Is it not quite obvoius that Bitcoin is in dire need of a update?
As i understand it bitcoin can only handle 2000 transactions every 10minutes, Globaly. This sounds like a very low amount. I imagine a future where i got a Visa card with bitcoins. In that future there must be like 1 miljon transactions every 10mintues.
Already now we have a problem with transactions, if segwit2x where implementet, it would only raise the cap to 4000, which only would of solved the problem for a short period.
What's the plan to fix this? How could there be a future for bitcoin if this is not fixed? Im currently invested with 2BTC, and for me this is the biggest worry for bitcoin.
The plan is LN
https://lightning.network/ Which will be ready soon™
It will make big blockers look like relics of a forgotten past.
Changes like these take time and
testing you don't want to rush things when you're dealing with something that hold billions of people's dollars.
That is
not the plan. This is the plan:
a) Signature aggregation + Schnorr.
b) Sidechains.
c) Lightning Network
d) Minor block size increase coupled with a hard fork that fixes some old bugs and makes optimizations where possible.
e) Weak blocks.
f) Other various improvements to come.
A normal block size before any of these is just a bad joke and a huge sign of incompetence. This shouldn't be surprising to anyone as Gavin, Jeff, Thomas nor Peter do not even have comparable skills to the Bitcoin Core developers and could never come up with something as sig. aggregation (note: This will give us more transactions per block using the
same resources).
Bitcoin can already process a lot more than it is doing. Whilst the recommended fee-rate was 500-750 satoshi/byte for normal transaction, my Segwit transactions went into the next block with a fee-rate of 150 satoshi/byte or lower.
