EDIT: 4000 tps and even 45000 tps theoretically but considering how many we have in the fiat world now despite all its inefficiencies we could easily be looking at 4 billion tps at some stage.
Obviously the technique can be improved a LOT before we would be hitting limits anywhere even remotely near that. And computers that far in the future will also be a lot more powerful.
Bitcoin will fail because involved people are lost in the future, instead of focusing on the present.
edit: Quod Erat Demonstrandum > http://www.reddit.com/r/relationships/comments/2uovrl/me_28_f_with_my_husband_31_m_5_years_will_not/
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"I used to consider him a smart guy and I never, ever thought he would succomb to basically being brainwashed by a bunch of clueless idiots on the internet who seem to know absolutely nothing about finance or the real world."
I don't claim to be a financial guru or anything else. All I see is this technology that can be used as a backbone for so many things. And to open it up to a large as possible public we need it to be as viable as possible for everyone. Including the little guys. For that to happen to need the technology to continue maturing as well as grow.
The article you linked refers to someone with a "bitcoin" gambling addiction mixed with very vocal conspiracy theorist that like to bring their political views up at every chance they get.
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Everything should be the same currency, and Bitcoin is capable of handling microtransactions. I don't understand why people say the opposite.
Everything should be the same currency, and Bitcoin is capable of handling microtransactions. I don't understand why people say the opposite.
Not indefinitelly, even with the cap removed completely, networking streamlined, etc. it would still reach a point where bundling small transactions together would be more efficient.
That's just not true, there are already techniques out there that can easily handle 4000 TPS in both network/signing and size.
Here are a few interesting articles:
https://en.bitcoin.it/wiki/Scalability#Network
https://blog.bitcoinfoundation.org/a-scalability-roadmap/
https://blog.bitcoinfoundation.org/a-bitcoin-backbone/
Hadn't heard about the network in the last link before, looks impressive. Thanks.
Anytime
Quite spot on for the rest mate,
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Miners need either;
lots of transactions all paying a little fee
very little amount of transactions paying a large fee
Bitcoin needs prefers to be viable for as many people as possible, so a very little fee per transaction over a large amount of transactions has the preference.
This is what the "people will use bitcoin without knowing it" stands for.
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Quote from: stan.distortion
miners rewards
Miners need either;
lots of transactions all paying a little fee
very little amount of transactions paying a large fee
Bitcoin needs prefers to be viable for as many people as possible, so a very little fee per transaction over a large amount of transactions has the preference.
This is what the "people will use bitcoin without knowing it" stands for.
Obviously there is so much more that we can do with blockchain (bitcoin) based solutions/technologies. And I'm very curious and interested to see what the future has to bring.