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It's not really designed to handle every little transaction. I would expect it to be used by exchanges and banks as a settlement layer, with most transactions h
by MichaelBurge 9y ago
It's not really designed to handle every little transaction. I would expect it to be used by exchanges and banks as a settlement layer, with most transactions happening off-chain.
It's a mistake to look at recent news, because this has been known since the very beginning.
- cwyers 9y agoThere is a thread on the site with the original Bitcoin paper right now. The first sentence of the abstract: > A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. A peer-to-peer network without going through a financial institution. The design was certainly intended to scale up to large numbers of small transactions.
- sdwisely 9y agoit would and it will imo. I just don't think bitcoin is it. It has however bootstrapped a few potentials. Until its decided which that might be, bitcoin kinda serves its purpose.
- snodnipper 9y agoroot DNS services do not service _every_ lookup _but_ they back delegated authorities, which does scale. Same for blockchain tech.
- philipwhiuk 9y agoSo you're saying Bitcoin needs banks like every other currency then? So what's the point of it again?
- lawn 9y agoThere is a group of people who want to alter the purpose of Bitcoin away from the original goal away from "p2p cash" to purely a "store of value". The design can of course support more transactions than it currently does but that is being worked against by this group.