Good afternoon 😁. Yesterday and today's catch 🦞.
And orange-pilling my friend while en route.
He had listened to Bitcoin educator @Sveinol on the "Trygdekontoret" podcast with Fiat banker Robert Næss. My friend (also a banker) thought Næss came out best, which was totally opposite to my take. Guess people tend to believe opinions close to one's beliefs?
But my banker friend is curious, and he had hoped to learn more from the podcast, instead of a debate.
So I had to teach him something (I've been doing it for some years, it's slowly seeping in, and he now has bought some sats, sadly still on the exchange Bare Bitcoin, and not on a hardware wallet).
Today's topics:
Miners' reward, Block reward, and tx-fees. The halvenings and implications for miners. The long-term trend of tx-fees increasing the rate of miners' revenue. In the future, Bitcoin's base layer will maybe only be for large tx, other layers for smaller tx?
Mempools and the fee auction to get into the next block. He took a while to understand that it's the fee auction that sets the price, not the miners. And maybe he is about to understand the magic of the difficulty adjustment?
Lightning: Opening and closing of channels. On-chain tx-fees vs. Lightning fees.
Custodial like @walletofsatoshi and non-custodial like @PhoenixWallet. Pros and cons.
Hope he learned something!
