[lhl]

Bitcoin: A Peer-to-Peer Electronic Cash System - “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services.” https://bitcoin.org/bitcoin.pdf

Average transaction fees are frequently $5-10 these days, which completely invalidates the original proposed use case for a system that would enable “small casual transactions.” https://bitinfocharts.com/comparison/bitcoin-transactionfees...

Since transactions will only increase in price as demand grows (and the tx limit has been effectively capped for years), I don’t see Bitcoin ever improving in this regard. Bitcoin may be successful as a speculative asset and for other purposes, but as “peer-to-peer electronic cash” it’s a failure.