Bitcoin, the popular cryptocurrency, is currently facing a battle between two opposing viewpoints – the naive idealists and the jaded cynics. The idealists believe that Bitcoin is already a success and will inevitably take over the world, requiring no further improvements. On the other hand, the cynics argue that without significant changes, Bitcoin is doomed to fail.
However, both extremes overlook the potential for small and simple improvements to have a significant impact on Bitcoin’s functionality. Currently, Bitcoin’s ability to resist censorship and protect privacy relies on custodians, such as local chaumian ecash mints that require running a Lightning node. Unfortunately, Lightning is complex and prone to errors that can result in the loss of funds.
CTV + CSFS, a new proposal, could revolutionize Lightning channels by introducing LN-Symmetry. This new functionality would eliminate the risk of losing funds due to incompetence, making it easier and safer for individuals to run local ecash mints. While this improvement may not scale self-custody to the entire world, it would greatly enhance Bitcoin’s privacy and censorship resistance capabilities.
Rather than focusing solely on extreme viewpoints, Bitcoin enthusiasts should explore the uncharted territory between them. By considering the potential for small but impactful changes, we can better understand the true potential of Bitcoin and increase its chances of success.
This article serves as a Take, expressing the author’s opinions and not necessarily reflecting those of BTC Inc or Bitcoin Magazine.