Can Bitcoin Scale?

Mar 3, 2019 by

Cryptocurrencies are hot these days. People are buying Ripple like crazy these days. But they also need to know whether Bitcoin will going to succeed down the road. The mass adoption of Bitcoin might happen in the future too.

We are going to talk about whether Bitcoin might be ready to scale these days. There are many arguments about how the Bitcoin community might make this happen, and we will give you more information about it right here right now too.

It Depends

Bitcoin might be ready to expand someday. However, there are some problems that have to be solved so that people can truly get along with this new form of payment. The first requirement is about the size of the block. This is an important point that we have to think about at all times.

The other requirement is about how it will have to be expanded. The desired outcome here is that more transaction can fit in each and every block down the road too. We have to tell you the Bitcoin Cash came about to meet these requirements at all times down the line. The Bitcoin community needs to do the job of finding a solution to this issue.

More Power

People that want an increase in block size have some reasons to think that way. They argue that this outcome will produce cheaper transaction fees and quicker transaction processing, and that is truly something awesome for any user of Bitcoin there too.

The problem with this approach – some people also argue – is that these tradeoffs are not worked the risks of implementing such risky stuff at some point in the future too. These people say that the problem is solved by just deploying some scaling layers right on top of the important base protocol, and they might be right at some point or the other.

The Bitcoin community is full of these beliefs, and tons of folks are following them at this point in time too. We have to understand that Bitcoin’s main focus is truly on security. The protocol makes it incredibly hard for anyone to implement what is called double spending.

Since a thief will have to spend a huge amount – incredibly huge – an amount of energy to make the double spending feat happen, he or she will not have any incentive to do that down the road.

Remember that Bitcoin is here to stay for a long time and the price of the cryptocurrency reflects that. The Bitcoin community needs to resolve the problem of the block size as soon as possible. We have talked about some solutions to deal with this, but the community has to work harder to make this happen.

Bitcoin might change the world for the better in the future, and we need to work even harder to see a real change in the financial system of the world. The planet needs this type of cryptocurrency in place as soon as possible so we can buy and sell quickly, easily, and instantly around the globe.

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