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It means that the fundamental innovation of Bitcoin - peer-to-peer, trust-less, distributed concensus - is a solid one, even a technological breakthrough. And i
by Aqueous 11y ago
It means that the fundamental innovation of Bitcoin - peer-to-peer, trust-less, distributed concensus - is a solid one, even a technological breakthrough. And it means as first-mover in implementing that innovation, Bitcoin will have continued life. It also means that the problem has not reached a sufficient level of urgency that the scales have tipped to the pro-block-size-increase camp, but that I believe it will.
- simoncion 11y ago> It means that the problem has not reached a level of urgency that the scales will tip to the pro-block-size-increase camp. Hmm. That's one way to interpret it. Is it true that that -without a max block size increase-, Bitcoin can't process a higher volume of transactions than it processes now? [0] That -in fact- the unpredictable -and generally increasing- transaction fees are a feature of the network designed to shed load -by discouraging "less important" transactions- when the network is at or near capacity? [0] Which is -apparently- somewhat less than three transactions per second. [1] [1] Seriously, think about that for a second. :)
- Natanael_L 11y agoIt can scale using federated techniques to merge sets of transactions using things like Lightning Network. But those aren't anywhere near done yet.