Author: Adam Gibson 2015-02-15 21:40:24
Published on: 2015-02-15T21:40:24+00:00
In a discussion about the settlement times in payment systems, Troy Benjegerdes pointed out that longer settlement times can be beneficial as they provide more time for human intervention in case of errors or system failures. The non-finality of current electronic payment systems leads to transfer costs, which was emphasized in Satoshi's introduction to the Bitcoin whitepaper. The need for trust is increased with the possibility of reversal. While there is no issue with having reversible mechanisms built on top of Bitcoin, it is impossible to build a non-reversible layer on top of a reversible one. It is suggested that most activity should occur at higher layers, where reversible mechanisms can be utilized.
Updated on: 2023-06-09T16:54:26.495532+00:00