4 ms·
The problem is that bitcoin cannot be a currency - because it cannot facilitate more than 7 transactions per second, this is many orders of magnitude not enough
by zby 9y ago
The problem is that bitcoin cannot be a currency - because it cannot facilitate more than 7 transactions per second, this is many orders of magnitude not enough for a currency. It can be something similar to gold - mostly a value store. But personally I have doubts - first of all the energy costs are crazy. I think it will be eventually replaced by a POS coin - proving that the value store function of something that new is not very reliable.
https://medium.com/@zby/proof-of-work-8d8265def194 https://medium.com/@zby/proof-of-work-8d8265def194
- jstanley 9y ago7 transactions per second isn't enough for it to be an everyday currency for everyone. It's certainly enough to be an everyday currency for the people who want to use it as an everyday currency at the moment, and Lightning Network will expand the capability massively.
- cwkoss 9y agoBitcoin is more of a competitor to ACH/wire transfers than Apple Pay.