Charlie Lee is a creator of Litecoin, a many renouned choice cryptocurrency. He is now executive of engineering during Coinbase.
I initial detected bitcoin in early 2011.
Like many, we suspicion it was brilliant. Bitcoin exchange were decentralized, secure, fast, inexpensive and unlimited.
Let’s mangle down what this means:
- Decentralized: Thousands of nodes determine and send all bitcoin transactions.
- Secure: The bitcoin network is cumulative by millions of dollars of hardware.
- Fast: Confirmations were fast. Zero acknowledgment exchange are really protected as double-spend attacks are impractical.
- Cheap: You can compensate small to no fees. Your exchange will all get mined in a subsequent block.
- Unlimited: At that time, bitcoin retard sizes were little compared to a retard distance limit. Transactions being behind due to retard distance imprisonment was unheard of. So there’s effectively no extent on transaction throughput.
The reason because this is a box is due to a shining pattern of Satoshi Nakamoto’s creation. Bitcoin is bootstrapped like a startup: equity is