Topic: How can the scalability issue of bitcoin be solved? (Read 153 times)
Again, Bitcoin was built for security, not speed. The past few months transactions were smooth. Fees are cheap. What's the problem? None really.
What scaling problems? Bitcoin has not had problems with scaling for a few months now... the MemPool has been almost
empty for the last 3 months. On top of this, the developers are working on the Lightning Network that would scale to
infinity, because most transactions will be done off-chain. You obviously have not followed the progress that was made for
a while now.
empty for the last 3 months. On top of this, the developers are working on the Lightning Network that would scale to
infinity, because most transactions will be done off-chain. You obviously have not followed the progress that was made for
a while now.
The bitcoin scalability problem refers to the discussion concerning the limits on the amount of transactions the bitcoin network can process. It is related to the fact that records (known as blocks) in the bitcoin blockchain are limited in size and frequency. Bitcoin's blocks contain the transactions on the bitcoin network.
this has been the major reason why transactions are so expensive or rather slow depending on your preference.
For a couple of months now it's been perfectly fine. You can comfortably send transactions with fees of <$0.1 and expect them to confirm in at most half an hour, as you can see here.But I still agree that scaling is necessary, since increased demand for transactions would end up pushing up fees/transaction times again and that's fairly likely to happen eventually.
In the short to mid term, the best way to increase the network's capacity is to begin sending SegWit transactions. Currently, they only make up about a third of total Bitcoin transactions, and therefore SegWit hasn't been used to its full potential yet.
Another proposal for scaling was the use of Schnorr signatures, which could also be implemented through a soft fork.
I recently found out about bitcoin and I've been trying to figure out a way to fix the issue of scalability as this has been the major reason why transactions are so expensive or rather slow depending on your preference. This has made it rather difficult for its integration on platforms that require speed or very affordable transaction fees. Is there a way to go about resolving that issue?
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