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The number one innovation from bitcoin is not its low transaction cost. Its the blockchain, that is to say the possibility for two people to make a transaction
by patrickaljord 12y ago
The number one innovation from bitcoin is not its low transaction cost. Its the blockchain, that is to say the possibility for two people to make a transaction without a centralized third party involved.
- danbruc 12y agoI said advantages, not innovations. Nobody cares about whether there is a centralized authority or not. I never ordered something on Amazon and was secretly concerned that paying with my credit card involves some central authorities. It may be a nice goody but it is nothing average people care about and therefore no reason for them to adopt Bitcoin.
- patrickaljord 12y agoInnovations never look like huge advantages or more than "nice goody" until people start using them in practical way. People used to say that the internet was a nice goody but that fax was good enough. Yeah, right.
- danbruc 12y agoBut the Internet really made some things orders of magnitude easier or faster or possible at all. But what could the advantages of having no central authority be? There are some rare scenarios like the economy of a country collapsing where being independent could be useful. Or when banks are socialized. But do these scenarios justify all the hassle? Or am I missing something? Where or when else is it advantageous?