Satoshi's Cup of Coffee

𝗚𝗲𝘁 𝗧𝗵𝗲 𝗨𝗹𝘁𝗶𝗺𝗮𝘁𝗲 𝗚𝘂𝗶𝗱𝗲 𝗧𝗼 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗖𝗼𝘂𝗿𝘀𝗲:
https://www.trader.university/courses/38824-the-ultimate-guide-to-bitcoin
Use the discount code YT99 to get the best price.

In this video, I discuss Bitcoin's speed, average block time, and final settlement assurances-- compared to traditional payment processors like Visa as well as "faster" blockchains like Litecoin (LTC).

Satoshi chose a 10-minute average block time for a number of reasons:

1) To allow plenty of time for new blocks to propagate from node to node across the network globally (especially in a situation where there are many more nodes than there were in Satoshi's day or today);
2) To allow plenty of time for these nodes to check that each new block is following the consensus rules;
3) To minimize the number of chain reorgs and temporary forks.

You can make faster blocks, but that will not provide greater final settlement assurances. Security and finality is provided by the amount of energy/time/work that an attacker would need to expend to rewrite the blockchain from your transaction block up to the present.

Litecoin has faster average block times, but much slower final settlement times. Visa is even worse.

Bitcoin focuses on a decentralized, secure base layer-- which allows for higher layers like the Lightning Network to handle faster, cheaper transactions that don't demand the same level of final settlement assurances.

Satoshi made the average block time 10 minutes. This suggests that he was NOT designing the system to be used for small, fast payments like buying a cup of coffee at Starbucks.

The Bitcoin base layer will eventually be used exclusively for settling large important transactions in the billions of dollars. It is a final settlement layer that is unparalleled.

Not investment advice! Consult a financial advisor.

Is Litecoin Better Than Bitcoin?
https://www.youtube.com/watch?v=Fl4nrvMZBjY&ab_channel=TraderUniversity

How many confs or confirmations?
https://howmanyconfs.com/

Not really buying coffee with Litecoin:
https://www.youtube.com/watch?v=GeelsqfBRFE&ab_channel=CryptoSherpa

Buying coffee using the Lightning Network in El Salvador:
https://www.youtube.com/watch?v=fa9xB69jZk0&ab_channel=DJSbuLive

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#crypto
#satoshi

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