RE: "Saying that the bitcoin network has a huge cost is a very broad statement and means nothing actually.
It's like saying that public health care has a huge cost. Sure but what does this mean?"
1st: I replied before reading this thread. Any of it. I didn't want anything clouding
my reply to this topic.
So after replying I read the thread. One thing glared at me. The above statement.
"Saying that the bitcoin network has a huge cost is a very
broad statement and means nothing actually.It's like saying
that public health care has a huge cost. Sure but what does
this mean?"
It means BTC is not nearly as efficient as some newer crypto-based alternatives.
And that maintaining the BTC network will require that miners are compensated
accordingly long AFTER all the BTC is mined.
This cost may soar even much sooner too, as mining grows ever more difficult
and costly both in energy and hardware.
And with this the ever rising transaction costs becoming unattractive compared
to alternatives.
I can't answer these technical questions and doubt hardly anyone now can, but
there is an ongoing debate on this. And alternatives crypto's are already on the
scene to help solve this. Best hedge your wagers is what I gathered from my
own research.
Maybe researching all the alternatives and digging into their very foundations
would prove beneficial to understanding why it is that BTC may prove too flawed
to work for more than many decades, or longer, or less.
Unless that it is BTC can be adapted to solve some of it's alleged inherent longer
term network mining cost flaws. Or maybe ever advancing technology will solve
that issue for us quickly and it's a red herring.
Head straight to the alt-crypto's home pages and read up on them. Start from the
top of this list at the link below and work your way down. Or up, lol, because one
near the bottom with a high valuation is mighty awesome too from the looks of it.
Click the NAME of the crypto-currency at the following link to go straight to the
home page of each one at:
http://coinmarketcap.com/ See, it really does all Depend...
Caveat emptor