Although many remain extremely bullish on Bitcoin, which is still considered the top cryptocurrency of today, a certain crypto whale might have different opinions. Mr. Whale reminded the public that Bitcoin is actually only capable of handling 600,000 transactions a day.
Bitcoin Transaction Capacity
Mr. Whale tweeted out that Bitcoin is only capable of handling 600,000 transactions a day, and for credit cards alone, it was estimated that there are currently 1.5 billion transactions per day. Mr. Whale then noted that the inability for Bitcoin to scale is just one of the many reasons why it can't be considered "the one."
This particular tweet was not well received by all as one account @bvalikarimwala questioned the account's understanding of Bitcoin. The response to Mr. Whale's tweet questioned if the account understood anything about Bitcoin.
Mr. Whale on Bitcoin
The response noted that Bitcoin was never actually meant to be a payment currency but rather a scarce resource that was meant to store value. The response then questioned if Mr. Whale saw any good in Bitcoin. Mr. Whale also previously stated that the account will only buy BTC once its price goes below the $10K price point.
Mr. Whale then simply replied with a screenshot to the official Bitcoin whitepaper abstract. Mr. Whale then pointed out that the first sentence itself actually states that Bitcoin is to be used for payments and pointed out that since the commenter did not know that, the attempt was just to brand it as an "inflation hedge" and "store of value" which Mr. Whale then stated it was "evidently not."
Could Lightning be a Solution?
Another commenter joined the discussion, @CryptoShill16, noting that it was, however, made to be a certain way to make payments without the need of a third party. It was said to not scale, but then that was what Lightning is for (hopefully). It was still noted that there is no mention of it being a replacement for the system that is being used as of current.
Mr. Whale then clarified that Lightning is actually a centralized third party and that Bitcoin's founder, Satoshi, would definitely 100% not approve of that particular network. Mr. Whale then pointed out that Lightning is everything that Satoshi feared would happen. As of the moment, ADA is gaining even more attention, with Cardano climbing to #4 on the CoinGecko list.
Is Bitcoin Lightning Network Harmful?
CryptoShill16 then acknowledged that the account had not thought of it that particular way but questioned if it was really centralized. It was noted that the channel is still between two parties, and CryptoShill16 then questioned if the third party is actually the holder of the record of the channel.
Mr. Whale then shared a Medium article that the account wrote explaining why the whole LN narrative is something that Satoshi fears. According to the article, the Bitcoin Lightning Network is not just an actual "failure" but also a deceitful trap that directly goes against what Satoshi Nakamoto was able to build with the whole Bitcoin Network.
Related Article: Cardano Price Prediction | Will This Crypto Asset be as Big as Ethereum and Can It Beat Ethereum 2.0?
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Written by Urian B.
