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by slg
1629 days ago
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> were able to build a network capable of transacting billions of dollars of value But that is only possible because the value of bitcoin has skyrocketed. The last data I saw had it at only a few transactions per second which isn't that impressive. >All without any meaningful service costs There are service costs, they are just paid in Bitcoin. There is also obviously the electricity spent to keep the whole thing running that exceeds the amount needed to actually process the transactions. |
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Even if the price of Bitcoin hadn't skyrocketed, it would still be capable of transacting billions of dollars of value. You'd just have to buy more Bitcoin in order to send the value.
When you do, however, the price of Bitcoin also increase, because it's a scarce asset. That is why it has skyrocketed. And because it's safe. And because it's decentralized. And because it's censorship and regulation resistant. And because it's even scam resistant, due to all transactions being public.
On top of that the transactions per second are irrelevant, as everyday purchases can be handled by side chains that are finally settled on the main chain. This means Bitcoin is still being developed as we speak, and so it's not outdated in any way shape or form. In fact it's getting better day by day.