Post
Topic
Board Bitcoin Discussion
Re: 1mb per block and scalability
by
defined
on 01/09/2017, 17:37:08 UTC
It depends on where the transactions will take place. The plan is to move majority of transactions to offchain solutions such as lightning and sidechains. Even if then the bitcoin blockchain is not able to support the transactions, there will be a hard fork by developers to increase the block size.
If this is how it works, what are we waiting for?

There must be a way to delete all the small "spam" transactions.This might leave some free space for all the other normal transactions in the 1mb block.The other members think that the Lighning Network will be the ultimate solution,but i`m skeptical about these offchain transactions.
If small transactions can be made off chain, blockchain has space left for large transactions. I do not need my morning coffee to be recorded forever. My store of value on the other hand has to be on blockchain.

If bitcoin was the only cryptocurrency in existence, then yes, the 1mg thing would be a massive problem.

But if you look at the cryptocurrency space as a whole, you can see that most transactions are done outside of bitcoin - Ethereum for example usually does at least 300,000 transactions a day, and then of course there is ethereum classic, litecoin, monero, dash, doge etc.

So money is moving, it just isn't moving through bitcoin.
From a Bitcoin point of view, those transactions are not trustless.

imagine BCD only trust $60 for 2 weeks
Back to the problem of trust. Can we have trustless sidechains?