Bitcoin scalability is a hot topic in the cryptocurrency community, with many arguing that pushing for greater scalability is unnecessary because most people won’t self-custody their own coins anyway. However, this argument is flawed and short-sighted.
The assumption that people won’t self-custody their coins is based on the current state of affairs, but it fails to take into account the rapid pace of technological advancement. Just because people aren’t self-custodying now doesn’t mean they won’t in the future. The digital age is constantly evolving, and new tools and technologies are being developed to make self-custodying easier and more secure.
One of the main reasons people choose not to self-custody their coins is the fear of losing their keys. They worry that they won’t be able to properly manage their keys and could end up losing everything they’ve invested. However, key management schemes have come a long way since the early days of Bitcoin. Mnemonic seeds, multisignature wallets, and other tools make self-custodying more accessible and secure than ever before.
Companies like Unchained, Casa, Nunchuck, and Bitkey are leading the way in developing user-friendly self-custody solutions. These tools will only continue to improve as technology advances. With the implementation of Schnorr and Taproot, self-custodying will become even more secure and user-friendly. Taproot allows users to delegate emergency recovery keys to friends or family members without compromising the security of their coins.
Discounting the need for scalability because people aren’t currently self-custodying is a mistake. The attitude of “I have mine, so screw everyone else” is arrogant and short-sighted. The future is uncertain, and it’s important to be prepared for whatever changes may come. Embracing scalability and advancements in self-custodying technology will benefit everyone in the long run.
It’s time to break free from outdated assumptions and embrace the possibilities of the future. The world is constantly changing, and it’s up to us to adapt and evolve with it. Let’s not be held back by fear or complacency. The future of Bitcoin and cryptocurrency depends on our ability to innovate and grow.