What’s Up with the Nakamoto Bitcoin Upgrade?

Just came across this news on the Nakamoto upgrade from coindesk. Apparently, Bitcoin's Layer-2 network, Stacks, is kicking it off.

Honestly, it's not just Stacks. We got Lightning Network, MAP, Liquid, and Rootstock too. They all play a role in how users interact with Bitcoin. But I think most folks will stick to Lightning for everyday low-cost stuff. No hard fork necessary.

Right? Stacks seems more focused on smart contracts than actually fixing scalability issues. Generally, Layer-2 solutions are the way forward, but Stacks may not be the best example.

To clarify for the OP: the hard fork is specific to Stacks, not Bitcoin itself. So changes can happen over there without messing with Bitcoin's main network.

I’d say the main reason Bitcoin isn’t used as currency is simply its rising price. Who’s gonna spend $15k on a coffee when it could be worth $70k a few months later? Scalability is kinda irrelevant at that point.

Totally agree. Plus, Stacks is more about creating tokens rather than actually solving Bitcoin's scalability. It's like a separate ecosystem with its own rules.

Yeah, and when speed is prioritized, it often comes at the cost of security in blockchains. If I'm moving serious funds, I won't trust these sidechains for big transactions.

I plan to cover Stacks soon. But as for the Nakamoto Upgrade, from what I know, it doesn’t activate sBTC until late 2024. It’s just a step towards making it work.

Didn’t realize there were so many networks already! Seems like Lightning steals the spotlight. But yeah, this Nakamoto upgrade is an optional add-on, not what Bitcoin users are really asking for.

Stacks is kinda in between a Layer 2 and a sidechain, but leans more towards sidechain. It has its own blocks and rules, which can change with upgrades like this one.

You know LN only handles like 1% of all Bitcoin transactions? It has its own issues too. Feels super niche and I think many see it as a failure.

Why use BTC for a coffee now when you could buy a coffee shop soon? The deflation aspect kinda negates the need for scaling.

But if Bitcoin isn’t used for small purchases, its growth is going to be limited. Digital cash demand is way bigger than any real estate hype.

Stacks is just an altcoin, not a true Layer 2. People want an asset that can hedge against inflation, more than they want cash.

Monero is actually gaining traction for utility. It’s being used more for transactions recently.

Re-read my question then.

Demand will follow price. Everyone’s piling in for different reasons.

True, but I don't get how you think the need for cash is greater than the need for a store of value.

Look at PayPal. Clear demand for transaction processing. Store of value is quieter. Monero seems to have a leg up on privacy.

But why would I go back to Bitcoin? Monero seems sufficient for my needs.