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This is an argument not so different from those often given regarding 'linux on the desktop'. Bitcoin doesn't want anything. It's an idea, not a company. If th
by ISL 13y ago
This is an argument not so different from those often given regarding 'linux on the desktop'. Bitcoin doesn't want anything. It's an idea, not a company.
If the protocol is effective, it will thrive in its own right. If it doesn't, something else will appear in its place. The designer(s) of Bitcoin could have favored short confirmation times, but they didn't. Plenty of companies are working on solutions that effectively yield shorter confirmation times for merchants.
If I want to buy a car with BTC, I'll be happy to wait five minutes to ensure the transaction goes through. It's a lot faster than going to the bank for a cashier's check.
- fragsworth 13y ago> The designer(s) of Bitcoin could have favored short confirmation times, but they didn't. Shorter confirmation times do not help with anything, because the system is based on proof-of-work. The idea is the longer you wait for the network to compute things, the more solidified your transaction becomes. A coin network that has a shorter block duration (like Litecoin with 2.5 minutes instead of 10) doesn't make any difference because what you really want to wait for to ensure you got your coins is "time spent computing", not "number of blocks computed". Bitcoins (and any other cryptocurrencies) can never have secure real-time transactions as long as they rely on the proof-of-work network.
- mikeash 13y agoJust a nitpick, not arguing your point in general, but: car dealerships generally don't require cashier's checks. Regular checks do just fine. Not that taking ten minutes to pay for a car is a problem, but you can pay for one with a normal check in no time at all.
- ISL 13y agoI've only ever bought used cars :).