Quote from: Bergmann_Christoph on March 14, 2016, 04:52:20 PM

Quote from: RealBitcoin on March 14, 2016, 04:20:56 PM

You are talking about small people not having room for transaction. But nodes not having HDD room for blockchain that is ok no?

What's worse?

Small people can't host bitcoin - or small people can't use bitcoin?

Do you dream of a world where every poor man can proudly spend his hdd to host a payment network only the rich can use?

Bandwidth (throughput+latency) is much bigger issue than HDD storage.

If Bitcoin becomes a new reserve currency, it will be about as useful to small people as gold (IE not for everyday coffee purchases).

You are new here, so please review these two statements before spending more time worrying about your false 'can't use vs. can't host' dilemma:

Quote from: davout on March 09, 2015, 11:08:02 AM

The true value that Bitcoin brings to the table is not "everyone gets to write into the holy ledger", it is instead "everyone gets to benefit from sane and non-inflationary financial instutions whose sanity and honesty are ensured by the holy blockchain".

Quote from: Hal on December 30, 2010, 01:38:40 AM

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.