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GLC · 139w

When will some of the Altcoins with better technology start overtaking Bitcoin?

Let’s get one thing clear from the start. There is no better technology than the original Bitcoin design because with that protocol we have enforcement of an idea. And it’s that idea whose time has come.

If physical gold could be easily incremented into spendable units and sent instantly and at no cost through the internet with no human in charge of that system or intermediary to those transactions then we would have the perfect money. That in essence is what Bitcoin was out-of-the-box.

The early users of Bitcoin did not fully appreciate this trustless design and allowed a company to infiltrate the core and corrupt this ingenious design. The original Bitcoin is no longer autonomous, the original Bitcoin is no longer independent, the original Bitcoin is no longer trustless.

I don't anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee. The owner of the node would decide the minimum fee they'll accept. Right now, such a node would get nothing, because nobody includes a fee, but if enough nodes did that, then users would get faster acceptance if they include a fee, or slower if they don't. The fee the market would settle on should be minimal. If a node requires a higher fee, that node would be passing up all transactions with lower fees. It could do more volume and probably make more money by processing as many paying transactions as it can. The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces." ~ Satoshi Nakamoto

In the above quote, Satoshi was explaining to Mike Hearn about how miners should decide if and when to charge a transaction fee. This is the trustless autonomous nature of the original design.

We don’t have to trust physical gold. We know there’s a finite amount and that...

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