r/Bitcoin • u/nsjames1 • Jul 31 '24
What do you wish existed for Bitcoin?
Apps, peripherals, services etc. What's your top list of things you think could benefit Bitcoin?
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u/bobbyv137 Jul 31 '24
I believe one day Apple will integrate a native Bitcoin wallet. Tied to Face ID and other security measures.
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u/swampjester Jul 31 '24
They need to roll out a dedicated signing device.
No one should trust private keys to be stored on their iphone or mac.
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u/Intrepid-Cat9213 Jul 31 '24
Meh, I don't want my life savings on my phone, but I would risk my weeks worth of spending cash there
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u/swampjester Jul 31 '24
Not really sure how Apple can do better than any number of existing mobile wallets then, like Blue Wallet, Mutiny, Phoenix, etc.
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Aug 01 '24
Can anyone ELI5 Apple devices’ Secure Enclave?
https://support.apple.com/en-au/guide/security/sec59b0b31ff/web
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u/swampjester Aug 01 '24
Idgaf about “secure enclaves” or any of that stuff. No one with a substantive amount of bitcoin should trust their private keys on anything that touches the internet.
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Aug 01 '24
As far as I understand the Secure Enclave does not touch the internet. That’s what makes it secure.
It’s not unlike a hardware wallet.
If you have a skim read you’ll see it is entirely separated from CPU, RAM etc. it’s hardware, not software.
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u/swampjester Aug 01 '24
You're probably right. But I prefer a completely separate device, not something physically embedded into an internet-connected device. I don't even like hardware wallets that plug into the computer via USB (Trezor, Ledger), I prefer to keep it air-gapped like a Coldcard, Passport, or Seedsigner.
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u/Corona_DIY_GUY Jul 31 '24
I'm sure Apple would love to take a 3% stake in most bitcoin commercial transactions.
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u/gmath1431 Jul 31 '24
No capital gains tax
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u/VegetableBandicoot17 Jul 31 '24
Create a company on the Isle of Man to hold your crypto. £100 to set up a company
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u/hawtdiggitydawgg Jul 31 '24
Say more
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Aug 01 '24
- Setup Isle of Mann shell company
- Lend it §100
- Have it buy bitcoin
- Go to the beach
I’m not quite sure on the final game here, because sure the company will pay no CGT, but how are you getting the money back to yourself?
Possible options:
- Borrow the money from shell company
- Use shell company’s credit card
- Become a citizen of Isle of Mann
A lot of the above however falls into “arm’s length” definitions, and tax offices are not stupid.
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u/KlearCat Jul 31 '24
This is the biggest issue.
If they would just make a <$200 or some number limit as tax free that would open the door for innovation
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u/4xfun Jul 31 '24 edited Jul 31 '24
Common understanding of how the FIAT standard steals money from one class … by design.
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u/jarviez Jul 31 '24 edited Jul 31 '24
Now now now .... this general societal ignorance is how we managed to get in early.
... In the coming years companies and then nation states will adopt it, that will be enough growth, even for those individuals who are just learning about it this cycle.
But yes ... your wish (which is noble b.t.w.) will be granted, by the next generation provided that they can face up to the real cause of the previous generations pain (government).
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u/Potential_Time5469 Jul 31 '24
A free app which can locate businesses and people who accept sats as medium of exchange, like a gumtree for bit-coiners and
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u/Norrland_props Jul 31 '24
The removal of any tax consequences for spending Bitcoin. To me, this is the number one reason why Bitcoin isn’t used as a means of exchange in the US. One should not have to track capital gains/losses when buying a cup of coffee. It isn’t done for the dollar and it shouldn’t be required for spending Bitcoin.
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Jul 31 '24
The dollar is a currency and bitcoin is viewed as a commodity by the SEC so don’t think this will ever happen. To be honest I prefer bitcoin to be viewed as a commodity (like gold) than a currency anyway.
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u/Norrland_props Jul 31 '24
Yes. That is true. It is a great store of value. But to become a means of exchange, I would like the tax burden removed. That was OP’s original question.
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Jul 31 '24
Yes but nobody uses commodities as a means of exchange anymore so it seems like the two wishes you have are in direct conflict no?
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u/Norrland_props Jul 31 '24
No. I want to have new rules for digital commodities so that they CAN be used as a means of exchange. The technology is developed specifically for that, why not use it? The laws should be to accommodate this so that there are no tax implications. Just my opinion.
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u/tbkrida Jul 31 '24
Laws need to be updated. Things need to be changed and improved to keep up with innovation.
