Row 12326

Row ID: 12326 | Dataset Entry | Axioma AXP Content Repository

Content Data

This page contains data entry 12326 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

It's been pretty obvious for many years that base layer is going to be used for "moving money around", ie large transactions, seeding a L2 address, moving savings, etc - low frequency, high value transactions.

Higher layer solutions are going to be what is used for daily payments.

Even the fiat payment system is built this way. You don't use the base layer of the banking system to pay for things, you use some higher layer. Credit cards, Venmo, Paypal, etc are all higher layer networks. If you want to use a lower layer network to pay quickly and directly you pay a lot more for that, like wiring money.

In the banking system the lower layers have been hidden behind the higher layers for so long people don't even think about it. Which is why you get most people absurdly trying to compare Bitcoin's on-chain transaction capacity to fiat higher layer transaction capacity like VISA.

Payment networks are built with security at the bottom, with usability and efficiency at the top. The way Bitcoin works, it makes sense to save money long term with on-chain txs (sending money to cold wallets) only occasionally to avoid excessive fees. And then use a higher layer network (like Lightning) as your checking and short term savings account - the equivalent to credit card / paypal / venmo / apple pay / google pay / etc.

Ideally over the next decade or two we'll have several higher layer solutions built, and perhaps some built on top of others (L3), so people have options as to which network works best for their use case.

FieldValue
text It's been pretty obvious for many years that base layer is going to be used for "moving money around", ie large transactions, seeding a L2 address, moving savings, etc - low frequency, high value transactions. Higher layer solutions are going to be what is used for daily payments. Even the fiat payment system is built this way. You don't use the base layer of the banking system to pay for things, you use some higher layer. Credit cards, Venmo, Paypal, etc are all higher layer networks. If you …
label r/bitcoin
dataType comment
communityName r/Bitcoin
datetime 2024-05-20
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url_encoded Z0FBQUFBQm5Lak9KaHp6OXVhd2ZjanhYT3B3dmYtOU9sTjdzN2UzR3g1NG44LTcxZjVtRXo5ams4RE83Si1CM0lPeWg3QjdhSEw1WHpHSnJXT04wRHRraWd3UXhUSDRLUUJsOXVIX3ZvWDRpcHNpMHZHNTIwdDJITS1FUTNvYWc5VklTV3A1M01GQkdUaC1hdVptS2x2TFdoZ3JvZ09QVHBUWUdkcG1KUTNTUU1SR0lwa1RibDJCTkpJVHRtQmFkbVBQN296UUhoWmNmSktrY1A2Rm1OUjVnVGR5S2xuSUtvZz09

Raw Record

{
  "text": "It's been pretty obvious for many years that base layer is going to be used for \"moving money around\", ie large transactions, seeding a L2 address, moving savings, etc - low frequency, high value transactions.\n\nHigher layer solutions are going to be what is used for daily payments.\n\nEven the fiat payment system is built this way. You don't use the base layer of the banking system to pay for things, you use some higher layer. Credit cards, Venmo, Paypal, etc are all higher layer networks. If you want to use a lower layer network to pay quickly and directly you pay a lot more for that, like wiring money.\n\nIn the banking system the lower layers have been hidden behind the higher layers for so long people don't even think about it. Which is why you get most people absurdly trying to compare Bitcoin's on-chain transaction capacity to fiat higher layer transaction capacity like VISA.\n\n  \nPayment networks are built with security at the bottom, with usability and efficiency at the top. The way Bitcoin works, it makes sense to save money long term with on-chain txs (sending money to cold wallets) only occasionally to avoid excessive fees. And then use a higher layer network (like Lightning) as your checking and short term savings account - the equivalent to credit card / paypal / venmo / apple pay / google pay / etc.\n\n  \nIdeally over the next decade or two we'll have several higher layer solutions built, and perhaps some built on top of others (L3), so people have options as to which network works best for their use case.",
  "label": "r/bitcoin",
  "dataType": "comment",
  "communityName": "r/Bitcoin",
  "datetime": "2024-05-20",
  "username_encoded": "Z0FBQUFBQm5Lakw2NjNKbkFWQVUzdWJxU1g2QUpWQ1ZVbkYtekZMRVYyWVRIQ3pLNlAtaE5zUlM5aERmZkxHLXgxZHoycW1aSlpjQm00eU15SkROZzg1MEo3bHRNMld2REpabEd0Z1pyY01tU29OcnJpNk5wbDQ9",
  "url_encoded": "Z0FBQUFBQm5Lak9KaHp6OXVhd2ZjanhYT3B3dmYtOU9sTjdzN2UzR3g1NG44LTcxZjVtRXo5ams4RE83Si1CM0lPeWg3QjdhSEw1WHpHSnJXT04wRHRraWd3UXhUSDRLUUJsOXVIX3ZvWDRpcHNpMHZHNTIwdDJITS1FUTNvYWc5VklTV3A1M01GQkdUaC1hdVptS2x2TFdoZ3JvZ09QVHBUWUdkcG1KUTNTUU1SR0lwa1RibDJCTkpJVHRtQmFkbVBQN296UUhoWmNmSktrY1A2Rm1OUjVnVGR5S2xuSUtvZz09"
}
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