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The simple fact that a currency like Bitcoin is technically limited to a set number of transactions per second should be proof to anyone with a brain that it is
by t0mbstone 9y ago
The simple fact that a currency like Bitcoin is technically limited to a set number of transactions per second should be proof to anyone with a brain that it is fundamentally flawed.
There are over 7 billion people in the world. A good crypto-currency should be able to handle millions of transactions a second, indefinitely. It should be as ubiquitous and as easy to use as the internet itself. In an ideal scenario, the cost to run the currency network should be cheap enough that there should be virtually no transaction fees other than participation alone (think bittorrent), and the entire thing should be secure and un-hackable. It should be stable in value, or at least slightly inflationary (so people actually spend it instead of just holding onto it and treating it as an investment vehicle).
Bitcoin doesn't even come close to meeting these goals. It's so incredibly flawed, it boggles my mind how people don't see the glaring problems.
The wheel is moving, though! Bitcoin may not be the end-all, be-all solution, but it has certainly got people thinking.
- DINKDINK 9y agoBitcoin is limited in the number of on-chain transactions it will allow but effectively limitless on-chain enforceable transactions. So yes, it can handle millions of transactions per second: https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5 https://medium.com/@melik_87377/lightning-network-enables-un...
- t0mbstone 9y agoYou're talking about the Lightning network which is not bitcoin. It's some other thing entirely, which happens to be built on top of bitcoin. For all intents and purposes, it might as well be a different crypto currency. I was directly talking about bitcoin, as it exists today.