if bitcoin can not scale if alot of transaction is taking place, how would it reach to 1 million predicted by mcafee? mcafee talks about mining cost and limited supply of bitcoin. forgot what else he says. but if bitcoin can not scale. would it reach to 1 million? lets say alot of merchants are taking bitcoin but it have gotten slow like a bank. is it as useful now?
Last year's massive jump in bitcoin's price lead to it becoming more popular than ever, which lead to a high traffic in the blockchain network, so miner fees were high and transactions were stuck for days to be confirmed, and this has made a lot of people question the sacalibility of bitcoin and how it will adapt to the massive flow of poeple and transactions in the future, and that is where the segwit fork came from, it was trying to aim to reduce the size of the transaction to make more of them fit into one block, so they can reduce transaction time and miner fees, it was supposed to launch in 28 of august, which a lot of wallet providers siad that they will support it, but it was canceled and than said they will relaunch it with a differnet team in december and it did, but most of the online wallets like coinbase and blockchain don't support. 
Topic: if bitcoin cant scale how does it reach 1 million in 2020? - page 2. (Read 293 times)
if bitcoin can not scale if alot of transaction is taking place, how would it reach to 1 million predicted by mcafee? mcafee talks about mining cost and limited supply of bitcoin. forgot what else he says. but if bitcoin can not scale. would it reach to 1 million? lets say alot of merchants are taking bitcoin but it have gotten slow like a bank. is it as useful now?
You forgot the interesting part of his statement Here let's see if he'll gonna do that on the national TV as he promised to do.It can possibly solve by a wide adaptation of Segwit or we can wait for the LN to be fully functional for the wide usage of our bitcoin transactions. Though there's a tiny possibility that bitcoin reaches 1M USD but the scaling must be fix.
if bitcoin can not scale if alot of transaction is taking place, how would it reach to 1 million predicted by mcafee? mcafee talks about mining cost and limited supply of bitcoin. forgot what else he says. but if bitcoin can not scale. would it reach to 1 million? lets say alot of merchants are taking bitcoin but it have gotten slow like a bank. is it as useful now?
I think it will take decades for the bitcoin to reach to that price per coin. The views of people are changing dramatically now a days and everyone is thinking about the bitcoin as money making machine at the first move. If it reached 1 million then that would be the day when bitcoin would have been gone under mass changes and advance upgrades. So yes the scale up needs to be done and it has to be more lucid than the swift code technology which is nothing but traditional banking systems backbone. If we have to see bright future of the bitcoin then we have to look after its development and I would say this is in hands of those smart coders who are bitcoin enthusiast and willing to share their knowledge for the development purpose. Anyway the main issue has to be sorted first to see the sunrise really.
if bitcoin can not scale if alot of transaction is taking place, how would it reach to 1 million predicted by mcafee? mcafee talks about mining cost and limited supply of bitcoin. forgot what else he says. but if bitcoin can not scale. would it reach to 1 million? lets say alot of merchants are taking bitcoin but it have gotten slow like a bank. is it as useful now?
But do you think if we scale this year that 1 million can be reach in 2020?
So your argument is flawed at the beginning man. Although I have to agree that we need to scale at some time because its really one drawback that merchants are pointing to not embracing bitcoin. But if you look at mempool, everything is down including the fees.
I guess there will be really a lot of problems that will be thrown on bitcoin and question its usefulness. However, even if we didn't scale, we can still reach all-time-high in the future. The questions is where will you when bitcoin hit 1 million in the future? Don't be left out in the closet.
if bitcoin can not scale if alot of transaction is taking place, how would it reach to 1 million predicted by mcafee? mcafee talks about mining cost and limited supply of bitcoin. forgot what else he says. but if bitcoin can not scale. would it reach to 1 million? lets say alot of merchants are taking bitcoin but it have gotten slow like a bank. is it as useful now?
what is bitcoin scalability problem?- The bitcoin scalability problem refers to the limits on the amount of transactions the bitcoin network can process. It is a consequence of the fact that records (known as blocks) in the bitcoin blockchain are limited in size and frequency. [1]
In general, yes, it is a problem but a series of solutions has been presented
- LN payments: bi-directional payment channels which allows payments to be securely routed across multiple peer-to-peer payment channels.[2]
- federated sidechains:don’t require any changes to the Bitcoin consensus rules. Merged-mined sidechains, which have not been implemented yet, do require a backwards-compatible soft fork in order to transfer funds between Bitcoin and the sidechain.[3]
- hub-and-spoke:is a form of transport topology optimization in which traffic routes are organized as a series of 'spokes' that connect outlying points to a central 'hub.' [4]
If any of these solutions succeed, the price will rise and perhaps reach one million
Sources:
#1 https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
#2 https://lightning.network/lightning-network-paper.pdf
#3 https://en.bitcoin.it/wiki/Scalability_FAQ
#4 https://en.wikipedia.org/wiki/Spoke–hub_distribution_paradigm
if bitcoin can not scale if alot of transaction is taking place, how would it reach to 1 million predicted by mcafee? mcafee talks about mining cost and limited supply of bitcoin. forgot what else he says. but if bitcoin can not scale. would it reach to 1 million? lets say alot of merchants are taking bitcoin but it have gotten slow like a bank. is it as useful now?
The answer is already in your post which is the scalability issue. If bitcoin is unable to sort this out, it becomes pretty useless like we experienced back in December 2017. The high transaction fees and delay in confirmation will just encourage people to move to altcoins to carry out their transactions. This can lead to less demand of bitcoin and a sharp fall in its price.If somehow bitcoin hits $1 million without sorting out its scalability issues then many other items usually considered as assets such as gold, real estate e.t.c will no longer remain so, as people will start hoarding/storing bitcoin instead.
The price of $ 1,000,000 seems very optimistic.
For 2 years, much can be done to improve bitcoin technology.
But even now it does not have to be scaled, because there are a lot of currencies nominated in bitcoin you can use them.
For 2 years, much can be done to improve bitcoin technology.
But even now it does not have to be scaled, because there are a lot of currencies nominated in bitcoin you can use them.
if bitcoin can not scale if alot of transaction is taking place, how would it reach to 1 million predicted by mcafee? mcafee talks about mining cost and limited supply of bitcoin. forgot what else he says. but if bitcoin can not scale. would it reach to 1 million? lets say alot of merchants are taking bitcoin but it have gotten slow like a bank. is it as useful now?
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