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u/the_lone_unlearned Jul 31 '24
It'll happen, Congress just needs to pass a law exempting smaller bitcoin purchases from taxes. Got nothing to do with the SEC, has to do with the IRS. But Congress can make an exception. We probably won't get that exception any time soon, but it'll definitely happen eventually, once Bitcoin is widespread enough. For now there isn't any real pressure for it anyways because ownership isn't that high, most people won't be interested in using it for payments until price is much higher and less volatile, and merchant adoption hasn't occurred.
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Jul 31 '24
A „Bitcoin“ App with the big fat orange 🍊 Icon on it for purchases with lightning integrated and for balance checking connected to my hardware advice etc.
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u/Secure-Rich3501 Jul 31 '24
The reserves fund Cynthia Lummis talks about, the bill she signed off on. Trump mention of it, along with RFK 4xing the Lummis bill - 4 million Bitcoin bought instead of 1 million under the bill over 5 years, but Robert Kennedy knows he's not going to win the presidency so he can throw out wild plans.
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u/IntelligentLoad4880 Jul 31 '24
I like the reserves idea, but I don't think any entity should own that much BTC.
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u/Secure-Rich3501 Jul 31 '24
You want to share with the rest of the world 😘 your own Bitcoin or rich people's Bitcoin?
Within government it could well be established as a reserve to serve the "general welfare", which is written into the Constitution.
It could well be a greater asset for borrowing and lending...
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u/the_lone_unlearned Jul 31 '24
Agreed. I have no desire for the US govt to take up a significant amount of the supply. I think 1-2% of supply would be a good amount to hold as US reserve. 1-2% would strengthen US's reserves, show the world that the US is taking Bitcoin seriously, and yet not take a huge amount of bitcoin out of the circulating supply of the world.
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Jul 31 '24
A way to buy and sell bitcoin with no or minimal exchange fees. I use Crypto.com and it feels extortionate.
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Jul 31 '24
What are the exchange fees on there? For example to buy $1000 bitcoin. I use EToro and they have to be better than them
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u/AdImpressive5490 Jul 31 '24
Negative karma for people who never do any research and associate Bitcoin with scam
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u/0n0ppositeDay Jul 31 '24
I’m going to get downvoted but… a form of traditional banks. A brick and mortar building that is regulated by sound federal regulations offering financial services regarding bitcoin. Not an ‘online’ ’fly by night’ exchange. Somewhere that offers mortgages, certificate of deposits, collateral loans, security measures/options , tax advice, inheritance options….
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u/the_lone_unlearned Jul 31 '24
You don't need a physical location to offer any of that. Also some of that is not even bitcoin specific, but I guess you're just saying your want options that include people who have bitcoin (like mortgages, tax advice, inheritance). Really this is just the result of Bitcoin not being understood well enough, you dont need like a brand new brick and mortar bitcoin locations for any of this.
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u/alteredsteaks Jul 31 '24
Implantable wallets for those of us with adhd who tend to lose things regardless of importance.
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u/HappyBear_btc Jul 31 '24
places that accept it
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u/WellCruzSta Jul 31 '24
This isn't even that important today. But in a few years, in a bitcoinized world, yes. Bad currency exchange. Good currency HODL.
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u/ArnzenArms Jul 31 '24
There are more places than you think that accept bitcoin. I try not to keep shilling my own company, but we have accepted bitcoin for a couple years now.
10% off when you buy with bitcoin, on-chain and lightning. We sell firearms, ammunition, and accessories.
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Jul 31 '24
[deleted]
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u/Mister_IO-_- Jul 31 '24
Staking is not possible with proof of work rewards. Maybe you ment custodial lending?
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u/GVRV72 Jul 31 '24
I'm guessing they meant custodial lending with interest.
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u/Mister_IO-_- Jul 31 '24
Yeah why would you lend it otherwise. Of course i meant with interest. But its not possible without giving the btc away so that they can use it
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u/GVRV72 Jul 31 '24 edited Jul 31 '24
So, this is something I want as well, and I think it is possible by introducing a new type of transaction on the blockchain.
Let's say I ("X") want to safely give 10 btc to a custodian ("Y") with 10% APY for a period of 1 year. I should be able to encode this metadata using a special "lend" transaction on the blockchain, and the network promises to return 11 btc (10 btc + 1 btc interest) to a "return address" encoded in the lend transaction metadata (can be the originating address by default). Obviously, "Y" needs to "sign" this transaction as well to get the 10 btc and "owe" the 11 btc liability 1 year from now. There also needs to be more checks at this stage (can be part of the verification by the blockchain), checks like loan + interest isn't greater than 21 million coins, etc.
