With what started out as a rumour from a video called “PayPal Voices” the company has confirmed that it will be accepting bitcoin through its payment subsidi…
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With what started out as a rumour from a video called “PayPal Voices” the company has confirmed that it will be accepting bitcoin through its payment subsidi…
Very exciting times. The spike of 2013 happened before the bitcoin network
was big enough to justify that price, but this time around things will be
different. I hope you’re using this opportunity to add to your bitcoins.
I’ve been buying modestly every month since December of 2013. I had wanted
to buy bitcoin back in 2012 but I was too busy getting my house fit to live
in and my condo ready for a renter so I couldn’t couldn’t spare the time or
the money. This time around though, I don’t intend to get left behind.
No scalability; Bitcoin/Litecoin and clone Alt Currency branches support
architecture is fundamentally flawed. The block discovery difficulty and
hash rate power/costs to mine coins has increased to the point that you
need a small server farm to achieve a small amount of profit. Recent cloud
farming services have moved in because they can operate more efficiently to
keep mining profitable.
Lack of scalability (en.bitcoin.it/wiki/Scalability) and future network
support is Bitcoin’s and other clones “albatross around their neck.” As of
Sep 11, 2014, 13,250,900 out of the total possible 21 million Bitcoin’s are
in circulation. Bitcoin’s support network is rapidly approaching a point
where large scale mining will no longer be profitable. You don’t need to
be an economist to realize that when doing something is not profitable,
people stop doing it.
After coin mining is no longer profitable, the support networks processing
power will shrink and verifying huge block chains will take longer, making
it unusable as a functional daily currency. Bitcoin could eventually
become the sole digital currency (gold standard) that others are valued
against. Observing current markets, it’s well on it’s way.
NXT’s nxt.org support architecture makes more sense, it’s eco-friendly and
processing power is scaleable to achieve fast block processing times.
Trust, transaction speed and security are ultimately the deciding factors
that will make any digital currency viable. Depending on peoples
acceptance, it’s marketplace could eventually be a serious competitor to
PayPal and eBay, due to lower transaction fees.
PayPal confirms rumours that its payment subsidiary BrainTree will start
accepting bitcoin. AirBnB & Uber to follow.