Abstract
The crypto currency Bitcoin is rooted in peer-to-peer computing. To critically assess the feasibility of this approach, first the concept of Bitcoin is outlined. Then, widely based on original citations of its defining document, a discussion of its properties leads to the result that this crypto currency is inherently insecure and not amenable to real-time operation, as well as that the generation of Bitcoins and the processing of payment transactions wastes resources to a not justifiable extent. Hence, Bitcoin is extremely inadequate as an electronc payment system, in particular for worldwide use on a daily basis.
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Acknowledgement
The authors thank the three anonymous reviewers for their critical comments, which were predominantly negative, deeming the paper’s content opinion, non-scholarly and unbalanced. The reviewers did not, however, provide fact-based arguments against the authors’ “opinion”, nor did they falsify any of the statements made. How could they actually endorse the authors’ findings better?
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Halang, W.A., Kubek, M.M. (2022). Bitcoin Considered Harmful. In: Meesad, P., Sodsee, S., Jitsakul, W., Tangwannawit, S. (eds) Proceedings of the 18th International Conference on Computing and Information Technology (IC2IT 2022). IC2IT 2022. Lecture Notes in Networks and Systems, vol 453. Springer, Cham. https://doi.org/10.1007/978-3-030-99948-3_13
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DOI: https://doi.org/10.1007/978-3-030-99948-3_13
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