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RE: Bitcoin - Future Reserve Currency?

in #bitcoin • 8 years ago

Thanks for posting this.

But how can bitcoin grow when all blocks are full and transaction times are getting longer every day?
If someone wants to pay on the internet or in a store, he/she can't wait an hour (or even ten minutes) till the payment is accepted.

What are your thoughts on this?

8 years ago in #bitcoin by
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     8 years ago  

    That is a great point, but I think there are a few reasons why that 'might' not matter moving forward. However completely agree with you that it's an issue that needs solving in order for Bitcoin to achieve it's full potential...

    1. Gold is not easily transact-able, it's not divisible quickly, however governments hold it in near £30,000 units in vaults as a reserve currency. Gold is just shiny and yellow with not many useful application. It's value is subject. Bitcoin's value would become more and more subjective the worse the network becomes.
    2. I hope that the block size debate does get solved, and the solution that is implemented solves the problem you identify. I must say, that is not my domain, but I do understand that this has been an ongoing debate for sometime, and many people think it may never be solved...
    3. Waves Platform are facilitating coloured coin creation that could be backed by real Bitcoin, and transacted through a different network, eg Ethereum. I know this technically takes some value away from bitcoin, if they were not being transacted through it's own network, however if Bitcoin went mainstream, it would be viewed (by the general public) in the same way as the US dollar, as a store of value. The US dollar is essentially a piece of paper with a number on, that is easily exchangeable. Bitcoin could become the same without it's own blockchain IMO...

    Would be great to hear your thoughts..

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     8 years ago  

    The Lightning Network implementation will soon be ready and merged into Bitcoin Core, which will scale to millions of instant transactions a day.

    Also today, most on-chain payments are practically zero-conf. You can do certain heuristics in the network to anticipate double-spending attacks. Bitpay (a payment provider service) does it like that. Though it's not 100% secure (e.g. so-called Replace-by-fee attacks), it comes close.

    Basically and all in all in the crypto-currency and blockchain world, we have several different consensus mechanisms today. One is not better than the other. They all have their specific advantages and drawbacks.

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