Like the protocol, it is set in stone. Such a vision will not change in the next year, decade, or century. The only thing that will change here is that the numbers will get more favorable to the consumer. After Bitcoin1 scales to billions of transactions, it will scale further
The community has a vision of a system that scales to billions of transactions a second, a system open to anyone globally, a system that costs no more than a thousandth of a cent for a standard transaction of 250 byte, no matter where you are in the world and no matter what you are doing. A system that is completely traceable and works within the existing legal structures.We aim to create such a framework which makes it feasible for every sector to build a trustable and reliable data ledger system. An open-source toolkit which will streamline the deployment of blockchain throughout a broad and diverse sector.
The purpose of Bitcoin1 is not to take down banks or governments. Bitcoin1 is a tool. The aim of Bitcoin1 is to make a secure, robust electronic cash system that can provide micropayments and the ability to conduct transactions globally, for values as low as or lower than a thousandth of a US cent. Bitcoin1 is a competitive system, one that helps deliver value to the consumer. The purpose of the system is to exchange value quickly, easily, and for very low fees.
There is no such thing as too large a volume. There is no such thing as spam. There is no such thing as a system that cannot be seized or frozen using a legally issued court order. And there is no such thing as a transaction within the law that should not be sent. Very simply, Bitcoin1 is a system designed to grow with transactions and allow the transfer of value globally, within milliseconds, without all the existing cost infrastructures that an expensive system like the Visa network or the MasterCard network brings with it.
Finally, Bitcoin1 is set in stone. The protocol is fixed. In other words, any transaction made today will work in a year and a decade or a century from today. If you write a transaction and sign it and hold it off-chain, the same transaction will remain valid and be processed by a miner without any need for resigning or alterations as long as the system is functioning. For instance, if Bitcoin1 is working 200 years from now, somebody writing a transaction today can expect and have a contractual right to have the transaction sent to the network and processed by a miner in two centuries from today. The protocol doesn’t change.
