Assessing the future prospects of blockchain technology based on the performance characteristics of Bitcoin is like assessing of the future prospects of general

Assessing the future prospects of blockchain technology based on the performance characteristics of Bitcoin is like assessing of the future prospects of general computation based on the performance characteristics of the UNIVAC III. As a factual matter, settlement costs are not fully embodied by transaction fees, and include such things as, for instance, financing and opportunity costs and the cost of supporting an organization that is more complex than it otherwise needs to be. If settlement delays were entirely eliminated, new business models would emerge that are not even possible under the current regime.