P1) The Bitcoin Blockchain is a ledger. Its analogue is the ledger kept by a central bank.
P2) Central banks do not process your individual micro payments.
P3) Central banks are the ledgers in the fiat word.
P4) The fiat world has no problem with scalability and micro payments.
.: Therefore the possible inability of the blockchain to scale for individual micro payments does not lead to the conclusion that bitcoin cannot scale.
Bitcoin can scale ‘off chain’, aka off the central ledger. Nothing new here, we are just nascent. I’d love to hear counter arguments, though. Either to disprove a premise or show that the conclusion does not logically follow.
What I foresee for the future is that bitcoin will rise in value as fiat falls. This will drive adoption as a store of value. Bitcoin will become even more prevalent. As fiat truly begins to collapse, companies will wish to receive BTC as payment. Companies will develop very simple solutions to this. PayPal or visa could comfortably process BTC transactions and settle over the blockchain to retailers periodically through much larger transactions.
Lightning network or something similar is preferable, but not actually essential in my opinion.
What’s critical is that without those third parties there will always be an alternative. You can choose to use a trusted third party for transactional ease, but do not need to.
TL;DR to argue that bitcoin cannot scale because there would be too many transactions for the blockchain is analogous to arguing that fiat cannot work because a central banks ledger cannot process every single micro payment.
Genuinely would love feedback, even (and inevitably) negative.
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