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Yeah, it’s not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if bitcoin becomes a large competitor to the traditional system. I wouldn’t be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.
As for just needing 200 lines of code, I’m actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.
Yes, but it’s not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it’s good for us as bitcoin doesn’t get inconvenient attention from sectors which belong the banks.
To achieve the goal, bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony bitcoin built as main currency, without splits.
Yeah, it’s not something that banks would have expected even just 10 years ago, but now it is definitely becoming a reality and there is going to be a serious change in thinking from banks if bitcoin becomes a large competitor to the traditional system. I wouldn’t be surprised if banks decide to start becoming a bit more specialized or desperate for investors in the event of a scenario like this.
As for just needing 200 lines of code, I’m actually pretty impressed. I thought it was a bit more than that, but the efficiency surprises me.
Yes, but it’s not sufficient yet to handle all transactions and customers that banks deal everyday. A mass adoption is far to happen, and for now it’s good for us as bitcoin doesn’t get inconvenient attention from sectors which belong the banks.
To achieve the goal, bitcoin must improve its technology and features a bit yet, to let us continue having fast-average speed transaction + low fees. That is the most important for me. Surely, most important after the hegemony bitcoin built as main currency, without splits.
Never said that the rest of the network is efficient, just the 200 lines of code to become a bank.
Mass adoption will likely come in the form of value preservation rather than daily spending, and the only way that you can really change that is shortening block times, and that’s even less likely than just increasing the amount of transactions that can be kept within a single block.
The only way that bitcoin can become a significant player in the daily lives of people is through requiring only one confirmation for each transaction, and even that can take between 5 and 10 minutes.
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Why it was at Zero Hedge where I first saw the expression “Be your own Central Bank. Buy gold!”
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