Post
Topic
Board Bitcoin Discussion
Re: bitcoin blockchain trilemma, who will solve it
by
jumail
on 17/03/2020, 19:56:45 UTC
That's a great question. I am sure a lot of other people are also concerned about this particular matter - scalability! A lot of people scream about the fees and the speed of bitcoin transaction and it's indeed an issue. Probably we are not facing the heat right at this moment but if bitcoin is adopted worldwide, transaction fees and speed will be a big issue. But we have a solution to it. Have you heard about Lightening Network?
If you haven't heard about it, I have a good resource for you to see,
https://www.binance.vision/blockchain/what-is-lightning-network
We currently have many options for LN enabled wallet and you can definitely try them. I promise, that once you use LN for your bitcoin transactions, your concerns about scalability will be gone forever!
Hope this helps!
you are right. Scalability is a pretty complicated problem, especially since bitcoin is getting more mainstream and widely adopted. LN is indeed one good alternative, with the idea that not all transactions must be recorded on the blockchain, by opening a payment channel instead. This allows for instant transactions so that I think it is very suitable for micropayment, very effective for the adoption of bitcoin as an alternative payment.
The system works on a peer-to-peer (P2P) level and its usability relies on the creation of the so-called bidirectional payment channels, through which users can make seamless cryptocurrency transactions.