04 Oct '12, 4am

Feasibility of Creating a 5-BitCoin Currency #bitcoin

Quote from: LegalEagle on October 04, 2012, 04:06:40 AM In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss. The purpose of different bill denominations is value compression. However, in bitcoin, value is practically perfectly compressible, thus there is no need to introduce denominations. Technically you could implement denominations on the protocol level, e.g. by introducing a second bitcoin address scheme which has e.g. a different lead symbol, were the protocol guarantees that coins on particular addresses are worth a specific amount of coins on another address. That means the protocol would have to deal with two kinds of addresses at the same time. IMHO, the only scenario where an additional BTC address space with a different valuation may become useful is e.g...

Full article: https://bitcointalk.org/index.php?topic=115354

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