Yes, the L2s need work. I believe that’s ok because we still have time. The progression is store of value —> medium of exchange —> unit of account.
We are still early in the store of value phase. Few people will want to spend bitcoin when they receive and can spend worse monies like USD.
Once a good chunk of the population is on zero and only has bitcoin, then the volume of spending will increase. People will be then forced to spend bitcoin for their day to day expenses. We’re still far away from that. Maybe a decade? Obviously hard to know.
We’ll know that we’re moving to the medium of exchange phase when those who only accept and hold bitcoin gets to a significant percentage of the population.
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