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Title: 3 "fatal" defects in Bitcoin trading Post by: MovieChain on April 03, 2018, 01:52:46 AM Bitcoin or other digital currencies will not be able to replace banknotes in the future and become transactional currencies, further becoming the world's currency. This is because Bitcoin's trading process has the following three unsolved problems: 1. The transaction delay is very long. Delivery time ranges from two hours to two days, so it is inconvenient to use it for money laundering. 2. Can't assign. Bitcoin, for example, had lost most of its share in the early days. Therefore, how to allocate it in the future is also a problem. If it is really used as a currency for everyone, it will be equivalent to a small sum of people who already acquired a large part of world's assets taking away the most part of world's property. 3. High transaction costs. Not only the transaction time is long, but also the transaction costs brought by electricity charges
Title: Re: 3 "fatal" defects in Bitcoin trading Post by: Iyanuisaiah on April 07, 2018, 09:13:33 PM Bitcoin is a prototype
The key point to note is that Bitcoin is a prototype for what is now known as crypto currency. It was the first of its kind, an experiment designed by someone (or a some group) going by the name Satoshi Nakamoto. The original paper that outlines the proposal for a currency is well written but has the tone of a working paper – an initial proposal, not fully thought out, rather than a fully worked out master plan. |