Bitcoin banks will happen. We already have some. We will have more. Existing Legacy banks will begin to offer services. The new banks will be founded around Bitcoin. This is completely inevitable at this point. Bitcoin does not downsize. Even in the absence of this, people appreciate other services that intrinsically require other parts. The debt is the main one.
This is an inevitable reality.
Even if we could touch our fingers and simultaneously launch each option and well -specified option proposal, it would still take a long time to start building self -aware layers that could compete with something such as credit unions and banks that offer Bitcoin Accounts in Scala. This is not a problem that can be trivially solved during the night.
So what can we do? We must embrace a localist attitude around making the interaction with your bitcoin. This requires a two -pointed approach, one that involves technical development and the other that involves, I hate saying it, lobbying.
There are already software such as Lndhub or Lnbits that allow people to offer custody accounts for lightning. We need many more software like this, and we need it miles Better. He must not imply the tinkling on the command line and the clothes of independent software or the consumption of Github to follow the manual installation instructions or fool in an attempt to correct dependencies misalignments.
It must simply work.
Click, synchronize the network, done. It must be something that users of power that are not yet very technology experts can work safely, And don’t miss other people’s money. It must support 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 on. He must support things like Unchained or Nunchuck-style Auto-Chain custody. People will not want to keep all the savings on the life of their friends and family, but keeping a recovery key to safeguard them from their mistakes is another question.
We need the software that will actually reduce this type of user interaction over a group of Nerd of online activists.
We also need a regulatory carved. There must be a clear recognition according to which to manage this type of software for friends and family with trivial quantities of money, let’s say thousands of dollars and without charging anything for this, it is an unregulated activity. Helping friends and family to interact with Bitcoin safely and easily and does not make you a bank. The idea of a few thousand dollars who need to respect the regulations that the banks that manage billions of dollars make is frankly absurd.
This is the path to follow, given the current constraints of Bitcoin and the reality of the growth and acceleration of the adoption, which brings us away from a system that in the end is completely captured and castrated by Legacy financial institutions.
Instead of depending on them to face the current Bitcoin downsizing limits, we depend on each other.
This article is a Take. The opinions expressed are entirely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.