My thoughts on the concept that Bitcoin reigns supreme as the ultimate form of money.
Amid a busy period and some soul-searching, I've refrained from writing for a while. My hesitation stemmed from a newfound contemplation regarding my stance on Bitcoin Cash. Quite some time back, I initiated a Lightning Network channel on my mobile phone to reengage with Bitcoin and run tests to validate my hypotheses about the superior version of Bitcoin.
Enter the Blixt Wallet, a Lightning Network wallet prioritizing self-custody over custodianship, offering impressive features such as Taproot and Dunder servers.
In the past, establishing a channel with Blixt required at least two Bitcoin transactions. However, the integration of the Dunder server feature has significantly reduced this to just one transaction. Presently, only the Blixt node supports this feature, but I foresee its adoption by more Lightning Network nodes as additional services come on board, following the example set by Binance.
To put my theories to the test, I conducted a 77,000 satoshis transaction using my preferred custodian, the Chivo Wallet. This choice is rooted in its efficiency in converting fiat to Bitcoin rapidly. Consequently, I successfully opened a Lightning Network channel for 400,000 satoshis with just a single LN invoice. The process involved loading $20 into my Chivo account and culminated in the creation of an LN node with a balance of sats.
Anticipating the future, I foresee potential challenges when layer one transaction fees surpass my channel capacity, currently set at $100. If Bitcoin's value were to skyrocket to $100,000.00 and transaction fees amounted to $100 per transaction, my channel would still hold 0.003BTC for both sending and receiving. It's worth noting that a 0.004BTC channel might suffice, considering a hypothetical scenario where 7 billion individuals use Bitcoin. This amount could be viewed as a reasonable average for each person.
Acknowledging that ReadCash primarily revolves around the Bitcoin Cash community, I acknowledge the potential resistance to my perspective favoring Bitcoin Core. However, my intent is merely to share my insights and discoveries, not to provide investment advice. Each individual should make decisions based on what aligns with their circumstances and preferences. In the spirit of Roger Ver's philosophy, I suggest utilizing both Bitcoin and Bitcoin Cash, evaluating their merits, and embracing what best suits your needs and circumstances.
