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Thursday, June 29, 2017

Bitcoin Shows What Banking Should Be: American Banker

Bitcoin Shows What Banking Should Be: American Banker

American Banker, a daily trade newspaper that has been covering the financial sector since 1836, recently featured an analytical piece by its editor-in-chief Marc Hochstein entitled “How I missed the point of bitcoin,” to demonstrate how Bitcoin has shown what global banking should be.

In 2012, Hochstein noted in an article entitled “Lightning fast, dirt cheap: bitcoin shows what banking could be,” that a new peer to peer digital cash system has emerged. Five years ago, Hochstein praised the Bitcoin network’s ability to settle transactions with low fees and at fast speeds without the necessity and involvement of intermediaries or mediators.

The decentralized nature of Bitcoin remains identical but what has changed in Bitcoin is its fee and settlement speed. Due to the explosive growth of the Bitcoin network and its market, average Bitcoin transaction fees have increased beyond $2.5. In addition, at certain periods wherein the Bitcoin mempool, the holding area of Bitcoin transactions for the miners, is full of unconfirmed transactions, the confirmation of transactions can take hours.

However, Hochstein remains optimistic towards the core principles and functions of Bitcoin that include the settlement of transactions and transfer of data in a decentralized, transparent and fair manner. Although Bitcoin transactions can cost up to $2.5, scaling solutions such as the Bitcoin Core development team’s transaction malleability fix segregated witness (SegWit) are imminent.

Full story at

Source: CoinTelegraph

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