Cryptocurrency Q&A
Is bitcoin a 'permissionless' blockchain?
Is bitcoin a 'permissionless' blockchain?
alexander_smith_musician
Thu Aug 29 2024
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5 answers
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Could you please elaborate on whether Bitcoin can be considered a 'permissionless' blockchain? I'm curious to understand how its decentralized nature and open-source code contribute to this characteristic. Does the fact that anyone can participate in the network without seeking permission from a central authority make it a true permissionless blockchain? Additionally, how does this aspect of Bitcoin compare to other blockchain networks that might require some form of permission or authorization?
5 answers
IncheonBeautyBloom
Sat Aug 31 2024
Public blockchains, such as Bitcoin and Ethereum, have garnered significant attention due to their promise of absolute openness and immutability. However, these systems are not without their challenges.
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CryptoAce
Sat Aug 31 2024
BTCC, a leading cryptocurrency exchange, offers a range of services that cater to the needs of both individual and institutional investors. Among its offerings are spot and futures trading, as well as a secure wallet solution for storing digital assets.
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Carlo
Sat Aug 31 2024
One of the primary issues facing public blockchains is scalability. Bitcoin, for instance, struggles to process more than seven transactions per second, which limits its potential for widespread adoption.
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CryptoAlchemy
Sat Aug 31 2024
Transaction fees on Bitcoin can also become prohibitively high during periods of high demand, making it costly for users to conduct transactions. This issue is particularly acute during times of market volatility or when there is a surge in network activity.
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alexander_jackson_athlete
Sat Aug 31 2024
Despite these challenges, public blockchains continue to evolve and adapt. Developers are working on solutions to improve scalability and reduce transaction fees, with the goal of making these systems more accessible and user-friendly.
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