During the scaling debate, a part of the community hijacked Bitcoin, undermined consensus, and has for the time being absolute control in the decision-making process.
So it was decided without consensus to proceed with no development and no scaling solution but to develop a layer-2 network on top of Bitcoin's blockchain. This is the "Lightning Network". It is supposed to be a system that improves speed ("lightning-fast") and reduces fees making it possible for Bitcoin to achieve wider adoption and acceptance by the general public as a method of purchasing and transacting.
It is already five to six years since Lightning Network started developing. The results are disappointing, development is still unfinished and there is just no adoption at all.
Of course, nobody wants to use incomplete and financially dangerous software that could be responsible for loss of funds. LN has still not fully developed and as I see it it will never be complete.
Six years later, let's take a look at the experience when using the Lightning Network. This is a long series of tweets from Eric Wall. I didn't post everything, but you can read all of them here.
Ok. I think this is enough. There are 20 more tweets giving a clear picture of what a terrible experience the Lightning Network is. Eric Wall is not just some new investor that has no idea what is going on. He is a software engineer and obviously, he understands how to use the LN and LN wallets correctly. Imagine what impression is Lightning Network making to simple users that just want to use digital wallets, cryptocurrencies and think that Bitcoin is just that.
This is the current state of the Lightning Network. It can take up to hours for an expert in computers and software to successfully proceed with one single payment.
If anyone thinks that this kind of software will bring adoption for BTC then I'd really like to read this argument in the comments below. BTC has abandoned this ship five years ago when it refused to scale.
In this video is another good example of why Bitcoin Cash is a better option from BTC or the Lightning Network, as explained by Roger Ver.
Free and cheap was what Bitcoin was about in the beginning, however it was obvious that it wasn't possible to scale. The internet revolution required a coin and Bitcoin was supposed to be the digital currency of the future. But 12 years later it is just a shadow of these expectations. It is only some kind of asset that is used to speculate or pump and dump and has lost all importance it had.
Since 2017 it is proven that Bitcoin Cash is the heir to the throne. Bitcoin Cash was forked out of the BTC dominant chain and was even closer to becoming dominant as the hash rate was at time equal between the two competing chains.
Bitcoin Cash is backed by the intelligent part of Bitcoin, while BTC is hijacked by Blockstream and backed by cunning individuals into losing every positive attribute it had.
After searching deeper anyone will conclude that Bitcoin Cash is the continuation of Bitcoin and the Satoshi vision for decentralized digital cash. Bitcoin Cash is the only Bitcoin that can achieve retail adoption.
BTC is nowadays just a game for funds and a very high-risk asset that has nothing to do with the term money and very little as a hedge to anything. It is just whatever some marketing team paid by Pompliano will think it is. And how much this will be promoted as such on Twitter. Bitcoin Core is nothing else but just a narrative. It is old tech, and the only thing that drives it is the bag holders and marketing memes. BTC is worse than Dogecoin and even Elon Musk already acknowledges this.
Sadly all these voices of reason were silenced by Blockstream and many Bitcoin developers were forced to abandon their posts, and left disgusted by Blockstream's hostile takeover of Bitcoin and the occupation of the community.
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Hey man, Again, agree with those points, but you should refrain from saying Satoshi Vision often or the Bitcoin SV gang will start chanting we may be the true Bitcoin, but their founder is the real Satoshi Nakamoto. Cheers!