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This seems like a step in the right direction. In ancient times before banks, people paid in gold or silver, but buying something like one apple that cost less
by jcampbell1 13y ago
This seems like a step in the right direction.
In ancient times before banks, people paid in gold or silver, but buying something like one apple that cost less the smallest coin presented a problem. The solution was, people left their gold or silver with a gold smith, and were given small denomination notes to spend at the market. Merchants could use the notes to redeem the gold at the end of the day.
It is fun to see 1000 year old ideas getting re-created for the modern world.
- snitko 13y agoThe problem with sending micro payments in Bitcoin is not that you can't divide it into smaller coins, but the fact that unless you pay a transaction fee, your transaction may not be included in a block (e.g. confirmed) for a rather long time. Obviously, if the sum of the transaction approaches the amount of fee, it becomes expensive. Coinbase solves this by having its own DB of transactions and not performing real Bitcoin transactions between its users.
- TylerE 13y agoOf course, at the same time, losing everything worthwhile about bitcoin (and I say that as a skeptic), and basically being a less-trustworthy paypal.
- snitko 13y agoI'm not quite sure what do you mean by saying "losing everything". It's not like anyone ties you to Coinbase. Have your own Desktop wallet for large sums and transactions, use Coinbase to handle small ones.
- devindotcom 13y agoIsn't it? I have made a habit of finding such items and/or predicting them (with varying success, of course). It's amazing how much stays the same when everything changes.