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If you read the whitepaper it flags (first paragraph) that the problem with payment systems that rely on trusted third parties like Visa is not that they don't
by trevelyan 4y ago
If you read the whitepaper it flags (first paragraph) that the problem with payment systems that rely on trusted third parties like Visa is not that they don't work but that these parties are compelled to mediate.
You may not mind yourself -- Visa is useful -- but adding this kind of closure isn't cost-free (look at Wikileaks) and the fundamental innovation in how to do this without introducing any trusted third parties is a big deal.
With that said, I agree most of the new POS variants and DAGs are sneaking closure back in amd pretending it is OK because the resulting systems look and feel like Bitcoin.
- arcticbull 4y ago> You may not mind yourself -- Visa is useful -- but adding this kind of closure isn't cost-free (look at Wikileaks) and the fundamental innovation in how to do this without introducing any trusted third parties is a big deal. A Bitcoin transaction costs a few hundred dollars once you price in both the direct transaction fees and the socialized fees (block reward). I'll stick with Visa. note: Of course Bitcoin still has trusted third parties - just lots of them.