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Is this kind of like having a new denomination of currency? For example, why carry around 10 $1 bills when I can carry around one $10 bill? If the number of b
by sixdimensional 9y ago
Is this kind of like having a new denomination of currency? For example, why carry around 10 $1 bills when I can carry around one $10 bill?
If the number of bitcoins you have stays the same, but just the block size of storage in transaction changes, then I'd guess it's very similar to a bigger unit of currency.
- Taek 9y agoNo, not quite. It's like having $25 in your wallet in USD, and then next time you look at your wallet you have $25 in USD and also $25 in USD-different. Then you go to the store and find out they only accept USD, and not USD-different, but if you go to a currency exchange you can trade your USD-different for $1 or $2 in USD each. Not a great analogy I guess, but the point is that it's definitely not the same as having a new denomination of currency. It's a whole new currency entirely, it's just that everyone who had Bitcoin was "granted" (sorta) this new currency too, in the same volume that they had the old currency.
- sixdimensional 9y agoI understand - thank you for sharing! I find it interesting that the two split and then essentially float as different currencies at different rates. Surely, there will be some inter-relationship between them as well.