Bitcoin isn't a Peer-to-Peer Electronic Cash System
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So bitcoin has been promoted as a Peer-to-Peer Electronic Cash System, but it is easy to see that that is not true. Unfortunately, people 'want to believe', and using the FUD about the banking system and also about fiat currency, bitcoin has been sold as the solution. Now, we all know about the banking crisis around 2008, that was really bad and we have seen that letting go of regulatory standards had a profound effect on greed driven products provided in the financial world. So people want to believe that there is a simple answer and that technology can provide that.
So this banking crisis was taken advantage of by the person(s) under the pseudonym Satoshi Nakamoto, who I think is a con artist, to launch the supposed solution, and it was marketed as a Peer-to-Peer Electronic Cash System. But it didn't take off until the first 'real' transaction was made, the buying of two pizza's, more than a year later. In that time the con artist(s) already had mined a lot of coins, 50 bitcoin per ~10 minutes with little competition and at low costs. Also the earlier layers of this pyramid scheme/decentralized Ponzi where getting a lot of easy coins. See the main article Bitcoin is a con to see how the con worked.
But bitcoin isn't peer-to-peer cash, because you cannot exchange bitcoin peer-to-peer because transactions need to be validated and stored, this to prevent double spending. This is all done by the miners that process transactions and get fees for doing so. So, instead of banks we now have miners as the third party. And if something isn't what it is sold as, you should understand that it then is a con. Bitcoin isn't peer-to-peer, it still requires a third party (the miners) who are needed to process the transactions, so it is effectually sold as something it is not, and by that alone we can already conclude that bitcoin is a con.
But it is even worse, miners get excessive fees for processing transactions. We have seen congestion in bitcoin transactions, and this resulted in miners prioritizing those with higher fees. So instead of the 'bad bankers' receiving excessive fees, now the miners get those. And these high fees isn't the only thing miners get, they also get the mined coins, this is cost that isn't that visible but should be counted as such.
So OK bitcoin now has the lightning network, that makes it possible to do transactions that seem to have less fees. But we need to realize that needing something like the 'lightning network' only signals that bitcoin was flawed to begin with. And now, instead of peer-miners-peer we now get peer-(lightning-miners)-peer. This extra layer cannot be run at no cost, and isn't run as a charity either, so you can bet that the total amount of transaction fees paid are rising.
As every halving will result in the miners getting only halve the amount of bitcoin, the minimal value of bitcoin needs to go up, as that is the threshold where miners start loosing money. But then again, miners only are in it to make money, they are just as greedy as 'bad bankers', maybe even more so, so they need more than that. And remember what I have mentioned in A bitcoin death spiral is inevitable and in Bitcoin will never work, this cannot go on forever. The costs of bitcoin will rise and people will start realizing what I have just mentioned here, and when people do, it will be all over for bitcoin. So the party only can go on as long as bitcoin keeps on rising in price, and that will not happen. Bitcoin has always been flawed this way and each halving will get us closer to people realizing that bitcoin isn't any better than the banking system and fiat currencies, it is even worse, it has been a con all along.