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Author Topic: How will Bitcoin solve it's scalability issues in upcoming months?  (Read 244 times)
hdclover
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November 27, 2017, 06:17:44 AM
 #1

The price of the Bitcoin is raising day by day but scalability is still the biggest problem. Segwit was introduced on Bitcoin network way back but why I see no adoption? Is it too complicated?
What does the core team working on? Will it solve scalability issues? Looks like other alts will takeover Bitcoin's position if these issues aren't solved.


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November 27, 2017, 06:29:20 AM
 #2

Does Bitcoin really need to scale in order to be called "successful"? In many ways, it is already successful. It made many holders rich, it made us realize that a trustless payment system is possible and it also enabled new economies to proliferate without regulations and government control.

What else are you looking for? Lean back and enjoy the ride.


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November 27, 2017, 08:49:20 AM
 #3

The price of the Bitcoin is raising day by day but scalability is still the biggest problem. Segwit was introduced on Bitcoin network way back but why I see no adoption? Is it too complicated?
What does the core team working on? Will it solve scalability issues? Looks like other alts will takeover Bitcoin's position if these issues aren't solved.

Honestly, I think a lot of users have no idea what segwit does and how to use it lol. Most only seem to care that the price is surging. For as long as they're getting money and are able to transfer coins, they're completely satisfied. It's not a complication issue either. You only really have to switch to a segwit supported wallet and you're done. Some people (like me sadly lol) couldn't be bothered to transfer their coins.

As for alts taking over, that's not going to happen in the foreseeable future. The scaling problem is there, but we haven't gotten enough adoption for it to actually start being a problem. I have no idea what core is doing, but I do hope they're working on more solutions under wraps.

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November 27, 2017, 09:36:17 AM
 #4

I'm not sure why companies running on top of bitcoin blockchain are not implementing segwit yet, some say. It's not stable. But other companies are already running it and has no problems. Companies are free to run any software they want, no one is enforcing them. We expect part of lightning network to be live by 2018.

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November 28, 2017, 04:39:33 PM
 #5

I'm not sure why companies running on top of bitcoin blockchain are not implementing segwit yet, some say. It's not stable. But other companies are already running it and has no problems. Companies are free to run any software they want, no one is enforcing them. We expect part of lightning network to be live by 2018.
Ok,
So I've researched a bit more to find out that blockchain.info wallets will roll out segwit support in the beginning of 2018. I saw this news on their official blog. It would be great if this is implemented in all the wallets.

Where did you hear that lightning will be implemented by 2018? Looks like it's not possible too soon.


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User365
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November 28, 2017, 04:46:57 PM
 #6

Does Bitcoin really need to scale in order to be called "successful"? In many ways, it is already successful. It made many holders rich, it made us realize that a trustless payment system is possible and it also enabled new economies to proliferate without regulations and government control.

What else are you looking for? Lean back and enjoy the ride.

Of course, it needs a scaling solution.

Even if bitcoin will stay "virtual gold" for just storing value, the current scalability won´t be enough. If transacting your money isn´t possible it is useless.  Wink

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November 28, 2017, 04:58:00 PM
 #7

I'm not sure why companies running on top of bitcoin blockchain are not implementing segwit yet, some say. It's not stable. But other companies are already running it and has no problems. Companies are free to run any software they want, no one is enforcing them. We expect part of lightning network to be live by 2018.
Ok,
So I've researched a bit more to find out that blockchain.info wallets will roll out segwit support in the beginning of 2018. I saw this news on their official blog. It would be great if this is implemented in all the wallets.

Where did you hear that lightning will be implemented by 2018? Looks like it's not possible too soon.

There is no need to worry mate, I am sure that bitcoin core team must be working on these issues and very soon we can expect the improvement once the segwit introduced.


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November 28, 2017, 05:16:29 PM
 #8

1. SegWit isn't too complicated, but developer/services needs time to implement SegWit in their system and test for possible bugs. People also hesitate to use SegWit address due to not every developer/services support SegWit yet.
2. 2nd Layer solution such as Lightning Network could solve the problem, but if i'm right, it's still in testing/debugging phase.
3. Increase block size is also possible, but many people disagree since it could risk decentralization because that means those who run full nodes needs better internet or pc.

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November 28, 2017, 07:36:02 PM
 #9

Most wallets, including even Bitcoin Core, haven't yet implemented SegWit. 

Considering that SegWit would make transactions quite significantly cheaper for each major service's users, it seems outrageous that so many of them haven't yet decided to implement SegWit support.

There's also all the offchain stuff, but that'll take ages before it gets anywhere meaningful.

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November 28, 2017, 07:58:53 PM
 #10

I mean with the implementation of things such as Segwit, we should be seeing this fixed without much of an issue. Though it must be noted by people looking at Bitcoin now that the network can handle things, though it cant handle an ALL OUT ATTACK on it in an attempt to boost up other shitcoins (Bitcoin Cash, Gold, etc)

Bitcoin  is fine and it will be fine.

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November 28, 2017, 08:21:49 PM
 #11

Is it too complicated?
No.  It's extremely simple.  All that it would theoretically require is a one-time transfer of users' funds to new SegWit addresses, and for users to begin accepting payments to SegWit addresses in the future.
What does the core team working on?
A reasonable amount of information can be found in Bitcoin Core's statement about this.
Looks like other alts will takeover Bitcoin's position if these issues aren't solved.
Considering that the market is largely speculative anyway, it seems unlikely that actual problems with practicality will have much of an effect.

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November 28, 2017, 09:42:03 PM
 #12

What do you mean by scalibility? People will still keep using bitcoin because most of them believes in that bitcoin is the only trustable crypto that exist rigth now.

Go to your city, ask some people about bitcoin and cryptos, probably 9/10 who knows what crypto's are, will tell you that they only know what bitcoin is.

And the fees are always going to be high if that is what you mean, that is because the fucking miners are doing whatever they want, because they will ever have the control over everything.
if one day they decide to fuck bitcoin and move to bcash, they will, because they have the control and they can decide if they want to kill bitcoin or not, because they manage all the transactions, without them, we are dead.



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November 29, 2017, 05:16:58 AM
 #13

Does Bitcoin really need to scale in order to be called "successful"? In many ways, it is already successful. It made many holders rich, it made us realize that a trustless payment system is possible and it also enabled new economies to proliferate without regulations and government control.

What else are you looking for? Lean back and enjoy the ride.

"getting rich" was never the plan! the original plan was to create a decentralized currency (peer to peer digital  cash as the white paper written by Satoshi Nakamoto states). then becoming rich became a side product of this which many started thinking as the primary purpose. that is partly why the price is still rising despite the original plan being neglected these days!

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November 29, 2017, 06:24:23 AM
 #14

The debate is still out if Bitcoin is a store of value or a alternative for cash. I think Bitcoin should be both, but that is just my opinion. The Core team has given us an idea with the road map for scaling Bitcoin, so we should just keep faith that it would happen according to that - https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-December/011865.html and also the faq.

https://bitcoincore.org/en/2015/12/23/capacity-increases-faq/


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