WTF? Bitcoin is NOT scalable?
 

https://seekingalpha.com/article/445...not-blockchain

Watchu talkin bout, Willis?

Doge baby!

Correct, it's not scalable. It's waaaaaaaaaaaay too slow. It was the first one - but technologically much better ones have come along since then. If it had 1000x more transactions it would be even worse.

I think you don't use Bitcoin on-chain, it's VERY fast and VERY cheap lately.
I think you also are not aware of Bitcoin 2nd layer Lightning Network which sends instantly & free.

Most people do this though, they disregard Bitcoin without using or learning about it. Why? I think most dive into unit bias cheap "the next Bitcoin" types who have marketing teams who promise they are better faster safer prettier than Bitcoin, which is always bullshit.

We know quite a bit about bitcoin, specifically working with bitcoin-core and have extensive experience with it.

Do you meant off-chain rather then on-chain? Because all "normal" transactions on BTC are on-chain. I am absolutely aware of lightning as well, but found it fairly useless for our application. It's useful if you want to send money from person x to person y, but not useful if you want to take a $20 subscription from 10000 people.

Here's the thing for me with Bitcoin. It's there, it's solid, it works. But sometimes, it takes $40 and an hour to make a transaction when it's busy. If you set too low fees, your transaction can be stuck for hours or even days. The same can be said for ETH - when it get's busy I've had to send $20-30 in transaction fees. Now what would happen to either of these if we suddenly increased the traffic in them by 10 fold? 100 fold? This problem would get exponentially worse. In fact, it doesn't even that many transactions for it to go to shit if you look at the charts that show the number of transactions. A busy day is +50-100k transactions, so even going from 250k/day to 300k/day makes it an issue.

Thus, imho, in it's current form it's not scalable, which can be seen easily by what happens during bull runs in crypto :2 cents:

I'm not saying it's bad, i'm not saying money can't be made on it. I'm just saying that if we doubled the number of transactions we'd be up shit creek.

What gives other cryptos faster & cheaper transactions? Centralization. (ie: Paypal/CashApp/Venmo are sometimes instant, if speed/fee is issue, use them instead, why use crypto?)

The reason BTC has any speed/fee issues (at all, on-chain) are because it's #1 priority is decentralization, which allows it to exist. (see XRP & SEC issues, see history of UnikonGold, see e-gold, etc etc). Existing is what Bitcoin needs to succeed, and there are tons of people who would love to kill it. So decentralization is of upmost importance.

If you're doing microtransactions, coffee buys, small $ txns then get used to using Lightning Network, there are plenty of wallets out there now where you can spend/send your BTC on-chain or off via LN. (Muun Wallet, Strike, BlueWallet, etc)

BTC have a number of limits that's why there's much better coins out there now.

And those are centralized with greedy distribution. Some are great tech projects (companies) but none of them can compete with Bitcoin.

What jscott said.
And then there's HBAR.

Correct, ALGO for example is much more scalable..

Right but we're not discussing what's the better coin or why. We're discussing if bitcoin is scalable. It is, in itself, not scalable without the use of other networks like LN, etc. Saying that LN exists does not justify the slowness of BTC be it because of X or because of Y. Since you have to prefund LN to use that second layer on a one-off p2p transaction, then I could just as easily convert my btc to X, transfer funds, and the other side convert back to btc.

I was just thinking on it... If one day all BTC coins will be mined and no coins will be left - mining farms should stop working. What happens then, if there will be no power for transactions of BTC? :1orglaugh

You're right, the topic is Bitcoin scalability, but also being brought in almost every post is schilling of others, so we branched off a bit.

Back to BTC scaling via LN, it can do up to 1million tps, which is far more than Visa/MC and more/same as altcoins, while staying with BTC and support the Bitcoin network effect.


Put a sticky note on the middle of your computer screen to "study Bitcoin!!!!!", you obviously don't have a clue. :helpme

Hint: miners paid via transaction fees.

Those that know, know.

The on-chain transaction processing capacity of the bitcoin network is limited by the average block creation time of 10 minutes and the original block size limit of 1 megabyte. These jointly constrain the network's throughput.

It'd suck if Bitcoin was limited to on-chain only, but ofc it's not, thanks to 2nd layers like Lightning & Liquid :thumbsup