The population of the Philippines is about 109 million. If all of those people, on that small island nation, decided to make Bitcoin their main currency….there would be enough throughput on the base network to allow each Filipino person to do 2 transactions per year.
And that’s just one little island nation.
You might say, “Well that’s why we have the Lightning Network, duh.” Ok, but that still means each of these people has to onramp and offramp to/from the LN. They have to set up their LN accounts with a payment from the base layer, don’t they? Well, it would take at least 6 months to onboard the entire nation with just a single funding of their LN account. And then another 6 months for them all to withdraw from it.
7 transactions per second x 3,600 seconds/hour x 24 hours per day x 365 days = about 220 million. That’s it. Truly it’s not even enough for a small island nation.
It would really seem that a better solution needs to be found. I hate to say that, and I know it’s going to get me a lot of downvotes probably…but just being real with it. Tell me why I’m wrong please, don’t just downvote and move on. Thanks!