inBitcoin Conference 2023 Recently in Miami, Florida gathered enthusiasts. cryptocurrency and experts from around the world come to the event One of them, Dan Held, Bitcoin Educator and Chief Marketing Officer of Trust Machines, shared insights on the current state of Bitcoin and its outlook.
In an interview with Joe Hall, Held discussed topics including transaction fees, scaling solutions, and the evolving story of Bitcoin as a payment method. One of the key concerns addressed is the increase in BTC transaction fees and its impact on the community.
Held emphasized that the increase in fees is driven by increased demand for Bitcoin’s block space, particularly due to the emergence of ordinals, such as Bitcoin nonfungible tokens and BRC-20 tokens. That is good for Bitcoin as it solves the long-term security model,” Held said, adding that “the skyrocketing fees are a good reason people will look for solutions and start planning about that.”
When asked about the possibility of Bitcoin shifting from a payment method to a mainstream settlement network, Held acknowledged that the change had been anticipated for some time. He cites Nic Carter, who wrote about this possibility and presented it at the MIT Bitcoin Expo in 2018.
Held Comparison between Freighters and Containers The Bitcoin network is likened to a cargo ship and transactions inside the ship are like containers. He explains that layer 2 solutions such as Lightning Network can help reduce the burden
“A cargo ship has a large number of transactions or containers on top. And the cargo ship itself will be L1, and the transaction containers are like small L2 transactions merged into one L1 transaction. That’s how Lightning works. To thousands or millions of transactions on L2″
Held also pointed to the need to educate users in regions such as Africa and South America. About the benefits of other L2 solutions that can facilitate low-fee transactions
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