What is happening? currently bitcoin is limited in the number of transactions it can process today, it can only process up to 1 MB approximately every 10 minutes.
Due to this limit and the exponential increase of users of the bitcoin network, the transactions take longer to be approved by the miners and during times of congestion it takes up to days.
something that is not functional for the common market, that is, a merchant can not wait days for a coffee rate to be canceled.
As all users pay a fee to miners to make transactions, this limitation in the space of the bitcoin network has increased the average costs of the fees. forcing users to cancel higher fees.
Thats why they introduced segwit 2x to make the block bigger size from 1mb to 2mb and the processing timw will be faster and avoid those slow confirmations. But in the other side of the coin thwre also some disadvantages of this fork thats why it was cancelled.
repeat: they’re excellent altcoins
If I agree with excellent altcoins ... there must be a bitcoin update, because at this moment it is not functional for the market, it only serves to invest in the long term is digital gold. besides the mining at this moment I stop being of the community and it has become centralized in a few companies with a lot of money, due to the cost of the mining equipment. is very far from the initial idea of Satoshi Nakamoto. which was for the community and decentralized.
I didn’t realize I had a one on one with a Core team member in progress. How many Altcoins are there now, like 1,300’ish? Bitcoin IS the bargaining chip (coin), no? And people are still going peer to peer with countless altcoins such as LTC and DCR. It just seems to me your ‘dinasour’ reference was a bit much. What’s next, the earth isn’t round?
Tip (just the tip): promote Bitcoin, don’t hate it.
I do not hate bitcoin, on the contrary it seems a great advance against the monopoly of the banks, and the state.
I'm just saying that this time is not ready for the market, because it has very high fees, and it takes a long time to confirm.
Tell me something ... blackberry was very successful a few years ago, it was number 1, and tell me who remembers blackberry today when there is samsumg?
tell me who remembers netscape when there is google crhome or firefox?
what I want to say is that if bitcoin is not updated soon in lower fees and shorter confirmation times it will soon be a dinosaur.
because you can not pay a fee of 0.00090000 satochis for paying a cup of coffee, it is not profitable.
That dinosaur comment is what started this whole rendezvous. It’s been fun though, thank you! I’m with you about blackberry and the other products you mention going obsolete. Shoooooot, I’ve been a proud owner of Beta Videos and tossed em out when VHS came around. Remember those? Only to toss the VHS for DVD’s. DVD’s went obsolete when Netflix came around and now here we are, streaming anything we want. Technologies are always competing for that #2 spot. #1 is and will be BTC, I’m not worried about scaling issues, Core seems to be doing everything just fine, proof is in the price.
If everything started with the word dinosaur, I exceeded what I said jejej, it has been a good talk, it has been fun, I agree with you in many things. Thanks for your opinion. It has been a very kind talk. # 1 es y será BTC, Yes