Quote:
Originally Posted by danielpbarron
Not necessarily. The bitcoin network cannot sustain a rate of transactions comparable to the traditional fiat systems. There will eventually have to be bitcoin denominated checking accounts, debit cards, and credit cards. The block chain itself will be used primarily to settle debts between the major companies. This doesn't mean that bitcoin is of no use; even in this future I describe, it is a sound money that anybody can afford to audit. |
You are right, although they will find ways to solve this problem.
I know some alt coins, positron coin for example use POS - Proof of stake, instead of POW - Proof of work to secure the network.
People hold the coins in the wallet, and keep the wallet open. That secures the network and it uses very little power. Some people contest its security, but time will tell.
Its a smart way to do it though, i am currently "staking" positron coin, i am getting 9% interest per year paid every couple of days and its compounded.
I have 1 machine running 10 different wallets, so im earning daily payments from many different alt coins.
So the possibilities are endless
