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After Bitcoin launched in 2009, it became clear to proponents that it would have a difficult time ever becoming “electronic cash.” It was too slow and decentralized. Instead, the consensus was reached that its purpose should fit its architecture. The pivot was important: Bitcoin aimed to be a decentralized store of value — a digital vault. It wasn’t built for speed, and as a store of value, it would never need to be fast.
Ten-minute block times were acceptable because they didn’t need to be used for daily payments, let alone real-time gaming or algorithmic trading. It wouldn’t have to compete