Topic: Can Bitcoin grow into a key payment network? (Read 361 times)
Bitcoin must first solve the problem of slow transactions. Without increasing the bandwidth of transactions, he generally runs the risk of losing his place as a leader in crypto currency. Only by solving this problem can we talk about turning bitcoin into a global payment network.
My idea is different
In the long run bitcoin might become the great storage of wealth
If you want to spend it, you must convert it into bitcoin cash.
In the long run bitcoin might become the great storage of wealth
If you want to spend it, you must convert it into bitcoin cash.
Yes it can, because many people are predicting for bitcoin into the future and they want/agree to use bitcoin into a key payment network globally
Yeah it can be as payment or cardless payment some country accepted bitcoin as a payment for goods or some thing that money exchange.
Not in its current state. It can only handle a fraction of what Visa's can handle, and is hampered by slow confirmation times and/or high fees. It's also vulnerable to spam, as what Bitcoin Cash supporters oh so lovingly demonstrated. It has been a few days, and we're still feeling the after-effects.
What it does best right now is to be a storage of value and an investment. It's barely an alternative payment solution at this point, but I know something will be done to address that in the future. I'm sure the community will be able to find a way to move forward with a united front at some point.
What it does best right now is to be a storage of value and an investment. It's barely an alternative payment solution at this point, but I know something will be done to address that in the future. I'm sure the community will be able to find a way to move forward with a united front at some point.
Well yes it can, though I think it's going to require some change from the community to make it work. As if Bitcoin can't handle a spam attack, I don't think it's going to be able to handle millions of transactions in a small amount of period -- something that Visa, Mastercard, Amex, and so on and so forth.
Plus at the time, Bitcoin is one of the things that is really just being used as a trading currency to try to make some key people money. No one is really using it as a real payment method at the moment, even though thats its key usage and should be its usage.
Plus at the time, Bitcoin is one of the things that is really just being used as a trading currency to try to make some key people money. No one is really using it as a real payment method at the moment, even though thats its key usage and should be its usage.
It is difficult for this to happen with transaction speed and high shipping costs. Bitcoin will hardly be a viable channel.
it may be faster for bitcoin because of networking
Yes bitcoin is able to procces transaction more speedly, and this is why we activated segwit in the first place because it's going to allow the activation of the lightning network. But for this purpose it's necessary to pass btc throught many bans attemps of regulation.
Yes bitcoin is able to process transactions more speedily and effectively but for that we had legalize the bitcoin in every country and bond into some rules and regulations which is not possible soon but i have no thought to say that bitcoin is easy, safe and fast way for deals
Of course it can, but for this purpose it is necessary to pass bitkoin through many bans, attempts of regulation, state misunderstandings. Bitcoin should unanimously recognize everything, without trying to subjugate him. Then this system will become one, decentralized, without superfluous intermediaries, fast, safe and anonymous.
No, not in its present form. Blockchains plus proof of work are very inefficient and slow in reaching consensus, but the good news is there is a scaling solution being developed called the Lightning Network. I have not read deeply much into it, but it is essentially another layer that sits on top of the Bitcoin network that is supposed to be scalable.
I read a developer quote that described it as something like "a Ripple network on top of Bitcoin".
As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.
On normal Western home computers and normal Western Internet, it's still perfectly practical run full nodes. It's not a significant problem yet IMO. As long as people understand that full nodes are the way to retain a trustless wallet, they will continue to be fairly common alongside lightweight wallets for other purposes and some casual users.The solutions are:
-Gradual onchain scaling (or rapid onchain scaling, depending on what you believe about the importance of full nodes), alongside common improvements in bandwidth and storage
-Efficiency improvements and optional onchain scaling solutions, such as SegWit
-Offchain solutions such as the Lightning Network.
The Bitcoin network is able to process more transactions every second than today. This condition, however, is not fully prepared to handle the transaction amount of credit card networks. Development is being done to overcome the existing limitations and everything needed for it in the future. Since its inception, every aspect of the Bitcoin network is proceeding to grow in terms of maturity, optimization and specialization and this condition is expected to continue in the next few years. As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.
This is why we activated segwit in the first place because it is going to allow the activation of the lightning network which is an off chain solution to the scaling issues of bitcoin, once that is running the bitcoin network is going to have the capacity to deal with all of those transactions. The Bitcoin network is able to process more transactions every second than today. This condition, however, is not fully prepared to handle the transaction amount of credit card networks. Development is being done to overcome the existing limitations and everything needed for it in the future. Since its inception, every aspect of the Bitcoin network is proceeding to grow in terms of maturity, optimization and specialization and this condition is expected to continue in the next few years. As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.
Bitcoin could never compete against payment networks such as VISA, because VISA is centralized, and the only good thing about centralization is that it is as fast as needed, of course, without all the positives of decentralization.
The only way you could aim to compete is through second layer networks. It could never be as good as on-chain, but it is certainly way better than having massive blocksizes and 100 times better than VISA, should be enough for the average guy trying to send 100 bucks or less worth of BTC.
Of course it can, but for this purpose it is necessary to pass bitkoin through many bans, attempts of regulation, state misunderstandings. Bitcoin should unanimously recognize everything, without trying to subjugate him. Then this system will become one, decentralized, without superfluous intermediaries, fast, safe and anonymous.
The Bitcoin network is able to process more transactions every second than today. This condition, however, is not fully prepared to handle the transaction amount of credit card networks. Development is being done to overcome the existing limitations and everything needed for it in the future. Since its inception, every aspect of the Bitcoin network is proceeding to grow in terms of maturity, optimization and specialization and this condition is expected to continue in the next few years. As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.
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