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Bitcoin Is Venice Scaling Layers

"Bitcoin Is Venice," a book by Allen Farrington and Sacha Meyers, describes the renaissance of sound money.

Get the complete ebook now in Bitcoin Magazine’s retailer.

This article is a part of a sequence of tailored excerpts from “Bitcoin Is Venice” by Allen Farrington and Sacha Meyers, which is out there for buy in Bitcoin Magazine’s retailer now.

You can discover the opposite articles within the sequence right here.

“Money will always see a multiple layered expansion as it evolves, and each layer has costs and benefits. You can mine your own gold, but this process is very expensive with a high barrier to entry. You can buy gold coins and bars easily in most parts of the world, but using them for day to day commerce is unfeasible. As a merchant, you can accept gold coins but either have to trust the purity or assay the gold yourself. Once you’re using the paper certificate layers, you now are engaged in counterparty risk, but have easier capacity for transactions. Each layer serves a different function. Base layers are for final settlement, while higher layers are for facilitation of economic activity.” — Nik Bhatia, “The Time Value of Bitcoin and LNRR.”

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