Bitcoin Forum
August 17, 2018, 01:34:37 PM *
News: Latest stable version of Bitcoin Core: 0.16.2  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Can Bitcoin grow into a key payment network?  (Read 239 times)
asep samsudin
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
November 02, 2017, 04:17:42 PM
 #1

The Bitcoin network is able to process more transactions every second than today. This condition, however, is not fully prepared to handle the transaction amount of credit card networks. Development is being done to overcome the existing limitations and everything needed for it in the future. Since its inception, every aspect of the Bitcoin network is proceeding to grow in terms of maturity, optimization and specialization and this condition is expected to continue in the next few years. As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.
1534512877
Hero Member
*
Offline Offline

Posts: 1534512877

View Profile Personal Message (Offline)

Ignore
1534512877
Reply with quote  #2

1534512877
Report to moderator
1534512877
Hero Member
*
Offline Offline

Posts: 1534512877

View Profile Personal Message (Offline)

Ignore
1534512877
Reply with quote  #2

1534512877
Report to moderator
1534512877
Hero Member
*
Offline Offline

Posts: 1534512877

View Profile Personal Message (Offline)

Ignore
1534512877
Reply with quote  #2

1534512877
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
dasdo
Full Member
***
Offline Offline

Activity: 218
Merit: 100



View Profile
November 02, 2017, 04:21:48 PM
 #2


Of course it can, but for this purpose it is necessary to pass bitkoin through many bans, attempts of regulation, state misunderstandings. Bitcoin should unanimously recognize everything, without trying to subjugate him. Then this system will become one, decentralized, without superfluous intermediaries, fast, safe and anonymous. Cool Roll Eyes
BillyBobZorton
Legendary
*
Offline Offline

Activity: 1204
Merit: 1019


View Profile
November 02, 2017, 04:25:05 PM
 #3

The Bitcoin network is able to process more transactions every second than today. This condition, however, is not fully prepared to handle the transaction amount of credit card networks. Development is being done to overcome the existing limitations and everything needed for it in the future. Since its inception, every aspect of the Bitcoin network is proceeding to grow in terms of maturity, optimization and specialization and this condition is expected to continue in the next few years. As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.

Bitcoin could never compete against payment networks such as VISA, because VISA is centralized, and the only good thing about centralization is that it is as fast as needed, of course, without all the positives of decentralization.

The only way you could aim to compete is through second layer networks. It could never be as good as on-chain, but it is certainly way better than having massive blocksizes and 100 times better than VISA, should be enough for the average guy trying to send 100 bucks or less worth of BTC.
aeternus
Sr. Member
****
Offline Offline

Activity: 532
Merit: 250


View Profile
November 02, 2017, 04:55:42 PM
 #4

The Bitcoin network is able to process more transactions every second than today. This condition, however, is not fully prepared to handle the transaction amount of credit card networks. Development is being done to overcome the existing limitations and everything needed for it in the future. Since its inception, every aspect of the Bitcoin network is proceeding to grow in terms of maturity, optimization and specialization and this condition is expected to continue in the next few years. As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.
This is why we activated segwit in the first place because it is going to allow the activation of the lightning network which is an off chain solution to the scaling issues of bitcoin, once that is running the bitcoin network is going to have the capacity to deal with all of those transactions.
Iranus
Hero Member
*****
Offline Offline

Activity: 518
Merit: 503


View Profile
November 02, 2017, 05:08:46 PM
 #5

As traffic grows, more and more Bitcoin users use lightweight clients and full network nodes can be an increasingly specialized service.
On normal Western home computers and normal Western Internet, it's still perfectly practical run full nodes.  It's not a significant problem yet IMO.  As long as people understand that full nodes are the way to retain a trustless wallet, they will continue to be fairly common alongside lightweight wallets for other purposes and some casual users.

The solutions are:

-Gradual onchain scaling (or rapid onchain scaling, depending on what you believe about the importance of full nodes), alongside common improvements in bandwidth and storage
-Efficiency improvements and optional onchain scaling solutions, such as SegWit
-Offchain solutions such as the Lightning Network.
Wind_FURY
Hero Member
*****
Offline Offline

Activity: 826
Merit: 640


Crypto-Games.net: Multiple coins, multiple games


View Profile
November 02, 2017, 05:12:02 PM
 #6


Of course it can, but for this purpose it is necessary to pass bitkoin through many bans, attempts of regulation, state misunderstandings. Bitcoin should unanimously recognize everything, without trying to subjugate him. Then this system will become one, decentralized, without superfluous intermediaries, fast, safe and anonymous. Cool Roll Eyes

No, not in its present form. Blockchains plus proof of work are very inefficient and slow in reaching consensus, but the good news is there is a scaling solution being developed called the Lightning Network. I have not read deeply much into it, but it is essentially another layer that sits on top of the Bitcoin network that is supposed to be scalable.

