NEWSLETTER
bitcoin Banks will happen. We already have some of them. We will have more of them. Existing inherited banks will begin offering services. The new banks will be founded around bitcoin. This is completely inevitable at this point. bitcoin no scale. Even in the absence of that, people value other services that inherently require other parts. Debt is the main one.
This is an unavoidable reality.
Even if we could break our fingers and launch all OPCODE and Covenant proposals well specified at the same time, it would still take a long time to build self -odial layers that could compete with something like credit cooperatives and banks that offer bitcoin accounts at scale. That is not a problem that can be solved trivially during the night.
So what can we do? We need to adopt a localist attitude around facilitating interaction with your bitcoin. This requires a two -pointed approach, one that involves technical development and the other that involves, I hate to say it, lobby.
There are already software pieces such as LNDHUB or LNBits that allow people to offer custody accounts for rays. We need much more software like this, and we need to be miles better. You should not involve playing on the command line and connecting independent software, or reading Github to follow the manual installation instructions, or touches trying to fix units.
You just need to work.
Click, synchronize the network, ready. It must be something that advanced users who are not yet very expert in technology can run safely, and not lose other people's money. You need to admit more than basic accounts for lightning. Ecash offers privacy, which would be something important when it comes to small groups of people who know each other. You don't want your friend to see what you spend your money. You need to support things such as the self -sufficient Unchained or Nunchuck style style. People will not want to have all the life savings of their friends and family, but maintaining a recovery key to safeguard them from their own mistakes is another matter.
We need the software that will really climb this type of user interaction beyond a lot of NERDs online activists.
We also need a regulatory size. There must be a clear recognition that executing this type of software for friends and family with trivial amounts of money, for example, thousands of dollars and without charging anything for it, it is an unregulated activity. Help friends and family to interact with bitcoin safely and easily, and for free, does not make it a bank. The idea of a few thousand dollars that need to comply with the regulations that banks that administer billions of dollars make is frankly absurd.
This is the way to continue given the current limitations of bitcoin, and the reality of growing and accelerating adoption, which leads us far from a system that is finally captured and castrated by inherited financial institutions.
Instead of relying on them to treat the current bitcoin's limitations, we depend on each other.
This article is a Carry. The opinions expressed are completely from the author and do not necessarily reflect those of btc INC or bitcoin magazine.
