2. FYI, there is no way Bitcoin does 3k transactions per second. Are you referring to 3,000 the number or something else?
Not the guy you replied to, but I thought that I would point out that it doesn't look like his "3tx/sec" has a "k", so you might have misread because of the spacing or lack thereof. So yeah, he meant 3 transactions per second lol.
First of all,I do not agree on the efficiency of cryptocurrency especially Bitcoin.Credit cards,in this case Visa do process 2k tx/sec while Bitcoin 3tx/sec,that's a huge difference.So yeah I think Bitcoin is really not efficient in terms of transacting.
As for the article itself, wow that's long. I would have loved to see a discussion about crypto's learning curve and user experience in the practicality section though, because that seems to be a pretty big factor among self-declared non-techies. I personally think it's really easy, but that it should be tackled when discussing crypto's practicality vs. other options. Some people may find setting up a proper wallet be more daunting than simply filling out paper work to their banks, for example.
Overall I can kind of sense that you're a bit biased towards crypto, but it's an informative write up nonetheless. Good work!
Thanks for the feedback. The research was on Cryptocurrencies, not just bitcoin. I may have focused on bitcoin somewhere but there are a bunch of altcoins that can beat Visa's threshold of TX/Sec.
I agree, a learning curve would've been a hell of a topic but my time was limited in this research. It's quite extensive because I had to map out the architecture between the two technologies to explain a few aspects.
I agree that right now it's quite complicated to setup your own wallet and maintain it yourself and security is more to the point of user experience. Making transactions irreversible is quite dangerous in purchasing scenarios but I believe that escrow transactions can solve this to a good extent. I also believe that a self-governing cryptocurrency can be created to settle disputes. NXT is a coin I believe is on the right track if they focus on creating a reputation system like eBay does with other users being rewarded for governing the system to avoid fraudulent sales and scams but of course, no system is perfect but I think were getting really close to a 99% decentralized economy.