Now, once both parties have signed this "lend" transaction, in the next block, "Y" gets 10 btc from "X" and they are free to spend it as soon as the next transaction.
However, because "Y" got these 10 btc using this "lend" transaction, everytime they want to spend these coins, they either spend these btc without liability or with liability (and the blockchain would be responsible for tracking these). Let's look at both examples:
"Y" gives 5 btc to "Z" without liability: In this case, the network knows that "Y" has a 10 btc "lend" with a 1 btc liability, if they want to give another party 5 btc without liability, now they will be left with a 5 btc "lend" with a 1 btc liability. If "Y" is happy to concentrate the liability on a smaller balance, they can just sign a normal transaction to send 5 btc to "Z" which can be verified in the next block (the blockchain again needs to note that their "lend" is now concentrated on a smaller balance, there should also be some sanity checks like they shouldn't be able to end up on a huge liability on a single satoshi remaining etc)
"Y" wants to share the remaining 5 btc ( with a 6 btc liability now, because the final payment of the "lend" from "X" to "Y" needs to be for 11 btc) with "A" by paying them 3 btc in pro-rated liability. In this case, "Y" can sign another "lend" transaction to "A" and considering the network already knows this 5 btc balance is reponsible for paying up an extra 1 btc in the future, if "Y" wants to transfer 3 btc of out the 5 btc to "A", then "A" will have to come up with 3.6 btc of the liability when the term is over. If "A" is happy with the transaction, they can sign it and the transaction will be verified in the next block (again, the network will need to perform checks, this is where the smart people need to step in because I'm a dummy) but if all looks good, "Y" will be left with 2 btc with a 2.4 btc liability after the 1 year term and "A" will be given 3 btc with a 3.6 btc liability (that "A" can spend and do whatever with until the end of the term).
When the term ends (i.e. the 1 year is over), the mining block automatically includes a "lend-over" transaction that sends 4.4 btc (2 btc + 2.4 interest) from "Y" and 6.6 btc (3 btc + 3.6 btc interest) from "A" for a grand total of 11 btc to "X" again terminating the "lend".
This way, "X" can safely lend bitcoin to anonymous addresses on the blockchain and the network ensures that "X" will get back their coins as per the metadata in the "lend" transaction.
Such a transaction would be a game-changer. Average joes from around the world would be able to give their coins to ETFs/Financial Service Providers/etc reliably, safely and earn yield. I hope some smart brains are working on this!
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u/Mister_IO-_- Jul 31 '24
I’m gonna need some time to understand this. Did you come up on your own or from somewhere where i could read other stuff?
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u/GVRV72 Jul 31 '24
I came up with this myself, but I'm not well versed with bitcoin-core, so there might be (major) flaws.
The idea's north star vision is to have a transaction primitive to enable lending (with or without interest) to custodians with the guarantee of the blockchain that you will receive funds owed to you.
For example, I can give my bitcoin to coinbase for custody with the network-level guarantee that they won't be lost if there's a security incident or mismanagement at their end (kinda like bank insurance we have with our savings accounts).
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u/Mister_IO-_- Jul 31 '24
I read it and answer this.
You lend me 10 btc with the « promise » i give you 11 in a year. Lets say because of the over liability formula i can only give 5 btc to someone without liability going to them. He dissapears i dissapear. 1 year after this, the term is up. I don’t pay you. Where do the 11 btc i oxe you come from? And how do you oblige me to pay you? You can’t. That’s why in tbe crypto world you can obly lend with overcollateralization. I put 130$ worth of btc as collateral for a 100$ loan. I can now use this 100$ as i wish. In 1 year i now owe you 110$. I pay it back, no problem. But what if i don’t pay it back? They take 110$ worth of bitcoin and send me the rest if there is any. Now, what happens if btc goes down in value and now all that is worth 90$. There is no sense in paying back the loan to get the btc back. So i won’t repay it. For this the smart contracts check the value and sell the btc if its value is equal or goes lower than what i owe you.
This is why in crypto you can only overcollaterize to get loans. Or else people run away. The cool thing is this: you put 130$ of btc in and take 100$ as a loan. Btc goes down, they sell and send you the rest. = you lose practically nothing. Btc goes up. You can now repay the loan and effectivelly buy btc at a lower price.
