The Current Reality of the Bitcoin Network Does Not Reflect Satoshi's Whitepaper
"So, to conclude, bitcoin is definitely in crisis because the real bitcoin as described in the whitepaper does not exist anymore. The real bitcoin uses the first seen rule for transactions, rather than ordering by fee. The real bitcoin never operates at full blocks. The real bitcoin has as good as no fees and confirms almost instantly.What now is called bitcoin is an aberration, something completely different and planned to become even more different. Far more similar to ripple with its hubs and intermediary banks than to bitcoin.The real bitcoin, the digital cash, the codable money, the global, inclusive, permissionless network, the innovative powerhouse which has grabbed the world’s imagination, that has changed its name and is now called ethereum."**
https://www.cryptocoinsnews.com/price-reaches-record-highs-bitcoin-capacity-crisis/
** I don't agree with the Ethereum reference, but a lot of the thoughts in this article are spot on.
Ethereum??
Hahah, no way. Ethereum is good tech, but it's not the most ideal concept here.
I'd keep my eyes on Ethereum forks, especially anti-censorship, pro-privacy, and pro-security focused ones, ones that might include a Steem type system, as well as masternode abilities. Something that takes the best of the best of all the altcoins, and puts them into one truly magnificent coin, a coin that's already equipped with future proofing gear on launch, as well as supported by legitimate developers who understand the extreme need for uncompromising privacy and security.
Yeah, I don't agree with the Ethereum reference either. But the rest of the article is spot on.
I am not sharing an opinion in any way. I am just sharing for clarification of information.
Regarding "cash"
Bitcoin is a system "for electronic transactions without relying on trust," not explicitly digital cash in the way you mean.
Cash in the whitepaper is used to differentiate from the use of a physically printed or stamped cash or coins, a check, a debit or credit card, where a third party is involved in the transaction.
Regarding fees,
they are literally built into the system:
The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.
Regarding transaction time,
this is also predetermined Constant that is set by the system using a variable hashrate difficulty:
To compensate for increasing hardware speed and varying interest in running nodes over time,the proof-of-work difficulty is determined by a moving average targeting an average number ofblocks per hour. If they're generated too fast, the difficulty increases.