One of the biggest challenges that we will encounter in Bitcoin - page 4.

Ilegendph

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Thinking on the higher plane of existence.

Quote from: kauban2018 on May 03, 2018, 08:00:30 AM

As far as solutions for scaling go, it is possible that the constant and fast pace introduction of new altcoins could eventually provide enough increased network capacity to ease the load of transaction volume on bitcoin's network. Bitcoin will probably never achieve 1,000 transactions per second but if we add 1,000 new altcoins which can achieve 1 transaction per second we can distribute the transactional load in a way which could alleviate those shortcomings.

I also believe that the solution to scalability problem of bitcoin alone is to use altcoins so that the volume of transactions would diversify making the network of bitcoin still convenient to use.

frowsiter

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Quote from: Hydrogen on May 04, 2018, 12:32:34 AM

Quote from: kauban2018 on May 03, 2018, 08:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

~snip~

Off course. its all about the time when things can be sorted out for something. The devs are already on it but only thing we miss is, speed and accuracy of development. The things is, the development here works on the people's contribution considering the fact that it is public ledger and there is no way to keep things altogether unless and until people contribute! Whatever you discussing is all about the part of development and its really achievable. Obviously if credit card companies were able to handle so many transaction per seconds then blockchain will do that one day.

charlotte04

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Quote from: kauban2018 on May 03, 2018, 08:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

My challenge that I almost lost everything in trading shitcoins but I was able to pass that challenge and now I am profitable in it

ylnar123

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Quote from: kauban2018 on May 03, 2018, 08:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

No matter what the challenges that could possibly be encountered by Bitcoin, I will still be investing in it because as far as there are no other coins that could match up in strength in the market then I will always patronize it. Delay in transactions is just normal to any exchanges especially with the high volume coins that are traded.

DonateBB

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The biggest challenge that I fear is that hackers keep stealing our account. Many people have lost a lot of organizers in their wallets, only small acts have made us stumble and lose money.

PsylockReborn

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Quote from: kauban2018 on May 03, 2018, 08:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

If scalability won't be fixed then its not a problem since I'm quite positive that bitcoin will never be used as a currency. People who knew about the technology will never use bitcoin as a currency instead use FIAT or use another crypto to do transactions online that is more convenient. We do have lots of choices when doing online transactions that is why other modes of payments will coexist with cryptocurrency for more options if one fails to deliver.

Sooner or later there will be new cryptos that will address this problem of scalability so no need to worry about bitcoin's flaws for it will remain an investment vehicle and a store of value.

Jonsnowstark

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Well bitcoin is still continuing to improve. In technology, we need upgrades in order to keep up with the changing world. Scalability is surely a problem we may be facing in the near future because there are lots of people using bitcoin. This is one of the avenues that our programmers must consider to improve with bitcoin. We already got over the too long transactions and the huge fees part. With this i believe, it won't be long til this problem be addressed.

ralle14

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Shuffle.com

Quote from: realcrypto on May 04, 2018, 05:26:48 AM

We were told last year that the reason for several fork was to solve the problem of scalability and transaction charge. The issue of transaction charge was partially solved but scalability still remain an issue, I know the developers are not sleeping, let just give them time.

It became an issue because there are too much people spamming transactions. Now that those spammers got what they want (hard fork) average daily transactions became low.

Quote from: Idrisu on May 04, 2018, 02:07:11 AM

I think bitcoin and blockchain developers need to do something about this in others to stop this foreseen problems that may stand against bitcoin adoption.

There are people making a solution for this which is called the Lightning Network. If you don't know what it is then you should read this article to help you understand how it works.

https://blog.lightning.engineering/posts/2018/05/02/lightning-ux.html

Gadhoh

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Because modern currencies are always created and regulated by national governments, blockchain and Bitcoin face obstacles to the problem of adoption / adoption by existing financial institutions if the status of government regulations has not been established.

bobo012

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Quote from: realcrypto on May 04, 2018, 05:26:48 AM

We were told last year that the reason for several fork was to solve the problem of scalability and transaction charge. The issue of transaction charge was partially solved but scalability still remain an issue, I know the developers are not sleeping, let just give them time.

It will all be fine, problems are here and are appearing as we advance. If there was no advancement there would be no problems. We will cross all the bridges that appear in front of us, some harder than others, but with good devs as we have there will be success.

realcrypto

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We were told last year that the reason for several fork was to solve the problem of scalability and transaction charge. The issue of transaction charge was partially solved but scalability still remain an issue, I know the developers are not sleeping, let just give them time.

Idrisu

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I know very little about scalability and many technical personals has spoken very well about this issue and how is going to affect transactions in future. I think bitcoin and blockchain developers need to do something about this in others to stop this foreseen problems that may stand against bitcoin adoption.

Hydrogen

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Quote from: kauban2018 on May 03, 2018, 08:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

Scalability applies to the number of transactions per second, bitcoin and other crypto currencies, achieve per second.

Credit card companies can sustain thousands of transactions per second. Bitcoin's limit is approximately 3-5 transactions per second. There is a school of thought which claims the disparity in performance is an indication of bitcoin not "scaling". It could be a poor way to describe crypto's limitations in this area. Its like claiming that WIFI routers don't "scale" due to the added overhead and performance malus of introducing a cryptographic abstract. This doesn't represent a scaling issue but rather fundamental principles of encryption which necessitate the factoring of large prime numbers and will likely always be slow by nature.

As far as solutions for scaling go, it is possible that the constant and fast pace introduction of new altcoins could eventually provide enough increased network capacity to ease the load of transaction volume on bitcoin's network. Bitcoin will probably never achieve 1,000 transactions per second but if we add 1,000 new altcoins which can achieve 1 transaction per second we can distribute the transactional load in a way which could alleviate those shortcomings.

kauban2018

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One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

Topic: One of the biggest challenges that we will encounter in Bitcoin - page 4. (Read 631 times)