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Author Topic: Could the scalability of the Bitcoin Blockchain be enhanced without sacrificing  (Read 179 times)
lombok
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November 12, 2023, 12:25:52 PM
 #21


Currently gas fee isn't really that expensive, it's similar like the current fee in Bitcoin on chain network.
~snip~

It turns out it's almost the same as Bitcoin transaction fees.
Since many people complained about ETH transactions, I switched to other cryptos such as Doge, Tron, BNB, BTC and several other altcoins as a medium for transferring funds.


You can compare them with real data and charts.
https://bitinfocharts.com/comparison/transactionfees-btc-eth-doge-xrp-ltc.html#3y
https://blockchair.com/compare (Choose altcoins you want to compare with Bitcoin)

It's true that we can check transaction fees first if we want to transfer funds, this could be the right choice to save on fees. This can be a solution when the network is congested and transaction costs rise, then we can look for other crypto alternatives. Thank you for sharing the link

Ethereum is a paradise for scam projects that can easily hype greedy people. When those people become greedy, they will naturally join a transaction fee race with other people just to want to get their transactions have quick confirmations. Because they don't want to missing out great chances with scam projects and feel like $10, $20 or more cost for a transaction is not a big issue if they will get big profit from scam project later.

Luckily I had sold all my ETH and switched to ETC at that time. What an unfriendly transaction fee.

Yes, that happened when many new cryptocurrency projects were established on the ETH network and many were scams. Maybe because the ETH network becomes congested as a result, transaction fees also increase or this is an effort to punch down a scams.

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Blitzboy
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November 12, 2023, 02:17:33 PM
 #22

Bitcoin's blockchain scalability issues are real. Initially, obtaining 'unlimited' transaction capacity while maintaining decentralization and security seemed impossible. Why? Decentralization requires a distributed network of nodes to process every transaction. This approach improves security but reduces throughput. More transactions require more processing power and storage, which could centralize the network around capable organizations. How can we balance these demands?

Increasing scalability without compromising basic values is difficult. Lightning Network, for instance, has criticism yet may function. This speeds up transactions off the main blockchain but raises security and centralization concerns. We must improve efficiency and capacity while preserving decentralization.

Could we try a multilayered approach? Sharding or sidechains may allow scalability enhancements without violating Bitcoin's core values. This path has technological and philosophical challenges. Would such improvements maintain Bitcoin's trust and decentralization? Hard dispute and time will tell.

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