[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.





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