Topic: Can Bitcoin scale to become a major payment network? (Read 156 times)
Well its already in progress people selling house, cars in turkey for bitcoins, yes maybe its not systematic but people recognizes cryptocoins.
We are already seeing some applications that are built for the Lightning Network that would facilitate that, like Lightning-charge that was recently introduced. https://github.com/ElementsProject/lightning-charge
Things are happening very fast now in the development of new applications to be ready for micro payments on the Lightning Network.
Bitcoin is moving to a new era, where micro payments are common and this will be huge competition for other payment networks. ^smile^
Things are happening very fast now in the development of new applications to be ready for micro payments on the Lightning Network.
Bitcoin is moving to a new era, where micro payments are common and this will be huge competition for other payment networks. ^smile^
I don't think, it's possible at all. At least next 10 years no way. Fiat is still strong.
Where it sits now it still has a long ways to go, but who can predict how fast technology will advance? I don't think anyone thought the internet would be that huge too when it first started
Bitcoin (or any other Cryptocurrency) needs to match or better the volumes and transaction times that the current banking system can handle. At the moment, this is not the case, but with a few changes to the technology it will get there.
Bitcoin network is almost taking over payment systems. That is why it's coinmarketcap rouse to over $230m. The only problem with bitcoin is the continuing rise in price which is making it out of reach for so many. And the issue of control that is plaguing it.
The lightening network is supposed to be the Bitcoin savior. If not LN, then the developers will come up with another strategy to resolve the scaling issue.
Most probably yes if more and more people are using it
As of now, Visa proceed on average 2,000 transactions per second while for bitcoin It's only 7 tps. This could be problematic If we want the masses to use it, but with Lightning network, It should be possible to make millions to billions of transactions per second so yeah, as long as the development is active, bitcoin can scale.
Can Bitcoin scale to become a major payment network, replace for credit card or the other online currency?
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