Bitcoin Usable Now? Game Changer/Bch/Btm

—as well, you probably heard me talk about the word invoice a few times in this video. So with Lightning, you can't directly send to an address. You actually must request an invoice from that person, and that actually allows pretty much the nodes to link up. So that's a requirement. You can't directly just say, oh yeah, let me send to this Bitcoin address. It just doesn't work like that, but rather you must request a payment invoice that expires in 1 hour. So you can actually see that this works a lot better for, say, retail shops. Say you buy coffee, you can see a QR code pop up and you can pay it. And the second drawback of Lightning is that if you really want to run a full node, if you really want to keep, you know, your funds safe, which is the case that I do, then you will have to have right now a little bit more expertise. And finally, sometimes the network capacity doesn't work, so I've tested it myself.

Hey you, welcome back to the channel, guys. I hope you're having a good Friday afternoon as we go into the weekend, and I hope you have a fantastic one. Um, so, uh, this is a clip from the Box Mining channel. I'm going to leave a link in the description to the full video. Um, I don't want to get in trouble for using some of their video here, but I wanted you all to try to get an understanding of Bitcoin Lightning as we discuss what the future is going to be like with Bitcoin Lightning. Is it going to— is it making our Bitcoin usable? Is it going to be the solution? And Box Mining, in this video, he has talked about in that particular part of the video some of the drawbacks of Bitcoin Lightning, but he also says a lot of great things about Bitcoin, the Bitcoin Lightning Network, that shows you that there is potential that one day it may be be this very usable network, right, to help Bitcoin. But let's talk about some of the problems of that, what we got, what we can expect, and some of the information that's been going around on Bitcoin Lightning, what our concerns are, and what our solutions are. So, you know, it's been talked about a lot. One video that's been going around quite a bit probably some people have seen on the Bitcoin Cash channel, Roger Ver speaking of many of the shortcomings of the Lightning Network, saying that it basically doesn't work. Speaking of the custodial account being the method at which this is, you know, really working and not a true wallet. Kind of like a little bit what Box of Mining was touching on here. He was speaking about running your own nodes and that that may require some technical know-how to do that. And of course that being kind of a problem to normal people who you want to mass adopt into cryptocurrency. So let's talk a little bit about that today and see what we got. So Bitcoin Cash, looking at the interview, some may go to the, as they did, go to the conclusion that, well, you know, Bitcoin Cash is afraid that Bitcoin Lightning means they're in, you know, as many payment cryptocurrencies. A few facts we know so far is that Lightning can work on any, or many other cryptocurrencies, right? Besides Bitcoin. The issue though being that if you can get Bitcoin to go faster, it being the biggest branded, most secure network, What need would you have with the rest of them? So that obviously is gonna present some issues and problems to cryptocurrencies that are payment, that are payment solutions, right? Over the cryptocurrency space. And so many of them are, they're next on the chopping block now. They could be threatened to become obsolete. And so if you have quite a bit of funds in your, you're holding bags in these tokens, You got two choices, either you defend it or it's time to get out of Dodge. And that's gonna be up to the information that's gathered and where people go from there. But what it seems is happening with the Lightning Network so far is they are creating these custodial accounts that as Roger Ver says, aren't true wallets, right? That he believes that's kind of a scam or fraud for them to say that, that they aren't true wallets, that they're just, custodial accounts where you're trusting someone else to hold your money in which they can run off with your money, right? To a certain degree, if you're not running your own nodes, right? Through these payment channels that they set up. And so that's why it's important that a lot of people run their own nodes, but then they have to be pretty technical to run a node, right? So, uh, a lot of the conversation as well is, well, then this kind of feels like it's very, uh, it's not very trustless. It's got this kind of centralized, uh, feel to it, and that it might be a great solution to, to retail, um, uh, you know, uh, the retail market, but not to, uh, and vendors, but not to not to the common user, right? Another issue that came up a lot with Bitcoin Lightning Network or Lightning Network in general was that, uh, although the funds are sent over fast, they aren't available to be withdrawn, right? And that kind of, you know, destroys the point of them. And the