I read a developer quote that described it as something like "a Ripple network on top of Bitcoin".


▄▄▄████████▄▄▄
▄██████████████████▄
▄██████████████████████▄
██████████████████████████
████████████████████████████
██████████████████████████████
██████████████████████████████
██████████████████████████████
██████████████████████████████
██████████████████████████████
████████████████████████████
██████████████████████████
▀██████████████████████▀
▀██████████████████▀
▀▀▀████████▀▀▀
   ███████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
███████
BTC  ◉PLAY  ◉XMR  ◉DOGE  ◉BCH  ◉STRAT  ◉ETH  ◉GAS  ◉LTC  ◉DASH  ◉PPC
     ▄▄██████████████▄▄
  ▄██████████████████████▄        █████
▄██████████████████████████▄      █████
████ ▄▄▄▄▄ ▄▄▄▄▄▄ ▄▄▄▄▄ ████     ▄██▀
████ █████ ██████ █████ ████    ▄██▀
████ █████ ██████ █████ ████    ██▀
████ █████ ██████ █████ ████    ██
████ ▀▀▀▀▀ ▀▀▀▀▀▀ ▀▀▀▀▀ ████ ▄██████▄
████████████████████████████ ████████
███████▀            ▀███████ ▀██████▀
█████▀                ▀█████
▀██████████████████████████▀
  ▀▀████████████████████▀▀ 
✔️DICE           
✔️BLACKJACK
✔️PLINKO
✔️VIDEO POKER
✔️ROULETTE     
✔️LOTTO
fateh1313
Member
**
Offline Offline

Activity: 66
Merit: 10


View Profile
November 02, 2017, 06:26:23 PM
 #7

Yes bitcoin is able to process transactions more speedily and  effectively but for that we had legalize the bitcoin in every country and bond into some rules and regulations which is not possible soon but i have no thought to say that bitcoin is easy, safe and fast way for deals     

Stockus Trading Platform — Join the future of Financial Markets
▰▰▰▰▰▰▰▰▰▰▰▰▰▰▰INVEST▰▰▰▰▰▰▰▰▰▰▰▰▰▰▰ 
  ◆ Twitter Facebook •  Pre-ICO starts on 6.11.2017 • TelegramMedium  ◆[/center
wellsontheja
Full Member
***
Offline Offline

Activity: 196
Merit: 100


View Profile
November 06, 2017, 10:58:29 AM
 #8

Yes bitcoin is able to procces transaction more speedly, and this is why we activated segwit in the first place because it's going to allow the activation of the lightning network. But for this purpose it's necessary to pass btc throught many bans attemps of regulation.
whitemacna
Member
**
Offline Offline

Activity: 124
Merit: 10


View Profile
November 17, 2017, 11:11:27 PM
 #9

it may be faster for bitcoin because of networking
Diggorry
Jr. Member
*
Offline Offline

Activity: 43
Merit: 10


View Profile
November 17, 2017, 11:48:09 PM
 #10

It is difficult for this to happen with transaction speed and high shipping costs. Bitcoin will hardly be a viable channel.
squatz1
Hero Member
*****
Offline Offline

Activity: 770
Merit: 544


One of the world's leading Bitcoin-powered casinos


View Profile
November 18, 2017, 01:09:27 AM
 #11

Well yes it can, though I think it's going to require some change from the community to make it work. As if Bitcoin can't handle a spam attack, I don't think it's going to be able to handle millions of transactions in a small amount of period -- something that Visa, Mastercard, Amex, and so on and so forth.

Plus at the time, Bitcoin is one of the things that is really just being used as a trading currency to try to make some key people money. No one is really using it as a real payment method at the moment, even though thats its key usage and should be its usage.

               ▄▄███████▄▄
            ▄███████████████▄
           ███████████████████
          █████████████████████▄▄▄▄
      ▄▄▄████████████████████████████▄
   ▄█████ ▐▌ ██████████████████████████▄
 ▄█████       ▀█         █          ████▄
▐███████  ███  ▐█  ██▀█▄▄█▄▄██  ██▄▄█████
████████       ██     ████████  █████████
████████  ███  ▐█  ██▄█▀▀█████  ████████▀
 ██████       ▄█         ███      █████▀
  ▀██████ ▐▌ ████████████████████████▀
    ▀▀▀██████████████████████████▀▀

