Blockchain Technology Use Cases Explained in One Minute
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- Опубліковано 15 лют 2023
- Can blockchain technology solve 100% of the world's problems? Of course not and there is absolutely nothing wrong with that... why should it? Instead, anything blockchain-related shines when it comes to a core group of sovereignty-oriented use cases.
With these blockchain use cases alone being more than enough to justify the existence of the technology. To put it differently, blockchain technology and cetralized solutions complement one another. For some use cases, it makes more sense to use centralized options whereas for others, blockchain technology is what shines.
At the end of the day, there is room in the ecosystem for a wide range of options and what's most important is understanding what blockchain technology is all about in a meaningful manner. It is this understanding that will enable you to form an educated opinion with respect to when it makes sense to opt for blockchain technology and when the cons outweigh the pros. There is no such thing as a "one size fits all" solution in the tech world and the financial dimension most definitely doesn't represent an exception :)
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I agree with everything except blockchain not being cheaper in terms of transaction costs: it absolutely *can* be if you choose the right currency. With anything centralized, you're paying fees one way or the other (if the merchant pays the fees then they will build that into the price that *you* pay, so yes you do pay transaction fees in that case, you just can't see them).
Was referring to centralized payments ecosystems that are used by millions upon millions of people such as PayPal and the fact that transactions between accounts at the same payment processor (be it PayPal or anything else) can easily be offered free of charge given the fact that only a simple database modification is required. Thus, I tend to consider companies like PayPal and blockchain solutions like Bitcoin complementary rather than adversaries. Want sovereignty? Use Bitcoin. Don't care about sovereignty and want ease of use instead? Opt for a centralized solution. In other words, they're so fundamentally different in terms of the needs they satisfy that I consider it sub-optimal to view them as adversaries
Decentralised accounts for the influx of transactions. If there is heavy traffic then you have to pay a premium if not your transaction will take really long to process, which may incur larger currency discrepancy.
Very different from centralised exchange where they can use economy of scale to keep cost low and at a fixed rate.
If you say that choosing the right currency can lower transaction fees than thats really silly. Your definition of right currency would mean to choose a less popular alternative. That comes with immense risk like illiquidity and volatility. You may incur more losses holding that currency itself just to save money on transaction fees.
Demand and supply works freely on a decentralised exchange, hence the prices will always reflect accordingly unlike a centralised exchange.
Thanks buddy
Thank YOU for supporting OME (you coined this btw) over the years :)
Very good
Corruption free payments!
Yep
bro come on.. you have to be better than this. there are different types of block chains, they are not inherently decentralized. for instance the differences between PoW, PoS, Pol, PoA and so on..
So the blockchain can help me do illegal things at a more expensive and slower pace then traditional money, got it.
Every positive thing you mentioned can be done with cash with the added bonus of not having a digital trail of everything you did. Smh