[kayamon]

> Any Bitcoin transaction will only ever be as fast as the underlying blockchain, which currently processes around seven transactions per second (last time I checked).

Then check again. Go google the Lightning Network. This is outdated FUD.

Lightning sets up secure channels on top of the underlying blockchain. Actual blockchain transactions are only required (I'm simplifying) to record slow trends in average usages.

[riptheworld]

You’re confusing a layer 2 solution that provides separate (and weakened) transaction assurances than the Bitcoin protocol itself. This is evident in the fact that the lightning network suffers from security vulnerabilities (e.g., wormhole attack [1]) not present in the Layer 1 Bitcoin protocol.

This is not to say that the Lightning Network doesn't significantly improve the usability of Bitcoin as a currency. But it does so at the expense of security. A much better approach is to use a layer 1 solution that achieves scalability, security, and decentralization by default.

[1]https://eprint.iacr.org/2018/472.pdf