Topic: 5G positive effects on Bitcoin - page 2. (Read 291 times)

This post is wrong.

The bottleneck on the network is the blocksize, not the bandwidth. The propagation of blocks and transactions on the network are not limited by bandwidth. The nature of Bitcoin's decentralized nodes ensures that bandwidth is not a bottleneck since each node connects to each other.

In addition, increment in hashrate does not result in a significantly higher block frequency in the long term due to the difficulty adjustments.
Firstly, 5G does not ensure privacy nor security. Bitcoin has always been decentralized.
5G does not help to increase the node count because it is expensive. People wouldn't run a node on 5G because it can be significantly more expensive as compared to wired lines with no bandwidth restriction or cost by data usage. Bandwidth is not the main reason why people are not running nodes.

Although this is Bitcoin related but it's not solely a technical discussion, I believe it fits some where else not here particularly.

The attributes of the 5G network which you have mentioned above is quiet not true statements in regards to how it will help the Bitcoin network. although it will increase the user experience of global internet users but it's not a ground for the attributes you mention.

You can read of Bitcoin network congestion [1] how it work, what causes them etc. to get aquatinted with the knowledge hence Bitcoin network connection is caused by factors like high rate of transactions (increase in Bitcoin adoption), cost of transaction fee, lastly size of transaction, each transaction on bitcoin network has a limit of 1 MB and when transactions are higher 1mb it takes more space in the block thereby causing reduction in transaction process which may lead to increase in tx fee.

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[1] https://coinmarketcap.com/academy/article/3c4b01c6-1aa3-4d25-8dea-734e5d163671

AFAIK. The bitcoin network does not use a centralized server or is hosted somewhere but instead uses a PoW (Proof of work) system carried out by bitcoin miners. The speed of the bitcoin network is due to the hashrate, transaction density, and the difficulty of the bitcoin algorithm. So there is no correlation with the 5G network and Bitcoin network speed. Influencing miners to have an impact on the bitcoin network hashrate is possible but 5G will not have a direct impact on the main bitcoin network

With the vast improvement of technology across our world, finances, cryptocurrency, AI and even in the communication sector right now, from the time of 2G to 5G which is widely in use right now, our mobile phones, laptops, network servers now operate on 5G network with its high speed, high bandwidth, low latency and other improvement. 5G has shown great positive effects on the across the technology of our time, given at the speed in which, data is been generated and processed.

    I like to think this will help boost the Bitcoin network, I tend to believe Bitcoin servers are now running on 5G  which will help Bitcoiners in terms of as per:

 1) Network congestion: With 5G now the network congestion has reduced because of its high speed processing power which would therefore aid the rate at which, Bitcoin miners and the entire Blockchain network carryout it’s activities with less stress. Which in turn saves time while increasing efficiency.

 2)It would also ensure safety of data been stored in the network since it connects various devices at a time.

 3)It would also save cost, like some people interested in running Bitcoin core nodes can now access it without those secluded devices, with bigger storage or need some Blockchain free data servers which is expensive thereby making some person uninterested but now with 5G we don't really rely on the servers again, with 5G and it's improvement more man-power will be added making the Bitcoin network boost and improve.
 Amplifying the Bitcoin network with this technological advance is a great win for us.

What’s your take on this guys.
In what way is the Bitcoin, Blockchain technology and the whole cryptocurrency world taking advantage of this and improve the network systems?