" proof-of-work cannot come close to competing with more technologically advanced solutions that can provide near instant cross-border settlement with finality. It's essentially the Ford Model T - a great innovation, but vastly inferior to the average car today."
Proof-of-work is not the technology that allows for cross-border settlement with finality. That technology sits on the second layer - the lightning network.
Proof-of-work ensures that value is stored in bitcoin. To create it, you must do work. Bitcoin is energy captured in a digital asset. Without PoW, bitcoin has no value.
The lightning network is the Ford Model T that you speak of. There will be better cars in future, but at the moment it's the best, just like when the Model T came out.
Bitcoin is simply the car. It's been discovered and it's amazing. What we do with it will continue to advance and get better and better.
Proof-of-work is not the technology that allows for cross-border settlement with finality. That technology sits on the second layer - the lightning network.
Proof-of-work ensures that value is stored in bitcoin. To create it, you must do work. Bitcoin is energy captured in a digital asset. Without PoW, bitcoin has no value.
The lightning network is the Ford Model T that you speak of. There will be better cars in future, but at the moment it's the best, just like when the Model T came out.
Bitcoin is simply the car. It's been discovered and it's amazing. What we do with it will continue to advance and get better and better.