Author: Angel Leon 2015-05-13 11:25:47
Published on: 2015-05-13T11:25:47+00:00
The email thread discusses the issue of low transaction capacity of Bitcoin, which is a major obstacle for its mainstream adoption. The sender, Oliver Egginger, highlights his concern about the economic feasibility of small transactions like buying pizza on the network due to the high cost associated with leaving a footprint in the blockchain. He suggests that such trivial transactions may not be worth the expense and effort required, which could lead people to give up on using Bitcoin and switch to other payment systems. However, Jeff Garzik argues that the purpose of Bitcoin is to provide an open transactional network where people can use their money in a decentralized fashion, regardless of what one wants. Garzik believes that if Bitcoin goes mainstream, it will collapse because of the current low transaction capacity, which needs to be improved. Oliver further expresses his concern about the third-party economy around Bitcoin, which he considers worse than any used car dealer. He suggests that a functioning economy around the blockchain is necessary, but to create one, unpleasant truths need to be accepted, which the community may not be ready for. He emphasizes that the dishonest competitors of honest companies must be eliminated to make the ecosystem trustworthy for people. In conclusion, the email thread discusses the challenges associated with improving the transaction capacity of Bitcoin and making it economically feasible for everyday transactions. It also highlights the need for a trustworthy ecosystem around the blockchain, which requires eliminating the dishonest actors in the third-party economy.
Updated on: 2023-06-09T19:38:30.507304+00:00