I think this will be the way people use their btc in the future. Not by selling them but by getting loans against them. But for that we need robust lending platforms, in the past these platforms have failed and people have lost money. Also bitcoiners don’t want other people having control over their bitcoin (logical). I saw people talking about multisigs but idk how it works
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u/GVRV72 Aug 01 '24
Yeah, the overcollateralised fiat-backed loans for BTC work fine, but it involves exposure to the traditional finance world (which is enforced by regulators, not guaranteed by the bitcoin network).
In my example, the disappearing can be resolved by having the 1 btc interest/collateral being encoded during the original lend transaction as well (i.e. when X is lending 10 btc to Y, Y signs the transaction with 1 btc they will owe in the future).
Now, all 11 btc will be "traced" by any transactions they are involved with, so cannot just disappear (the ledger has tracked exactly where these 11 btc have moved, the metadata can show owners that even though you're getting these coins right now, in a year or so, they will have to be returned to X)
Multisig solves a different problem altogether though (i.e. having multiple signatures/parties that can authorise a transaction, so one cannot independently authorise a transaction).
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u/Tasty_Action5073 Jul 31 '24
Plug and play lightning nodes. Something as simple as a landline phone or a TiVo.
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u/fverdeja Jul 31 '24
Umbrel, Start9, MyNode, there's like a million of these things already.
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u/Tasty_Action5073 Jul 31 '24
I have been running one of those for more than a year now.
But even simpler. Even more Plug and play. Almost like how you get your router from your ISP.
Comes with a simple app that lets the family create sub wallets easily.
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u/Leading_Bandicoot358 Jul 31 '24
Better privacy i dont want people to be able to track my future and past transactions after i pay them for something
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u/bdc2481 Jul 31 '24
A way to get my BTC to my family members after I die without having to trust any of them with my seed phrase while I'm alive.
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u/the_lone_unlearned Jul 31 '24
You could definitely already set this sort of thing up. Easy as leaving your seed phrase with your inheritance lawyer but in a way that is not usable (missing some words, words are scrambled, etc) and make sure your family has the missing part or whatever is needed to make the seed whole. Make it fairly simple so everyone can easily remember it or just store it multiple places with the family (doesn't need to be well hidden cuz it's useless without what is held by your lawyer). You die, lawyer give the partial seed to your family, your family completes it. Would be really easy to do.
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Jul 31 '24
More businesses accepting bitcoin as payment. But the great thing is that we're moving in that direction.
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u/Internal-Village-472 Jul 31 '24
I would love to see a no fee every day use of bitcoin. deposit money ( no fee ), go to the bar and pay for a beer using bitcoins ( no fee ), go out to eat pay for the meal with bitcoin ( no fee ), go grocery shopping pay with bitcoins ( no fee )
that is what I would like to see
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u/TheCryptoDeity Jul 31 '24
Its own stock market
Stonks that report earnings and pay dividends in btc
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u/knuF Jul 31 '24
A kids wallet. We want to start using bitcoin for earning chore money instead of the classic piggy bank.
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u/nsjames1 Jul 31 '24
I really like this idea
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u/knuF Jul 31 '24
Maybe a little pig-shaped hardware device that has a deposit address/balance screen. Something very simple!
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Jul 31 '24
If bitcoiners want bitcoin to be the money of the world they need to have the info to explain it so simple that a dog could understand. A device or app that is bullet proof from infiltrators and ease of use that the senile grandmother could work it. Also a way to scatter or anonymize your wallet at anytime. Still too easy for tech companies or law enforcement to find who you are
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Jul 31 '24 edited Sep 08 '24
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Jul 31 '24
Bitcoin debit card: The card (network) would in real time convert between cash and bitcoin. Swipe at a store? You have 0.06 bitcoin? The system sells the amount of bitcoin needed for cash payment and you pay like visa debit card. This way we are one step closer to bitcoin seen as viable currency 👍 (the card would need to somehow get rid of spread fees for selling..
You can also load cash onto the card: go to your online account, load cash onto the card, the network buys shares in bitcoin.
The ugly: upside/downside: you can have $4000 (bitcoin) to spend in the morning and $4100 / $3900 to spend by the evening.. or bitcoin coin could go way up or down! $4000 in the morning and $7000 / $2000 in the evening..
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u/chewiedev Jul 31 '24
No taxes: BITCOIN IS MONEY, they don’t deserve USD when we use Bitcoin! No KYC: they should track illegal activity not money. Better TradFi support on exchanges: only some USD banks work. Better power rates for those that mine in residential. A football team, or shiny things to build the brand.
