Normal People Will Never Use Bitcoin Day-to-Day

1726 sats \ 13 comments \ @hodlpleb 29 Jan bitcoin

After some recent podcasts and posts that I have consumed, I have been thinking about how things play out in the future. I think with the advent of the ETFs, nation states, etc, the reality is that most individuals will not directly use base-layer bitcoin, ever in their lives.

Those who hold bitcoin in cold storage will move it less and less frequently as time goes on, with a few major holders (banks, blackrock, governments, etc) moving on a regular basis to settle large sums or individuals buying it as "digital gold" and moving it directly to storage.

Yes, some people will use lightning, but if bitcoin really goes to $40M+ as some people predict (or to $100M), normal people will actually need to transact in lower denominations than a sat - how else will you buy a piece of bubble gum?

I think this leads to 2nd layer solutions, maybe akin a sidechain, that lock BTC on the mainchain and act as bitcoin-backed dollars.

This is an ongoing thought experiment for me, would love all your inputs.

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31 sats \ 0 replies \ @anon 29 Jan

After some recent podcasts and posts that I have consumed,

Touch grass... go and talk with merchants. See btcmap.org Podcasts are the shitcoinery for bitcoin.

21 sats \ 0 replies \ @cryotosensei 30 Jan

Don’t worry, I will zap you 328 sats whenever I feel rich

https://m.stacker.news/14292

21 sats \ 2 replies \ @Krv 30 Jan

Lightning is denominated in milisats. So it can handle very low value things.

It will probably serve as the connecting layer between other types of layers or sidechains, and/or tool for merchants.

21 sats \ 0 replies \ @Krv 30 Jan

In terms of amounts, right now, sat to dollar parity is at around 2300 sats. At $1,000,000usd, that will be 100. At $10,000,000usd, a 0.05 piece of bubble gum is 500 milisats. I think divisibility should be ok.

21 sats \ 0 replies \ @Krv 30 Jan

Moreover, I imagine seemless/invisible atomic swaps between different sidechains/layers, or lightning.

21 sats \ 0 replies \ @03479d0ee6 29 Jan

Bitcoin can increase divisibility, requires code changes but it can be done. But i think in a bitcoin world people will adapt to the bitcoin value. What I mean is maybe in some poor countries 1 sat would be one person day work, while in richer countries it's a bubblegum. Nowadays there is also nothing below one cent, with bitcoin there will be a point where prices get very stable, not down forever.

0 sats \ 0 replies \ @Muuny 30 Jan

80iq psycho here

0 sats \ 1 reply \ @Fabs 29 Jan

Don't start thinking too hard about it;

Enter the water, float on your back and simply waggle along the waves of both bears and bulls, let them guide you to your personal sweet-spot, your personal exit-point, your personal endgame...

Then buy a fucking House with the money!

0 sats \ 0 replies \ @hodlpleb OP 29 Jan

That is the simple option, but wealthy families do not sell their assets.

0 sats \ 1 reply \ @0xbitcoiner 29 Jan

Does this still happen in El Salvador?

0 sats \ 0 replies \ @hodlpleb OP 29 Jan

I don't know? Is bitcoin worth $1 per sat?

0 sats \ 1 reply \ @satoshiplanet 29 Jan freebie

Wouldn't this be playing fiat game? bitcoin is already divisible, I think continuing to make it more divisible is not a good move if we want to see bitcoin as a standard.

Regarding the scenario you draw , although I am not a supporter, I think that millisats would look good and using Lightning would be a piece of cake, btw does anyone here not firmly believe that at some point the value of 1 BTC will be $100M? 🤔