The key difficulties of cryptocurrencies are:
Until those problems are solved, the only real applications of cryptocurrency will by illegal activities, notably buying drugs, paying for ransomware. But also paying for anti-censorship services from inside dictatorships. It is for this reason that Ciro Santilli believes that privacy coins are the best investments until then. People concerned with their privacy are likely to more naturally make fewer larger payments to reduce exposure, and therefore transaction fees matter less, and can be seen as a reasonable privacy tax.
- how do transaction fees/guarantees/times compare to centralized systems such as credit cards:Obviously, decentralized currencies cannot be cheaper to maintain than centralized ones, since with decentralization you still have to send network messages at all times, and instead of one party carrying out computations, multiple parties have to carry out computations.
Crypto could however be close enough in price to centralized systems that it becomes viable, this can be considered.
- https://bitcoin.stackexchange.com/questions/1261/is-it-possible-to-send-bitcoins-without-paying-a-fee "The Blockchain Scalability Problem & the Race for Visa-Like Transaction Speed" (2019)
The battle for a scalable solution is the blockchain's moon race. Bitcoin processes 4.6 transactions per second. Visa does around 1,700 transactions per second on average (based on a calculation derived from the official claim of over 150 million transactions per day).
- how can governments tax cryptocurrency. Notably, because:See also globalization reduces the power of governments.
Ciro believes that it is easy for people to be seduced by the idealistic promise that "cryptocurrency will make the world more fair and equal by giving everyone equal opportunities, away from the corruption of Governments". Such optimism that new technologies will solve certain key social problems without the need for constant government intervention and management is not new, as shown e.g. at HyperNormalisation by Adam Curtis (2016) when he talks about the cyberspace (when the Internet was just beginning): https://youtu.be/fh2cDKyFdyU?t=2375. Technologies can make our lives better. But in general, some of them also have to be managed.
- Table of contents | 702, 4k, 32
- 1. Privacy coin | 9
- 2. List of cryptocurrencies | 0, 4k, 23
- 3. Cryptocurrency exchange | 0, 2, 5
- 3.2. List of cryptocurrency exchanges | 0, 0, 3