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> And it would be pretty ironic if it the coins moved and price of bitcoin crashed and actually became a peer to peer electronic currency for the masses. The p
by omarchowdhury 8y ago
> And it would be pretty ironic if it the coins moved and price of bitcoin crashed and actually became a peer to peer electronic currency for the masses.
The price of Bitcoin isn't what is preventing it from becoming a bonafide peer to peer electronic currency. Scalability and UX issues are.
- Complexicate 8y agoI agree with UX, but scalability has a working solution in the Lightning Network. However, that needs major UX development... Bitcoin also needs fungibility: "Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions." -Charlie Lee https://twitter.com/SatoshiLite/status/1089935081337085952 https://twitter.com/SatoshiLite/status/1089935081337085952
- omarchowdhury 8y ago> but scalability has a working solution in the Lightning Network. Not without an increase in the block size, which has been a contentious issue. At 7 transactions per second, it would take 31 years of full blocks for every person on Earth to just open a Lightning channel each, in uninterrupted succession.