I am trying to understand how a distributed network can ever hope to compete with centralized processing speeds of major banks that typically clear 25k transactions per second. I get the appeal of a decentralized currency and want to back an alt currency that could be deployed in confidence to solve low latency, high transaction problems like gaming or offshore wires like the Western Union Business. Electroneum wants this markets and I like this coin, but how are they going to solve the latency problems. My question is really, is a distributed block chain a feasible solution? Do any altcoins have the capability of processing that many transactions?
I have been reading many people expressing the same concern with the decentralized platform that Bitcoin is based on. Right now, the scaling problem has been one of the major things that can hinder the mainstream adoption of cryptocurrency and in extension the transfer fees have been rising to the point that they are not anymore very competitive in comparison to centralized systems under many corporate service providers.
Does it showing us the fact that we can't have our cake and eat it too? Well, we are waiting for ways to answer this big challenge to Bitcoin and hope that soon solutions would be coming true so that we can really say that Bitcoin is a good store of value aside from being a widely accepted currency. I understand that Bitcoin is still relatively young and to make it evolved on a higher level can take some time no matter if the value has already soared a lot due to heavy speculations.
Bitcoin should have been fast, lean, robust, vigorous and should cost less at all times...let's start telling the whole community of how Bitcoin should be.
The transaction speed setting determines how quickly an invoice payment is considered to be confirmed,which would be the status at which you would fulfill and complete the order.