 |
November 01, 2017, 11:50:02 PM |
|
Another good question for the Bitcoin professionals and Bitcoin heros
"Bitcoin’s 1 megabyte limit began to reach its ceiling in early 2017, and the 1 megabyte size is slowing processing times from 10 minutes to a few hours for each transaction (the average confirmation time stood at 118 minutes in early March 2017 and has further slowed down since). Transaction fees are also increasing as Bitcoin miners rely more on fees for their reward; fees that miners collect have grown exponentially since 2016, reaching a high of $2.12 million in a single day in late August 2017.
Perhaps sensing both risk and opportunity, investors and speculators are diversifying their crypto holdings and allocating more capital in Ethereum, Litecoin and other coins. There’s a need for convenience and speedy confirmations when users make smaller retail payments. Other cryptos are better suited for such payments, more so than Bitcoin. The scaling limitations won’t necessarily affect Bitcoin’s price because the investor community, by and large, see BTC as the flagship coin among all cryptocurrencies." - Bitcoin.com
Do you think these scaling limitations will affect the future growth of Bitcoin?
|
