Author: Tom Harding 2015-08-12 00:56:05
Published on: 2015-08-12T00:56:05+00:00
Adam Back, a member of the bitcoin development community, argues that the main characteristic of Bitcoin is not its cheaper transaction costs but its trustlessness – the ability to transact without relying on third parties. This rules out the Lightning Network, which relies on intermediaries to function properly. While Lightning hubs cannot steal your money, banks stealing payment money is not a significant issue with today's payment systems. The real problems with these systems are limited access, high fees, transaction amount restrictions, fraud due to weak technology, and currency conversions. In contrast, plain old bitcoin solves all of these problems. However, Bitcoin does face challenges such as throughput and time-to-reliability and must maintain decentralization and privacy. These challenges can be met and exceeded.
Updated on: 2023-06-10T18:33:23.207243+00:00