Author: Pieter Wuille 2015-08-11 21:51:55
Published on: 2015-08-11T21:51:55+00:00
In an email exchange, Pieter Wuille argues that while Bitcoin may be more expensive to transact, it is still better money than current money due to its trustlessness and limited supply. However, he notes that Bitcoin would not remain the best money if it does not increase capacity. If a cryptocurrency is less expensive, it becomes harder to be reliable as sudden new use cases can outbid available space, making it less useful for a payment mechanism. On the other hand, if it has better scale with the same technology, it will have higher centralization pressure. Wuille believes that Bitcoin, or any cryptocurrency, as a payment system on-chain is expensive, unreliable, and slow unless you already trust the sender to not double spend. However, he also notes that lack of centralized parties to trust is one quality that Bitcoin is still good at.
Updated on: 2023-05-19T21:23:36.619404+00:00