       ▄▄▀▀▀██████▄
    ▄██████▀▀███████▀▀▄
  ▄██████▀▄███████████▄▀▄
 ▄█ ███████████████ ████▄▄
▄██████████████████▌▐█████▄
███████████████████████████
▀▄████████▄▄▄▀▀▀████████▀▄
██████████████████████████
▀████ ████████████████████▀
 ▀████ █████████▀▄████ ██▀
  ▀████▄▀█████▀▀▄█████▌▐▀
▄███▀▄██████▄▄████▀▀▄▄▀███▄
▀██████
▀▀████▄▄▄▄▄▀▀██████▀
   ▀▀▀███████████████▀▀▀
         ▄▄▀▀██▀▀▀▀▄▄▄▄▄
      ▄▀▀██▄▄█▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
  ▄▄▄▀▀▀█▄▄▄▀▄██████████
▄▀▀█▄▀█▄█▀███████████
▄▀████████▐▌██████
 █▀▄██████████▄████▄████
  ▀▄█████████████████████
   ▀▄█████████▀██████▀███
     ██████████▄██▄█████
      █████████████████████
       ▀▄████████████████
        ▀▄████████████████
          ▀███▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀



jseverson
Hero Member
*****
Offline Offline

Activity: 700
Merit: 614


View Profile
November 18, 2017, 01:31:49 AM
 #12

Not in its current state. It can only handle a fraction of what Visa's can handle, and is hampered by slow confirmation times and/or high fees. It's also vulnerable to spam, as what Bitcoin Cash supporters oh so lovingly demonstrated. It has been a few days, and we're still feeling the after-effects.

What it does best right now is to be a storage of value and an investment. It's barely an alternative payment solution at this point, but I know something will be done to address that in the future. I'm sure the community will be able to find a way to move forward with a united front at some point.

Phantomberry
Full Member
***
Offline Offline

Activity: 337
Merit: 103


BITDEPOSITARY - Make ICO's , More Secure


View Profile
November 18, 2017, 01:35:25 AM
 #13

Yeah it can be as payment or cardless payment some country accepted bitcoin as a payment for goods or some thing that money exchange.

DMC_Ken
Sr. Member
****
Offline Offline

Activity: 375
Merit: 250


MODERN FINANCE CHAIN


View Profile
November 18, 2017, 01:41:24 AM
 #14

Yes it can, because many people are predicting for bitcoin into the future and they want/agree to use bitcoin into a key payment network globally



             ▄██▄
          ▄████████▄
       ▄████▀▀  ▀▀████▄
    ▄████▀▀        ▀▀████▄
 ▄████▀▀     ▄██▄     ▀▀████▄
███▀▀     ▄████████▄     ▀▀███
███    ▄████▀▀  ▀▀████▄    ███
███   ███▀▀        ▀▀███   ███
███   ███            ███   ███
███   ███            ███   ███
███   ███     ▄▄     ███   ███
███   ███   ▄████▄   ███   ███
███   ███▄▄████████▄▄███   ███
███    ▀██████████████▀    ███
███▄▄     ▀████████▀     ▄▄███
 ▀████▄▄     ▀██▀     ▄▄████▀
    ▀████▄▄        ▄▄████▀
       ▀████▄▄  ▄▄████▀
          ▀████████▀
             ▀██▀
   
   

                   ▄▄████
              ▄▄████████▌
         ▄▄█████████▀███
    ▄▄██████████▀▀ ▄███▌
▄████████████▀▀  ▄█████
▀▀▀███████▀   ▄███████▌
      ██    ▄█████████
       █  ▄██████████▌
       █  ███████████
       █ ██▀ ▀██████▌
       ██▀     ▀████
                 ▀█▌
 

   ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
 ▄█████████████████████████▄
 ███████████████████████████
▐███████████████████████████▌
▐███████████  ▀█████████████▌
▐███████████     ▀██████████▌
▐███████████     ▄██████████▌
▐███████████  ▄█████████████▌
▐███████████████████████████▌
 ███████████████████████████
 ▀█████████████████████████▀
   ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
timikulit
Full Member
***
Offline Offline

Activity: 196
Merit: 103



View Profile
November 18, 2017, 02:18:54 AM
 #15

My idea is different

In the long run bitcoin might become the great storage of wealth

If you want to spend it, you must convert it into bitcoin cash.


Irvinn
Full Member
***
Offline Offline

Activity: 406
Merit: 104



View Profile
November 18, 2017, 04:32:53 AM
 #16

Bitcoin must first solve the problem of slow transactions. Without increasing the bandwidth of transactions, he generally runs the risk of losing his place as a leader in crypto currency. Only by solving this problem can we talk about turning bitcoin into a global payment network.

......A L F A ─ E N Z O......
\▼/ "Develop, standardize, protect, and promote" the AEF Ecosystem \▼/
...FACEBOOKTWITTERTELEGRAM...
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!