The custodial path is the wrong way.
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One of Bitcoin’s strengths lies in the certainty of controlling one’s own funds, with no possibility for others to access them unless they possess the private keys to do so.
During the Blocksize Wars, two distinct factions emerged, represented by equally distinct chains. After the recent end of the Faketoshi saga, only Bitcoin and Bitcoin Cash remain from all the noise of those years.
At first glance, it seems that the first faction, Bitcoin, has chosen the long-term path—one where the base layer cannot scale and must ossify to remain secure and decentralized. Meanwhile, the second faction, Bitcoin Cash, has opted for a shorter route—a path where the base layer can scale and adapt more easily, allowing immediate use by all users
In my view, neither of these choices can be definitively labeled as long-term or short-term. If we examine the details closely, developing suitable subsequent layers takes time, but building mass adoption on the base layer requires just as much effort.
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I have one certainty: the custodial path is the wrong way, and turning a blind eye could prove fatal.
Currently, on-chain transactions with Bitcoin are still feasible for moderate amounts, but they are prohibitive for smaller sums. Mathematically, fees are destined to increase. Following this trajectory, it’s logical to assume that in the future, we will conduct most transactions on subsequent layers while keeping savings on-chain. Alternatively, we might transform the current system into a slower one, where instead of buying a low-quality pair of jeans each month, to avoid fees we opt for a high-quality pair once a year. However, taking the path of layers 2, 3, and beyond would be in vain.
It’s crucial not to let these subsequent layers become mere copies of the current system. Lightning Network is an excellent system, but I cannot truly claim to always possess my funds. Doing so would be far from simple, and I end up relying on someone else. Liquid is cost-effective, and I hold my private keys, but the system is controlled by a few companies. Bitcoin Cash scales, and I have my private keys; I don’t need to trust anyone. However, the mining incentive and fees are near to negligible, making the network vulnerable to attacks.
Make no mistake, Bitcoin works. It is the greatest revolutionary act of the century—a tool that will serve humanity’s evolution. However, we must have vision, think about the future and the next generations. Let’s pause for a moment and take the truly challenging path, perhaps the best but the longest, to make the system entirely uncensorable.
Don’t assume that the solutions we have today are definitive. The upgrade to Bitcoin’s source code that will lead to its victory is yet to come, and it will happen gradually, with total consensus. No, no altcoin will bring about this revolution. Bitcoin’s functionality makes it the only usable tool to achieve our purpose.
