27 Sep '15, 12am

21 inc. device is NOT a Bitcoin miner - it is a smart contract enabler. via /r/Bitcoin

In the last few days there have been many articles criticizing the new 21 inc. device as "an inefficient miner". Lots of comments like that on /r/bitcoin too. If you think the same, you have completely missed the point of 21 inc. device. It is NOT a bitcoin miner. Imagine it does not generate bitcoins at all. Could you write an article criticizing the device if it did not generate ANY bitcoins? You seem to forget (or not realize) that this device's main function is making smart contracts on the Bitcoin blockchain. To use the Bitcoin blockchain the device has to pay transaction (miner) fees, therefore, it needs to have a tiny amount of bitcoins for that. There are several ways to go about doing that: The device owner could buy a small amount of bitcoins and send them to the device. This would turn off most of the people, because buying bitcoins is a huge hassle, it takes se...

Full article: https://www.reddit.com/r/Bitcoin/comments/3miv4y/21_inc_d...

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