10 sats \ 0 replies \ @Hopeful_Sat 28 May 2023 \ on: Is the Lightning Network the Key to Hyperbitcoinization in Africa? bitcoin
I think it is one of the keys, yes
I am by no means an expert on this, but here's my two sats
Layer two payment systems will be one of the essentials to achieve "hyperbitcoinization" as the layer one Bitcoin blockchain is amazing when it comes to security and decentralization, but when it comes to speed (part of the scaling characteristics) it is very slow and when the network is busy it also gets expensive
This isn't necessarily a bad thing, because low speed seems to just be the price you pay for high security and decentralization, which to me is imperative for Bitcoin's survival and adoption and you can "patch" the low speed with these layer two solutions
From a practical standpoint, the layer two applications will make it economically viable for Bitcoiners to actually use their Bitcoin when they need to. Many people advocate to "never sell your Bitcoin", but there are already people that have to sell/exchange their Bitcoin for basic goods in order to survive
Once adoption really gets going in Africa, which is the poorest continent in the world, it would be vital to have a financial infrastructure available to people to not only store their wealth in Bitcoin (layer one) but to also use some of it to live meaningful/fulfilling lives (layer two). Then they will have the absolute security and decentralization of the most secure network in the world to save or protect their economic energy as well as a way to actually enjoy what they earn when they feel like it by paying way less than 1% in fees to do so