4 ms·
For now the technical aspects of cryptos are simply not all that important. We're still in the incubation phase where crptos are being used as assets instead of
by indubitable 9y ago
For now the technical aspects of cryptos are simply not all that important. We're still in the incubation phase where crptos are being used as assets instead of currencies. And at this point all that matters is public perception and security, which go hand in hand. And I think the lack of any individuals behind Bitcoin also greatly benefits it. The team behind Ethereum, for contrast, somewhat belies the notion of decentralization - even moreso after they chose to unilaterally roll back "their" ledger.
The next phase begins when 'regular' people are engaging in at least occasional direct exchanges of currency using private wallets to purchase goods/services. That would highlight the technical issues with Bitcoin, but even then I suspect Bitcoin will remain the top dog as a store of value and we'll collectively choose a runner up for rapid exchange/verification. It might not even be an independent coin itself, but a strap-on tech that helps protect against double spend, even if with a sub-100% accuracy in exchange for speed. The idea there being that it would primarily be used to mostly validate small-value transactions, with an inherently reduced double spend incentive, whereas big value transactions could go through the main coin.