This is a big part of it. Its about decentralization. Currently it has a massive environmental impact, but as renewable energy and better cooling technology develops, decentralized cryptocurrencies could be better than fossil fuel invested banks.
The decentralized nature does mean that sometimes criminals can use it, but some countries will consider you a criminal based on the color of your skin.
A blockchain is nothing more really than a database.
The use case is when I don’t want or have a trusted keeper of that data.
See, if it’s your excel spreadsheet, how do I know that you’re not going to change the values on it? For some things that doesn’t matter - but for things like funds between different parties, etc, that can be a big issue.
Traditionally this has worked by having a trusted third party - a bank, a court, a escrow company, etc. But all these require lots of effort to have as well, and can be bad actors.
Once people realize how unsustainable Bitcoins economical scheme is, some of them will get more popular.
Don’t get me started on all the other issues Bitcoin has…
This is a big part of it. Its about decentralization. Currently it has a massive environmental impact, but as renewable energy and better cooling technology develops, decentralized cryptocurrencies could be better than fossil fuel invested banks.
The decentralized nature does mean that sometimes criminals can use it, but some countries will consider you a criminal based on the color of your skin.
There are already cryptocurrencies with barely a fraction of the energy use of Bitcoin.
Like my Excel spreadsheet!
Well, yeah.
A blockchain is nothing more really than a database.
The use case is when I don’t want or have a trusted keeper of that data.
See, if it’s your excel spreadsheet, how do I know that you’re not going to change the values on it? For some things that doesn’t matter - but for things like funds between different parties, etc, that can be a big issue.
Traditionally this has worked by having a trusted third party - a bank, a court, a escrow company, etc. But all these require lots of effort to have as well, and can be bad actors.
Once people realize how unsustainable Bitcoins economical scheme is, some of them will get more popular.
Don’t get me started on all the other issues Bitcoin has…