I totally see a massive constraint in BTC to be globally adopted by everyone. If we equally divide the ammount of satoshis by the ammount of people right now living in the world. We have arround 273,000 sats per person... It's not a viable protocol to implement as a global currency. Consider the most expensive item in could find. - --- -Yacht History Supreme, 4.5 billion USD
And then 1 kg of wheat flour where I live costs about 0.5 - 1 USD and with a little bit of common sense you will understand my point.
Thats why we have to keep working on Layer 2 solutions and beyond to improve scalability of cryptocurrencies.
Another thing I would add that is key to understand the why of Andreas explanation on POW (It's older than bitcoin), and decentralization is the amazing math Satoshi used for developing this protocol. One of the most important incorporations he did for the crypto community is the incorporation of the Poisson distribution (en.wikipedia.org/wiki/Poisson_dist...) the protocol instead of the more known Binomial distribution.
This single incorporation is one of the thinks that made BTC become what it is today solving for good the double spending proble.
I totally see a massive constraint in BTC to be globally adopted by everyone. If we equally divide the ammount of satoshis by the ammount of people right now living in the world. We have arround 273,000 sats per person... It's not a viable protocol to implement as a global currency. Consider the most expensive item in could find. - --- -Yacht History Supreme, 4.5 billion USD
And then 1 kg of wheat flour where I live costs about 0.5 - 1 USD and with a little bit of common sense you will understand my point.
Thats why we have to keep working on Layer 2 solutions and beyond to improve scalability of cryptocurrencies.
Another thing I would add that is key to understand the why of Andreas explanation on POW (It's older than bitcoin), and decentralization is the amazing math Satoshi used for developing this protocol. One of the most important incorporations he did for the crypto community is the incorporation of the Poisson distribution (en.wikipedia.org/wiki/Poisson_dist...) the protocol instead of the more known Binomial distribution.
This single incorporation is one of the thinks that made BTC become what it is today solving for good the double spending proble.
Good post. Thanks!
That makes so much more sense and I loved the way u explained it with those examples! Thanks a lot for sharing.