fees can be so high that the small amounts you send, it may not even be covered by the fees throughout the networks that are available. And so that, you know, makes it a lot of, you know, very much impractical, you know. So listening at a lot of the both sides of it, I did a little research and I want to hear the good parts of the Lightning Network and then I wanted to compare them with what's, you know, what the cons are to it, right? But what is clear and everybody pretty much agrees on is this is still in beta testing. It hasn't worked out all the kinks yet. They've been working on it for 5 years. Bitcoin's been in existence for 10 years. So this is still not really fully usable technology, right? It's still very experimental. So maybe not time to, um, you know, uh, say that, uh, you know, we're here with this yet, but it is showing potential that perhaps in the future, uh, it will be something If it can get past the technical issues and get past the developmental and design and user friendliness of the use of it. You know, many are, you know, as I say in many of my videos, I go back to some of the sayings of Steve Jobs who says you have to go to the user experience. And many complaints are that this is not really user-friendly at all. And even if it is, some of the custodial accounts that are being used are more user-friendly, then it still is not truly, you know, your funds, right? It's being held by someone else in a custodial capacity, not the true Bitcoin not the true idea behind what Bitcoin was meant to be, right? And that's a big concern for many people in the space. Now, interesting enough, a lot of the attacks are coming from the Bitcoin Cash camp. And at first glance, looking at Bitcoin Cash in the very beginning, I kind of was a little bit confused by Bitcoin Cash. Like many people in the cryptocurrency space, I went, well, this is some kind of Bitcoin fork. It's trying to replace Bitcoin, but it's not Bitcoin. It's— the network's not as good as Bitcoin's network. But not only myself, but quite a few people now are starting to rethink Bitcoin Cash. So, so let's, let's take it apart a little bit. I know a lot of people don't like Roger Ver and Bitcoin Cash, but I have to say that some of the stuff Roger Ver says does make sense, and let me explain. Part of the issue is that, um, you know, you— when you're utilizing something, as Bitcoin has become this idea of a store of value, but that's kind of like getting to the end of a zero-sum game a little bit, isn't it? Unless they can implement Lightning into this properly and make it usable, uh, this doesn't really bull will does it, if we're honest about it. The fact you can't really use Bitcoin, but there are other products that you can use better than Bitcoin. Not only that, but coupled with the fact that Lightning Network exists for many other cryptocurrencies, right? But I do support the argument that if, if Bitcoin can move as fast and efficient and as user-friendly as the other cryptocurrencies, As far as a payment solution, Bitcoin would make them obsolete because it has the security of the network and it has the, the, the, uh, the user, the usership, right? It has all the transactions and it's the biggest cryptocurrency. So that part would, in my opinion, make all these other cryptocurrencies, uh, obsolete. However, it's not working out that way. What we're seeing is we're seeing a great deal of complexities that have to be overcome in Bitcoin that's being overcome with other cryptocurrencies. Going back to Bitcoin Cash, Bitcoin Cash is now rolling out a more user-friendly wallet because their focus is in the right direction, in my opinion. They're going back to the user experience. They keep going back to the user experience. And as I was saying, as I start using Bitcoin Cash a little bit more, I actually found that I use Bitcoin Cash. I use Bitcoin Cash probably more than any other cryptocurrency as far as having to really use it to really, you know, for a real purpose. And that's what Bitcoin Cash, oddly enough, I've never really been a Bitcoin Cash supporter or fan, but there's just basic demands that fall into Bitcoin Cash being this efficient money, right? Now Litecoin can kind of rank in the same idea, but there's other products with Bitcoin Cash that work better for me and my particular lifestyle, what I'm doing with cryptocurrency. But I could also see where maybe like Litecoin as well could, you know, be in that capacity. Litecoin, um, uh, so between those two I could see a really good use over the Lightning Network to a great degree. right? Um, at this stage in the game. So is that it? Are there no better solutions? So what I want to do now is I want to talk about my project that I've been talking about on this channel for a while now, hoping that people will understand it and start to adopt it and see the big, uh, advantages to using the Bitcoin Wave Network that kind of solves many of these issues. Now, the only problem that it doesn't technically solve well is a lot of people say, well, what about the privacy? The, the privacy