One of many mantras I hear repeatedly on this neighborhood is “not your keys not your cash”, outlining the significance of self custody. On this regard, is it truly reasonable for majority of individuals to self custody their bitcoin on a blockchain that solely helps ~ 7 * 60 * 60 * 24 * 365 ~= 221M tx/12 months? Would not this imply if 1B individuals wished to carry their very own funds it could require a minimum of 4 years? – this isn’t even together with different miscellaneous transactions.
Lightning looks like a promising layered answer, and I very a lot agree with this design. However, my understanding is that one of many fail safes to dangerous actors on the lightning community requires you to open and shut channels every consuming a transaction on the primary blockchain. Whereas transactions inside the lightning community are designed to be infinitely scalable, it would not appear to be the case when that you must often write to most important blockchain. Is it possible/safe for somebody to custody bitcoin solely on the lightning community?
Given these parameters, how reasonable do you assume it’s for bitcoin to essentially grow to be a worldwide cash? Did I make any incorrect assumptions? Please enlighten.
