So what's the deal with Bitcoin and the potential slow transactions and delays?
I am new to the blockchain and crypto world but I have heard from several (seemingly) knowledgeable friends that Bitcoin simply can't scale when more people begin to use it. Is this true?
I am learning, how there are other blockchains like this one, that can handle way more transactions.
But what's the deal with Bitcoin tech? Can it adapt? How can it keep rising in price and popularity if it has severe limits with scalability?
What is 'the truth' on this?
Look up and research BIP 148, anyone who has BTC exposure needs to know what is happening and when it is, and if your wallet supports such. Don't be smart enough to own BTC yet dumb enough to not know if your wallet supports BIP 148!
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Great question. Essentially, every blockchain is designed to have a max transactions-per-second. When Bitcoin was designed, it was the first of its kind and didn't really need a solution to a problem it didn't have yet. Newer blockchains have implemented faster transaction speeds by raising the block size or integrating things like segregated witness. Bitcoin has the potential to do these things as well. It's just much harder to make these changes on a network that is as large as Bitcoin's, without getting an argument from another standpoint. We'll see in the coming months what comes of Bitcoin. No one wants to see it fail but everyone knows that something has to be done soon.
Cheers,
@clayford08
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