There are ways to make Bitcoin work as a payment system, even if it's for micro payments like for a cup of coffee, but in all reality, it's still a tool for the rich when it comes to their purchasing power.
There are also plans to try to bring Bitcoin back to its original purpose, with the Lightning network being tested in certain situations. It is expected that the Lightning network can reduce exorbitant transaction fees and cut waiting times to an acceptable level.
The way in which Bitcoin has grown has reduced its scale. This, linked to the influx of users on the network, led to a delay which, in turn, means slow and expensive transactions. Little ideal for a coin.
Currently the speed of transactions is only for those who offer the highest rates, someone who wants to transfer $ 1 million can easily afford to offer $ 20, but someone who wants to buy a pizza probably can not.
That's why Bitcoin is still growing as a payment method for things like art, luxury cars and real estate. Generating a little elitism and inequality, something very against the mantra of Bitcoin.
Other options?
So if you really want to leave the fiduciary coins behind and free yourself with Bitcoin as a working currency?
There are a few ways, using large exchanges and the best-known wallets. For example, Coinbase users can make Bitcoin payments to each other instantly, through their own coinbase systems, without the cost or delay of transmission to Blockchain.
This again, however, is not really the "soul" of Bitcoin, as it will limit users to rely on a centralized entity to secure their payments, ignoring Blockchain, which is designed to be that decentralized technology that frees people from such control.
The Lightning Network
But there's a light at the end of the tunnel, the Lightning net.
The idea behind this update on the network would allow micro-payments to be opened between two parties as a payment channel, which is registered at Blockchain. This channel allows a user to make as many transactions over that channel as they wish, in a predetermined time. These transactions are not placed directly into Blockchain, but will be verified as soon as the channel is closed.
Lightning can be the salvation for Bitcoin because it could keep its monumental power as a store of value while it can double its use effectively.
Tags: #cryptocurrency #bitcoin #money #lightningnetwork #blockchain