|
March 30, 2016, 11:41:09 AM |
|
The problem with this, is even if this IS transaction spam, mainstream adoption by more consumers cannot simply happen without this... period. There simply isn't enough capacity in 1MB blocks to support adoption if people were buying their coffee with it every day, which I would do in a heartbeat, as it supports a decentralized system that isn't banks. Something as easy to use as touching your phone on a contactless reader after entering a PIN to decrypt the private key and your phone then signs a transaction within it. The phone only opens communication with the reader say, takes the transaction information, disconnects, you then sign the transaction, remove private key from memory, reopen communication with the reader, then release the signed transaction, similar to trezor. obviously there are security risks to this, but a system similar to contactless debit cards IF it later happened would be awesome. Or maybe bitcoin becomes something like gold, used as a wealth store only, where block size wouldn't be an extreme issue, but the way it is going, there seems to be more demand for it.
Something like litecoin, a SECOND blockchain, is a good idea. For your average day to day coffee spending etc, its faster block time among other things would have a benefit here, but still the block size issue could become a factor, but with 1MB capacity and 2.5 min average time, that is like 4MB in 10 minutes whereas bitcoin is confined to 1. Litecoin vs bitcoin almost is like the silver vs gold thing, litecoin is like silver, bitcoin like gold.
Requires adoption of both, but having two chains in this manner, is good and helps bear the load. Bitcoin currently is very centralized with a few mining pools calling the shots, the opposite of what satoshi would have originally intended I am sure. Antpool mining empty blocks despite other blocks being packed is wrong in my opinion.
There are many shitcoins out there trying to fulfil the 'silver' aspect or just trying to replace it all together or a pump and dump, but litecoin I do feel has value here for this role, and its price seems in a way tied to bitcoin. I am taking a small risk by purchasing a scrypt rig to mine for litecoin, its difficulty is much more stable than that of bitcoins' for now, and it seems for the home miner, bitcoin is out of reach unless you either solo mine AND get lucky, or go scrypt.
Obviously above is my opinion based on my research, others are entitled to their own opinions of course, but this is my two cents on this matter of cryptocurrency.
Jacob
|