Major Exchanges Adopt Segwit

As some of you may recall, back in Jan, major payment processor Stripe stopped support for Bitcoin because of high fees and slow confirmation times. This has been the basis critics use to attack Bitcoin. As I’ve mentioned before, critics get it wrong because they don’t take into account future second-layer scaling code that has already been well-tested.

As some might remember in my rebuttal, email once took several hours to send and only experts could do it, critics back then have also used that as a basis for why the Internet is a “fad”. Now email is instant, and anybody’s grandma can use email on their iPad. We are witnessing that transition now at a much faster pace.

When reality hits, generally the critics rationalize their thoughts to fit the new information. They generally don’t revisit their painful mistakes. Most people I talked to didn’t even know about how slow email was or the basis of past critics.

As you can see in the graph, problems don’t get solved on a linear basis.

The mempool is already empty. Big win for Bitcoin. Next step is full adoption of the Lightning Network to tackle high fees. Litecoin has LN and has $0.2 fees. With third layer scaling, we can expect it will be eventually even lower than $0.2.

Expect Bitcoin to become more usable for coffee again, very very soon.


Esaias Tong