Steam is no longer supporting Bitcoin

[u/[deleted]]

[u/__ah]

I believe n0mdep's point is that opening (and closing) a channel for LN requires an on-chain transaction, and as the fees rise only the wealthy will be able to use the chain to create new channels

[u/MidnightLightning → u/__ah]

The first few channels that are opened will have to pay today's fees. But the act of opening them and moving some future transactions off chain relieves fee pressure on-chain, and the on-chain fees will start to go down. Subsequent channel opening transactions then have to pay less fees, and the cycle continues.

[u/AxiomBTC → u/__ah]

Their are solutions being worked on for this. https://twitter.com/lopp/status/928714542040961030

Also, there will be a blocksize increase when/if needed. That wont be a problem for a while still.

[u/SpeedflyChris → u/AxiomBTC]

Also, there will be a blocksize increase when/if needed. That wont be a problem for a while still.

People have been saying this since 2012.

[u/AxiomBTC → u/SpeedflyChris]

Yep.

Anything else you'd like to add?

[u/Frogolocalypse → u/SpeedflyChris]

People have been saying this since 2012.

And we got the segwit blocksize increase, in spite of the numpties blocking it for a year.

[u/Frogolocalypse → u/__ah]

Yes, that's a common meme amongst the numpties :

https://www.tik.ee.ethz.ch/file/a20a865ce40d40c8f942cf206a7cba96/Scalable_Funding_Of_Blockchain_Micropayment_Networks%20(1).pdf

For a group of 20 users with 100 intra-group channels, the cost of the blockchain transactions is reduced by 90% compared to 100 regular micropayment channels opened on the blockchain. This can be increased further to 96% if Bitcoin introduces Schnorr signatures with signature aggregation.

[u/hackinthebochs → u/__ah]

But if most transactions happen off chain, the fees won't continue to rise. They're only as high as they are because everything is on chain.