Post
Topic
Board Bitcoin Discussion
Re: Scalabillty not an issue?
by
blipblip
on 19/11/2019, 20:51:40 UTC
The community seems to agree that we will see bitcoin at 50-100k, people are predicting it, doesn’t matter if it’s an ”expert” or not. This rise in price is for the most part ”possible” because of the halving next year.


One major problem that no one is talking about is scalability, in 2017 we saw 250k transactions waiting to be sent and fees up to 100$ and as far as i know that problem isn’t solved. Sure we have a stronger Lignting network but it is not used by the majority of transactions and probably not ready for it.

With this problem still ”active” how can we see a the price everyone is predicting?

And what if we consider the fact that there are a lot of hodlers? For most of them tx fees aren't huge opportunity cause they rarely spend, well it means nothing btw.
The reason we can see price that everyone predicts is that you already know halving reduces number of bitcoins mined per block which to translate means 1/2 of current reward. In order to keep mining and miners, we need high price to make mining profitable again. Halving just pushes us to rise price in order to keep mining.
Also you mentioned correctly, because of lighting network (despite the fact that it's not used massively), people hope that they'll be able to spend bitcoin with low fees. Some LN users and some regular users in overall will cause normal rise in tx fees which won't be critical.

So you are saying that the transaction problem that was an issue 2017 is not an issue if we see lets say bitcoin at 50k in 2020 because people don't sell? Then how is the price going up?