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RE: I love you, my bitcoin

in #bitcoin7 years ago

Scarcity is built into the bitcoin protocol, this combined with almost endless divisibility of a bitcoin makes it superior for wealth distribution in comparison to any other modern fiat.

The transaction fees are dynamic and them being so high is incentive for the miners to keep securing the network in its current vulnerable state. This adds to the security and decentralized nature of the Bitcoin blockchain. The more miners mining the more decentralized the network becomes. If widespread adaption continues as it has since inception bitcoin will become so entrenched in the global economy it will no longer need to be issued. At this point miners are compensated for processing the tx and securing the network through purely tx fees.

If you have ever tried to send a large some of money from one bank to another, you would know how brutally inefficient it is to do so. A $30 bitcoin fee to move infinite value in less then an hour is incredible. It bleeds financial innovation.

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