High Fees in the Ordinal’s Have Doomed Scaling bitcoin Non-Custodially
The future of scaling bitcoin non-custodially is looking grim due to the exorbitant fees imposed by Ordinals. The prospect of being able to cost efficiently open channels or enforce hung payments on-chain is all but gone.
A final farewell to the lightning network is being said as people are forced to look for better alternatives such as Coinbase or Cashapp due to the inability to afford high fees in an on-chain environment.
Sorting Through The Gaslighting Fumes
The conclusion to the original Lightning Network whitepaper emphasized that for 7 billion people to open two channels a year, bitcoin would require 133 MB blocks. There is also a ‘Risks’ section which highlights potential problems facing the lightning network due to high fees, such as timelock windows, improper timelocks, and forced expiration spam.
The Blockchain You Idiots
The concerns surrounding enforcing on-chain payments due to low value compared to transaction fees have long been debated. There has been conversation about packetized payments – a mechanism for streaming a payment in a trusted manner when the value of the transaction is not enough to be enforced on-chain.
Lightning may have issues, including enforcing payments on-chain, but it isn’t doomed yet. With discussions about potential solutions, it may be too early to throw in the towel on the Lightning network.
### News source: bitcoinmagazine.com