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RE: Hi, I'm Kyle. I've been a full-time Bitcoin writer for the past 2+ years. Now I'm trying out Steemit!
Part of the reason you could not do this on BTC is the transfer times and cost. It's take BTC at least 6 mins to validate a transaction, here is takes 3 secs. Running this platform on BTC would be like using carrier pigeons for it's post. Second it is free to send transactions on here. The amount of Steem Power you have determines how often you can transact. The cost for just posting BTC at these rates would be huge for the user.
Agreed. Quick block times and no trx fees alone make the technology much more compelling than any other chain IMO.
Payment channels enable what are essentially instant confirmations. The Lightning Network is a generalized network of payment channels that means anyone can transact with anyone else with instant confirmations. Fees are also basically zero (and could be negative in some cases). I suggest reading about the Lightning Network, which is being built on top of Bitcoin.
Thats nice, but this network is here now and working. Plus the more uou put on top of BTC, the mor complex it becomes. Its already hard to make improvements on it now.
Yay, stuff that plugs into bitcoin and more points of potential failure, rather than built in...? Wait What?
Exactly.