Beware, Bitcoin is losing the digital money race
‘Bitcoin is money’ narrative is dying, here’s why
Bitcoin was conceived as money
Bitcoin, back when it was created in 2009, was conceived as a permissionless, peer-to-peer decentralized network. That is, a distributed network that lets anyone, anywhere, send a transaction to another person, at any point in the world, with no intermediaries, and no political, national, or geographical boundaries; just with the power of the internet.
In other words, Bitcoin was conceived as a digital currency.
Many years afterward, that narrative looks as dead as they get. Bitcoin scalability capabilities are, at the very least, debatable, as it is only capable of executing, at best, 7 transactions per second, in comparison with the 24,000 that VISA claims to be capable of.
The Lightning Network comes to the rescue… allegedly
Some will say you have the Lightning Network, an L2 on the Bitcoin network that is far more scalable and performant. L2s take a considerable portion of the transactions off the main chain, execute them separately and broadcast the result of that execution back, speeding the overall validation process while allegedly benefiting from the main…
