Most small transactions would be via lightning channels between exchange providers. Basically, whomever was running the backend of the wallet app would be an e

Most small transactions would be via lightning channels between exchange providers. Basically, whomever was running the backend of the wallet app would be an exchange provider. In an ideal world, people would keep their long term savings in other instruments like bonds or even gold and keep day to day cash in exchange providers. Yes, they would be trusted, but not a lot. I think the fees on the Blockchain would be substantial enough that most people wouldn't be using it for coffee and it would only be for bank to bank transactions of these exchange providers. 7 transactions a second would mean 604k transactions a day which is a reasonable number for major counterparties with more than about 35 btc each. (21M/604k)