of it, because to protect us against the, the double spin, uh, in order to move your Bitcoin value, um, it's represented value. We do it through the Bitcoin Wave Network. We use social media verification keys, which means you do have to expose some of your social media accounts, right, to verify that it is you, that you are a unique user to your account through our network. And some people will say, well, that kind of violates privacy. Why should we have to give out this information? But I want to, I want to ask a few questions about that, and I want to talk about the pros and cons of Bitcoin and the Bitcoin Wave Network in comparison to Bit to Lightning Network and the, the other, even Bitcoin Cash and even Litecoin. And I want to show you all why this, in my opinion, I feel is a much better solution and one we should pay much more attention to and try it risk-free. Because doing many other projects, if you're trying to run your own node, that's going to take a lot of time and education. It's going to take money, uh, to do all of these things. And we can— you can try this network now absolutely free, even with transaction fees free, right? And that's why you should try it. But anyway, let's talk about privacy a little bit, as I have to admit that's one of the weakest areas of the network, right? So a lot of people are saying that, um, They want the speed, they want privacy, right? But there's an old philosopher, a proverb who speaks about the needs of people and the wants of people not being so much in their words, but being in their actions and what they do, right? So if privacy is such a huge concern in cryptocurrency, then why isn't Monero a much more highly ranked token? Why are people still using these networks? And, you know, they don't seem that concerned about privacy. There are many opportunities for privacy. It's also very interesting if we look at how many people use Facebook, for example. There, over the last 10 years or longer, There have been social networks that are private social networks, um, and, uh, people have had this option to them before cryptocurrency even came on the scene, and they have, uh, still use Facebook. They still stay on Facebook, and there isn't a great adoption or a great use of people moving over to these private social networks, right? Same thing in cryptocurrency, uh, they talk about the privacy, but we know that Bitcoin can be tracked. It's not a privacy coin, and that if you truly want privacy, you would take these steps to be involved in cryptocurrencies that provide that. Obviously Bitcoin does not. So why are people still using Bitcoin and Facebook if they're so concerned about their privacy? Why are they still on Facebook? And I say all of that to say this, that— and don't misunderstand what I'm saying here, I'm not saying privacy is not important. Uh, it's obviously it is, and depending on where you're at in the globe, it's going to be even of a higher level of importance, right? Depending on type of world you live in, the type of government you're under, uh, it's going to be a very, very much needed thing for your privacy, right? But again, the actions of the people kind of show otherwise in the idea of how they— where the value of privacy goes. Another thing is If we're all doing these private transactions, right, is that really what people want? Do we really want a world where you don't know who the person is you're doing business with? You know, I mean, is that really the idea behind this? Or, you know, do we want a world where we can't catch and track certain individuals and their money trails? I understand all the arguments, and I understand the need for privacy to a great degree. I'm not debating that, but what I'm asking you is where does it rank on the list of priorities there? Because the actions of the society in the cryptocurrency space doesn't show privacy ranking quite as high as that. But what it does seem to show is that use of the usefulness of a cryptocurrency to be able to send money all around the world, kind of making it back, taking it back to this kind of transactional money or money transaction system 'Cause it's much more efficient, it's cheaper, it makes more sense, it's faster, you know, in some cases. So you don't wanna, you know, it's a great need for why you would want something like that. But when you couple that with privacy and just the idea of, you know, another thing is, you know, with all this privacy, you know, I guess what I'm getting at here is most citizens are law-abiding people who pay their taxes. The only people who really need a complete cloak of privacy in my mind's eye would be people who in some cases are either victims of their government and they need to hide, or they are the victimizers to the government and to society and they want to pursue some kind of criminal activity or hide money hide, not pay taxes, and a variety of things like that. I'm not, I'm not, I'm not overgeneralizing it to just that, but overall, from what I'm seeing and how people are reacting and using, this is what I see with privacy. And