Bitcoin banks will happen. We already have some of them. I have more of them. Existing Legacy Banks will begin offering services. The new bank will be established mainly with Bitcoin. This is completely inevitable at this point. Bitcoin does not scale. Even in their absence, people essentially value other services that require other stakeholders. Debt is the main thing.
This is an inevitable reality.
Even if you could snap your fingers and unfold all the well-specified opcodes and contract proposals at once, you could still build a self-compromising layer that can compete with things like credit unions and banks that offer Bitcoin accounts. It still takes a lot of time to start. It's not a problem that can be solved in a night.
So, what can we do? We need to accept the localist attitude regarding making your interaction with Bitcoin easier. This requires two pronged approaches. One involves technological development, and the other hates lobbying.
Snippets of software like Lndhub and LNBITS already exist, allowing people to provide lightning management accounts. We need more software like this, and we need to do it Miles Better. There's no need to tinker with the command line, connect independent software, read GitHub and follow manual installation instructions, or try to fix any dependency mismatches.
It just needs to work.
Click to sync to your network and complete. It should be something that can be safely performed by power users who are not yet very tech-savvy, And you won't lose other people's money. You need to support more than just a basic account of lightning. Ecash offers privacy. This is important when it comes to small groups who know each other. You don't want your friends to see what they spend your money on. You need to support things without chains or nunchuck style self-management. People don't want to embrace the life savings of all their friends and family, but keeping a recovery key to protect them from their own mistakes is another matter.
Beyond online activist nerds, you need software that actually scales this type of user interaction.
Also, regulatory engraving is required. You need to clearly acknowledge this type of software for friends and family, in trivial amounts, thousands of dollars and without charging anything for it, and it's an unregulated activity. Helping friends and family members communicate safely and easily with Bitcoin will not make you a bank. The idea of thousands of dollars that must adhere to regulations governing billions of dollars is frankly ridiculous.
This is, given the current constraints of Bitcoin and the reality that it will grow and accelerate adoption, and ultimately distract us from a system that will be completely captured and castrated by legacy financial institutions. It's a path to advance.
They depend on each other rather than relying on them to address the current scaling limitations of Bitcoin.
This article is a take. The opinions expressed are entirely the authors and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
