Author: Sergej Kotliar 2022-10-21 11:56:51
Published on: 2022-10-21T11:56:51+00:00
In an email exchange between Anthony Towns and Sergej Kotliar, they discuss the current state of Lightning and zeroconf payments. They agree that more work needs to be done to make on-chain payments for goods priced in fiat work well for payees that opt-in to RBF. They consider the possibility of setting up a lightning channel between customers and merchants with BTC and allowing USD amounts to be transferred over it using some kind of oracle-based system. However, they acknowledge that wallets that can only do dump onchain payments are unlikely to be able to implement this scheme.Kotliar mentions that Lightning currently accounts for around 15% of all Bitcoin payments, while 60% of payments are on-chain and seem fine for zeroconf. He considers RBF to be a strictly worse UX and suggests that the focus should be on making it better rather than pushing back indefinitely. They also discuss the growth of Lightning and estimate that it may take years before it reaches 80% of all Bitcoin transactions.Kotliar notes that capacity is a bad metric for activity and that there has been a drop in the share of Bitcoin payments among services over the past three years. He acknowledges that solving the issue of legacy support for Bitcoin things has proven to be a tricky subject. Overall, they agree that more collaboration is needed between wallet devs, merchant devs, and protocol devs to find solutions to these issues.
Updated on: 2023-06-16T00:50:45.776510+00:00