again, if we are pushing privacy to the utmost forefront, then we should have more of the privacy coins in the top 10. You know, we should have more privacy coins moving, uh, further up You know, the opposite is actually kind of happening. More cryptocurrencies are going more to KYC compliance, more are being integrated more into the state and local governments and a variety of things. So it doesn't seem to me like the idea of putting that in there to create more of these technological challenges to useful products Um, is, uh, you know, it doesn't seem like from society is coming out as a major concern. That's, that's all I'm saying. I'm not saying that we should be taken out, but it just doesn't seem to all fit together. Now, uh, with our project, we do do the social media verification keys, Bitcoin MYK, which I think presents a much better solution to than many of these other, uh, Lightning Network especially. But also other cryptocurrencies, uh, in forks. Because the problem with forks is once a fork happens, um, as I was speaking with a developer, what generally happens is they do become, uh, their own token, right? And so it's no longer part of Bitcoin. But what we're proposing with BitcoinMYK is that as long as you mine Bitcoin and you buy Bitcoin on our comparable ledgers, you generate more Bitcoin MYK. And that's a big difference. That's a huge, huge difference. And it handles the scaling issues because it uses a version of proof of stake and proof of work, and it moves at high speeds, right? Um, it's also very user-friendly and the transactions are free. So for me, for us, that's a no-brainer why you should use Bitcoin MYK out of these other coins because they are their own coins. And some people might say, well, so is BitcoinNYK. It's still basically its own token. And you're right, you're right to a great degree. However, this is its own token, but that follows the Bitcoin ledger like a mirror. So in other words, you can look at your position on Bitcoin and you can look at your position on the BitcoinNYK ledger, and you should at any time be able to generate the same amount of Bitcoin through either mining or buying Bitcoin that you do, uh, with BitcoinNYK, right? You only need to claim it, uh, and we're able to, uh, basically distribute to you the proper amount of BitcoinNYK. And I think solutions like this is going to make more sense in the future. The problem with Lightning Network is just too complicated, right, for the average user, uh, and that's not going to inspire mass adoption. You to really solve these issues, you need both, not just one thing. You need the speed and scalability issue solved, but you also just need something that's really simple. I mean PayPal simple, right? The developers and engineers have to think in line with that, and that's what we did with the Bitcoin Wave Network, right? They use the Bitcoin NYK token. Um, you know, I encourage you all who are interested in this subject to try it. It's absolutely free. Uh, you know, as far as privacy and stopping double spending, we still have billions of people on Facebook, right? The world doesn't seem as concerned about their privacy as they would like us to believe, right? And I'm not saying privacy is not important. Again, what I'm saying is I think people will We will have many hybrid systems and many middle ground ideas about where we might have to give up some privacy for a better product in some cases, right? That we might have to give up some privacy if we want to stop child slavery and pedophilia networks across the globe. We might have to give up a little bit of privacy if we want to stop terrorism. Might have to give up a little bit of privacy if we want to stop money laundering, people from paying their taxes. And I know it's a very romanticized idea about we should all be able to do the things we want to do, but these things can have negative effects and they can have negative effects on individuals who participate in many of these illegal things with these type projects. And, you know, now of course this can still be done without use of blockchain technology, but any method and means to create issues in that regard, we should always be looking for a middle ground and looking for ways to try and prevent that if possible. I think the Bitcoin Wave Network is a good step in that right direction. And I think it has a lot more pros than cons. And I think that a lot of people will steal from their behavior and what we see them doing with social media and what we see them doing with, uh, not trading massively in privacy coins but in coins that can be tracked with no problem. Uh, I think that that's kind of given us the data to suggest what people think is more important at this point in cryptocurrency. But that's all I wanted to say in this video, guys. Uh, don't forget to try absolutely free transaction-free The Bitcoin Wave Network, that as long as you hold Bitcoin, you can move the represented value of that Bitcoin through the Bitcoin Wave Network Bitcoin NYK token. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.