Author: Eric Voskuil 2015-08-12 01:18:10
Published on: 2015-08-12T01:18:10+00:00
The email thread discusses the importance of Bitcoin being inexpensive to transact and why it is better money. The writer argues that reduced transaction costs are a direct consequence of Bitcoin's trustless nature, which eliminates all associated overheads despite high technical costs. Bitcoin is designed to solve only one problem other systems do not, making significant compromises in other areas. The benefit of this solution is that it cannot be effectively controlled by the state. The writer points out that any compromise in Bitcoin's trustless nature will eliminate its cost advantage, and therefore Bitcoin itself. Additionally, the writer emphasizes that the importance of this issue cannot be overstated since Bitcoin's growth is due to it being "better money than other money." If Bitcoin becomes less expensive to transfer, then Bitcoin will be replaced by better money.
Updated on: 2023-06-10T18:29:44.921700+00:00