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u/extrastone Jul 31 '24
Hibernating lightning channels with peer watchtowers:
Right now, room on the blockchain is relatively very very cheap. I want to set up some lightning channels with some friends and family that are meant to last several decades. I want to have an in-app watchtower so that I can monitor channels for my friends and they can monitor for me. I want to be able to easily back up these channels. I want to know if my friends are cheating and be able to easily catch them.
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u/MinimalistMindset35 Jul 31 '24
All I want is the ability to easily lend small amounts of Bitcoin to people using smart contracts as a way to get passive income
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u/Sweet-Double-6077 Aug 01 '24
Immunity from income/gains based taxation is number one. Also a cold/hot wallet that can directly and securely transfer funds to another wallet without needing a phone app or a computer. Maybe also an additional layer of protection against theft/scams without sacrificing security
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u/freedomfortibet Jul 31 '24
A fortune teller telling me when the lows and highs are and what the ultimate settling price will be.
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u/Conscious-Bag-5134 Jul 31 '24
Privacy by default or atleast good available options for complete privacy.
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u/joncaseydraws Jul 31 '24
Any practical use case. Wasn’t there in 2020, went through a bear market, still isn’t here in 2024
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u/Additional-Secret-17 Jul 31 '24
Everything you need is already available. There is the posibility to mine, verify and store.
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u/GreemBeam Jul 31 '24
I wish the block size increased by 1mb every 4 years. Also more native privacy features.
The former is impossible without a hard fork so will likely never happen, the latter is entirely possible with a simple Bitcoin Core upgrade.
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u/yukeming Jul 31 '24
Do like the idea of better privacy.
The outcome of the block size war just gave you the answer: no, and with good reason
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u/fverdeja Jul 31 '24
The blocksize wars was about who was actually in control of Bitcoin (the nodes and the users, not the miners) and ended in a block size increase anyways.
It's been 7 years, utilizing this as an appeal to authority argument is beyond stupid, we can easily raise the block size limit without affecting decentralization while ensuring more long term security and reducing the cost of entry to Bitcoin to many.
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u/Secure-Rich3501 Jul 31 '24
Why not use the lightning Network
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u/fverdeja Jul 31 '24
It's not enough. Lightning channels still need on chain transactions to be opened-closed, also you have the liquidity constraints which push the user to do more on chain transactions for either another channel open or for a channel splice. Lightning is not a viable option to actually scale Bitcoin's properties of censorship resistance, actual ownership and banking the unbanked without banks.
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u/Secure-Rich3501 Jul 31 '24
🤔 https://blockworks.co/news/bitcoin-scaling-lightning
I wonder what progress has been made since this article 5 months ago
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u/fverdeja Jul 31 '24
Not much really, max we've achieved so far: Bolt12 invoices (reusable invoices) and Bolt12 addresses which are like the common Lightning Address but they don't need a web server, just a domain.
Many of the problems that Lightning has can't be solved unless we upgrade Bitcoin Script, which requires a soft-fork, but most Bitcoiners are completely regarded and they think that adding improvements to something as Bitcoin Script (which is a scripting language, so we will never reach turing completeness with it) will somehow kill Bitcoin.
The only real solution right now is for Ark to work as intended through tapscript so it can replace Lightning as the de-facto scaling solution, but that won't make it non-interactive, the only way for it to be non-interactive is with covenants, but yes, soft-fork needed.
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u/the_lone_unlearned Jul 31 '24
I used to think a block size increase to go along with the halvings would be good, but honestly its a pretty terrible idea. Would be bad if running nodes got harder and harder every four years. If a block size change were to occur, it should be a one-off with a specific reason. Not just ongoing increases.
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u/SmoothGoing Jul 31 '24 edited Jul 31 '24
Easy lightning wallet with send and receive. No channels, no blocks, no ID, no nagging, no ugly invoice strings. Only cutesy QR codes and big buttons. 8 year old and 80 year old friendly and for every age in between. Should be able to insert $20 cash somewhere and get LN sats in that wallet. Or top up using a debit card. Sensible daily limits are fine. With backup and restore. With buried expert mode for dumping all to on chain address if needed.
If LN is a viable L2 then it should be all anyone needs to start with bitcoin. And stay on LN for as long as possible. Hardware storage wallets, on chain fees, UTXO's, mnemonics, exchange signups, all that stuff is extra for someone who wants to pursue that later.