Post
Topic
Board Bitcoin Discussion
Re: Satoshi's original idea...
by
squatter
on 21/10/2018, 22:21:54 UTC
So in conclusion you can say Satoshi indeed solve the trust issue of a centralized monetary system and although today Bitcoin is the most widely used cryptocurrency that allows wealth transfer in a decentralized way it also lack of the main features purposes that is to accomplish small casual transactions with lower costs.

So in my personal point of view I see Satoshi's first attempt to solve the centralized trust issue with a decentralized ledger called now blockchain but then for micropayments we found it's vulnerabilities and we call the scaling issues. So my hope is, in the 10th anniversary of Bitcoin we can retake his original idea and now with the research and advance of the decentralized systems we can found a better way to accomplish it's main idea.

That's how it goes -- decentralization has costs. The linear scaling model increasingly disincentivizes micro-payments as demand for block space rises. This is necessary because of Bitcoin's limited supply: Eventually fees, rather than block subsidy, need to incentivize miners.

The best solution seems to be offloading transactions onto exponentially scaling platforms that retain trustlessness. The Lightning Network is exciting in this respect, but it definitely has some drawbacks vs. the Bitcoin protocol. (e.g. you need to keep your private keys online)