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Bitcoin

Bitcoin is an innovative digital currency. It's got the perfect mix of desirable monetary characteristics that include decentralization, inflation resistance, and an established issuance calendar. As a digital currency Bitcoin is likely to have a significant role to play in the Metaverse, in which virtual goods as well as services are exchanged. There are however downsides to bitcoin, as there are some uses that could be made.

Technology

The first issue is that cryptocurrency is not the most convenient option to use as an alternative to payment. It's slow and difficult to transfer money and use. Also, it lacks protection from fraud and is not regulated. In addition, it's difficult to trade cryptocurrencies due to its technology. Transactions could take between 10 minutes to 90 minutes. Further, transaction fees aren't free. While the cost of one Bitcoin transaction is low now, it rose at around $70 in April 2021. Fees for Ethereum transactions, called "gas fees", can be anywhere from a few hundred dollars from a few dollars to hundreds.

Light Network

It is decentralized technology which requires proof to allow new entries. Bitcoin employs a game called the Hashcash algorithm Light Network to extend the chain. The algorithm was devised by Adam Back in 1997. Cynthia Dwork, who was part of the team who came up with an idea