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Title: Dispelling some myths about BITCOIN, from a BITCOIN FAN Post by: _nur on February 04, 2017, 01:57:18 PM From https://tezos.com/dispelling-bitcoin-myths.html
Myth #1: Satoshi solved the Byzantine Generals problem which was thought impossible to solve! Fact: The consensus problem isn’t that difficult, it’s about who’s allowed to take part in it. Myth #2: The proof-of-work system is great because it incentivizes miners to upgrade their equipment, thus a lot of computing power is powering Bitcoin. Fact: These upgrades do nothing to increase the transaction processing capacity of the Bitcoin network. Myth #3: Bitcoin is a math-based currency / is backed by math. Fact: Bitcoin is based on a clever set of incentives. Myth #4: The proof-of-work system is completely decentralized Fact: Trust is still involved in the system Myth #5: A decentralized system is safe Fact: not necessarily Myth #6: The Bitcoin ledger is just a technology, it has nothing to do with politics. Fact: Proof-of-work crypto-ledgers are primarily designed to withstand attacks by governments. It is the only advantage of a proof-of-work decentralized crypto-ledger over a centralized or polycentric one. :o |