From Wiskipedia
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| - | The computational efofrt does not have to be competitive. It being competitive is what causes the Prisoner's Dilemma.Also, the psuedo-anonymity of Bitcoins causes another potentially high cost. The cost of trust. If I send somebody Bitcoins hoping for a product or service in return, I really don't know who I sent them to. They could just keep my Bitcoins, and not send me the product or service without the threat of repercussion. Also, the no chargeback feature doesn't remove costs, it just transfers the cost from the receiver of currency to the sender of currency. Note: this may make it ideal for micro-donations where the receiving party is authenticated by some third-party (trusted certificate authority).Then there are other costs associated with Bitcoins, like usability, exchange to and from other currencies, and uncertainty about legality, taxation, etc I.e. Bitcoin's strengths under some use-cases, are its weaknesses under others.
| + | Great tihkning! That really breaks the mold! |
Revision as of 00:00, 27 December 2008
Great tihkning! That really breaks the mold!
