Why the 21 Bitcoin Computer Won’t Be The Future Of Micro Payments

The highly-anticipated 21 Bitcoin computer, which has the bitcoin protocol as part of its operating system, has been touted as a long-hoped-for solution to enabling micro transactions over the Internet. But one technology observer has voiced doubts about this based on the amount of power the device will require.

Timothy B. Lee, a senior editor at Vox Media, wrote an extensive article why the 21 Bitcoin computer will not become the solution for micropayments. He claims the computer will consume too much electricity to be profitable for users, will be hackable, and will need to be replaced every few years.

The company behind the 21 Bitcoin Computer, 21 Inc., has raised $120 million from investors including Paypal co-founder Peter Thiel and Andreessen Horowitz.

A Solution For Micro Payments?

21 Inc.’s backers believe that the ability to generate small quantities of bitcoins will become a standard component in digital devices, similar to a WiFi-chip today. They further envision a future where digital currency serves a variety of electronic transactions not possible with today’s computers. This could provide a feasible system for paying for content and online services with micropayments. An example would be the ability to power a

Read more ... source: CryptoCoinsNews