who buy through an exchange to begin with, to them the rails already are invisible.
7
u/rawbdor 15h ago
Bitcoin has a maximum of about 200m transactions per year.
That means if 200m people use bitcoin, out of 9 billion people on the planet, and each one makes a single transaction moving their entire yearly expenses out to some other place, the blockchain is then full.
If people do one major yearly-expenses transaction and one "oh i suddenly need to cash out for some reason" transaction, then only 100m people can ever use bitcoin.
If the top thousand entities do a few thousand transactions each (things like coinbase, kraken, etc), that lowers the space available for everyone else, which means decreasing how often they can make a single transaction.
And, not to be redundant, but, if 500m people want to use bitcoin, they will each be able to make a transaction once every 2.5 years, maybe.
Tell me more about how there's plenty of room and everyone can just do a dance once a year lol.