Bitcoin Banking will happen. We already have some. We will have more. Existing old banks will start providing services. The new bank will be built around Bitcoin. At this point, this is totally inevitable. Bitcoin will not expand. Even without this, people value the services of other parties inherently needing. Debt is the main one.
This is an inevitable reality.
Even if we can reach out at once and roll out all the specified OpCode and Covenant proposals immediately, it still takes a lot of time to start building a self-definition layer that can be offered with credit unions and banks in providing bitcoin accounts and on scale. This is not a problem that can be solved trivially overnight.
Then what should we do? We need to take a localist attitude when interacting with your Bitcoin. This requires two methods of piano, one involving technological development and the other involving lobbying.
Software such as LNDHUB or LNBITS already exists, which allow people to provide lightning custody accounts. We need more software like this, we need it mile Better. It needs to not involve patching on the command line and connecting to standalone software, or read GitHub carefully following manual installation instructions, or wandering around while trying to fix dependency mismatch.
It just needs to work.
Click to sync to the network and finish. It has to be something that is still not very tech-savvy to the power users can run safely, And don't lose other people's money. It requires a basic account that supports Lightning more. Ecash provides privacy, which is important to a small group of people they know each other. You don't want your friends to see what you spend. It needs to support linkless or Newchick-style chain chain self-monitoring things. People don’t want to keep all their friends and family’s lifesavings, but holding the recovery keys to protect them from their mistakes is another matter.
We need this software, which actually extends this type of user interaction to a bunch of activists online.
We also need a regulation. There is a need for clear recognition that running these types of software for friends and family, which is an unregulated activity that can be run with trivial money (such as thousands of dollars). Help friends and family safely, easily interact with Bitcoin, and become a bank with you for free. Frankly, the idea that thousands of dollars need to comply with regulations that govern billions of dollars is ridiculous.
Given the current restrictions on Bitcoin and the reality of adoption and accelerated adoption, this is the way forward, which takes us away from systems that end up being completely captured and sterilized by traditional financial institutions.
We rely on each other on Bitcoin’s current scaling limits, but on them to handle the current scaling limits.
This article is take. The views expressed are entirely the author's point of view and do not necessarily reflect the views of BTC Inc or Bitcoin Magazine.
