|
Title: Can Bitcoin scale to become a major payment network? Post by: IdolBow on January 16, 2018, 08:18:46 AM Can Bitcoin scale to become a major payment network, replace for credit card or the other online currency?
Title: Re: Can Bitcoin scale to become a major payment network? Post by: OmegaStarScream on January 16, 2018, 08:39:21 AM As of now, Visa proceed on average 2,000 transactions per second while for bitcoin It's only 7 tps. This could be problematic If we want the masses to use it, but with Lightning network, It should be possible to make millions to billions of transactions per second so yeah, as long as the development is active, bitcoin can scale.
Title: Re: Can Bitcoin scale to become a major payment network? Post by: icemantaurus on January 16, 2018, 10:14:22 AM Most probably yes if more and more people are using it
Title: Re: Can Bitcoin scale to become a major payment network? Post by: pjhom on January 16, 2018, 11:35:05 AM The lightening network is supposed to be the Bitcoin savior. If not LN, then the developers will come up with another strategy to resolve the scaling issue.
Title: Re: Can Bitcoin scale to become a major payment network? Post by: MainIbem on January 16, 2018, 02:38:19 PM Bitcoin network is almost taking over payment systems. That is why it's coinmarketcap rouse to over $230m. The only problem with bitcoin is the continuing rise in price which is making it out of reach for so many. And the issue of control that is plaguing it.
Title: Re: Can Bitcoin scale to become a major payment network? Post by: Rohitha on January 16, 2018, 03:03:47 PM Bitcoin (or any other Cryptocurrency) needs to match or better the volumes and transaction times that the current banking system can handle. At the moment, this is not the case, but with a few changes to the technology it will get there.
Title: Re: Can Bitcoin scale to become a major payment network? Post by: squesto on January 16, 2018, 03:04:49 PM Where it sits now it still has a long ways to go, but who can predict how fast technology will advance? I don't think anyone thought the internet would be that huge too when it first started
Title: Re: Can Bitcoin scale to become a major payment network? Post by: LupeKidman on January 17, 2018, 04:50:43 AM I don't think, it's possible at all. At least next 10 years no way. Fiat is still strong.
Title: Re: Can Bitcoin scale to become a major payment network? Post by: Kakmakr on January 17, 2018, 06:18:42 AM We are already seeing some applications that are built for the Lightning Network that would facilitate that, like Lightning-charge that was recently introduced. https://github.com/ElementsProject/lightning-charge
Things are happening very fast now in the development of new applications to be ready for micro payments on the Lightning Network. <Cheap, Fast and convenient micro payments is closer than you think> Bitcoin is moving to a new era, where micro payments are common and this will be huge competition for other payment networks. ^smile^ Title: Re: Can Bitcoin scale to become a major payment network? Post by: afrasiyab on January 17, 2018, 10:18:27 AM Well its already in progress people selling house, cars in turkey for bitcoins, yes maybe its not systematic but people recognizes cryptocoins.
|