[cryptography] bitcoin scalability to high transaction rates
James A. Donald
jamesd at echeque.com
Wed Jul 20 19:52:27 EDT 2011
On 2011-07-20 11:24 PM, Ian G wrote:
> Well, it's clearly inefficient, but that's a design feature :) Privacy
> can't really be claimed as it has a public database, and it's a sucker
> for datamining. Latency I gather has its issues too.
A distributed currency requires a consensus as to who owns what coins.
I transferred a few cents worth of bitcoins between one identity and
another. It took a very long time for the first confirmations to come
in. After a few days, there were a couple of hundred confirmations - a
consensus so large as to be entirely irreversible.
But a couple of hundred confirmations is a significant communication
overhead, and has an impact on privacy.
More information about the cryptography