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But if it's government-issued, why not use a centralized server manage the ledger? Since the government is going to be capable of producing as much currency as
by fragsworth 11y ago
But if it's government-issued, why not use a centralized server manage the ledger? Since the government is going to be capable of producing as much currency as it wants, at will, there's no reason to have a blockchain.
- jackgavigan 11y agoA blockchain could be a lot quicker and cheaper to set up and get running than a centralised system.
- dpc_pw 11y agoIt's way easier to have a centralized system than decentralized one. Bitcoin in it' current form can handle around 7 transactions per seconds, and scaling it upwards is costly. 7 transcations per seconds is laughably small number. Your smartphone using LTE connection could serve 7 transcations per seconds as trusted centralized server.
- thescriptkiddie 11y agoI'm not sure where you're getting the 7 TPS number. Satoshidice alone is responsible for more than that. It's trivial for anyone to send hundreds of transactions per second if you're willing to pay the miner fees.
- dpc_pw 11y ago"Today the Bitcoin network is restricted to a sustained rate of 7 tps due to the bitcoin protocol restricting block sizes to 1MB. " https://en.bitcoin.it/wiki/Scalability https://en.bitcoin.it/wiki/Scalability