As most are well aware by now, Bitcoin is killing the planet. Tesla is widely derided for their Bitcoin purchase, while whataboutisms from Bitcoin holders are repeatedly shared on Twitter. Despite the whataboutisms claiming Bitcoin incentivises green energy, multiple coal plants reopening for Bitcoin mining (1)(2) seem to disagree with this statement. Bitcoin mining is helping slow down the transition to green alternatives by increasing revenue on gas mining (3)(4). In other countries, miners are getting access to cheap, clean energy, funded by the EU. Great news for the miners, bad news for the locals, the plant was supposed to…
My thesis in this article is that cryptocurrencies relying on Proof of Work (PoW) or Proof of Stake (PoS) for consensus centralize over time, leading to degraded security. An expanding money supply, fees, and staking encourage a loss in stall resistance and a loss in security. Very few crypto, amongst which Nano, are likely to stay secure over time.
Bitcoin mining offers rewards. These rewards consist of a block subsidy (supply increase, currently 6.25 BTC per block) and fees (~0.5 BTC per block), and are distributed roughly proportionally to hashrate owners.
There’s a good chance you’ll have heard a friend talking about cryptocurrency recently. What is it, and why are people so excited about it? In this article, I explain what makes cryptocurrency innovative and why Nano specifically is an incredibly exciting project.
First off, to understand the excitement about Nano, all you need to do is try it out for yourself, within 2 minutes.
While I’ve written a lot on what Nano can do and how well it works, I haven’t written about the vision behind Nano. Front and center on the Nano website is the Nano Foundation’s motto:
Nano makes money efficient for a more equal world — simple to pay with, easy to accept and open to all.
Nano’s fundamentals fit this creed. Being instant and feeless, Nano works extremely well as cash. The user experience is smooth — without fees, transacting is as simple as scanning a QR code and hitting send. It’s efficient — Nano transactions barely use energy, meaning…
Nic Carter, partner at Castle Island Ventures and cofounder of coinmetrics.io recently released an article titled “How Much Energy Does Bitcoin Actually Consume” in the Harvard Business Review. I believe it deserves a response.
Nic mentions his enthusiasm for Bitcoin. It is therefore only fair to start off by stating that I am enthusiastic about cryptocurrency, but believe that Nano is the future of cryptocurrency, not Bitcoin. That being said, my response to Nic’s article.
This is the deeper question in the Bitcoin energy usage debate, and it is the first point the article touches upon. I believe Nic ignores…
In this article I describe Nano’s latest innovation — a prioritization method which leads to a feeless, yet spam-resistant network. If you’d like the full background, I highly recommend the original proposal: Rob’s (Reddit user u/ — orb) brilliant Time-as-a-Currency & PoS4QoS — PoS-based Anti-spam via Timestamping and Nano’s practical implementation of this through the Election Scheduler and Prioritization Revamp.
Spam (or DoS — Denial of Service) attacks have been a part of the crypto world since the beginning. Bitcoin was spam attacked, repeatedly, Ethereum was attacked, and more recently Nano was attacked. An uncensored system that is open, accessible…
Nano enthusiasts will often tell you to take your Nano off of exchanges, and into your own wallet. This article aims to explain why you should do so. Not because you’re altruistically trying to help the network, but for your own security, to improve the decentralisation of the network, and to increase the value of your Nano.
When you buy Nano on an exchange such as Binance, Kraken or Bitvavo, the exchange shuffles around some numbers in their internal ledger. Person A had 1000 Nano and $0, while you had 0 Nano and $5000. …
In earlier articles, I’ve talked about how Nano is the future of money, amongst other reasons because it is instant, has zero fees and has no inflation. After this article was published, I got some questions about how Nano can have no fees and yet still incentivize people or businesses to run nodes (representatives, those that confirm transactions). In this article, I’ll explain how Nano’s zero-fee proposition provides plenty of incentives in theory and practice, and why having zero fees makes Nano more secure than other cryptocurrencies.
With the recent increase in fees for both Bitcoin and Ethereum, this is a question coming by more recently. So let’s dive right in.
To first cross off the top cryptocurrencies — Bitcoin’s average transaction fee is $25.47 as of writing, with a “near finality time” of 58 minutes before your transaction is considered fully confirmed. Ethereum fares slightly better with a $24.48 average transaction fee, and a 6 minute near finality time.
So with these two out of the running, let’s look at what the actual lowest fee cryptocurrencies are.