BUSINESS INSIDER: Cashless society through cryptocurrency

The fundamental idea about the blockchain is to create new blocks for transaction sets by arranging them into blockchains and sending them into the network.

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Norbert Biedrzycki Kryptowaluty spoleczenstwo bezgotowkowe

My article in BUSINESS INSIDER published 27 January 2017.

 

Changes in the global financial model, the resulting reluctance of financial institution to accept bitcoin, and the limited availability of places that accept cryptocurrency transactions, all hamper blockchain’s expansion. However, slowly but surely, financial institutions are jumping on the bandwagon and joining the revolution, some because they have become aware of the new trend and the emergence of this new market; others because they know their significance is bound to diminish in the near future unless they do. Similarly, the number of physical and virtual places that accept the cryptocurrency is growing steadily. The greatest potential hindrance looking forward may lie in the processing capacity of the global blockchain system and how easy it is going to be to have bitcoin transactions supported, if they are supported at all.

One of the stages in designing and testing complex systems are stress tests, i.e. performance tests run at what is expected to be the maximum load. Note that in relation to the bitcoin system, which spans the globe, such tests would have to target its dispersed data processing sites, and, in fact the entire Internet, with a range of conventional peer-to-peer networks.

 

Link to the full article (in Polish)

 

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2 comments

    • Norbert Biedrzycki  

      Should be published in English soon. Stay tuned 🙂