The posting of the bitcoin white paper has kicked off a revolution in both the financial and information technology worlds and these two worlds touch almost every part of our daily lives. The advent of bitcoin and blockchain tech is revolutionary on a global scale. Bitcoin being the first cryptocurrency means that inevitably it is going to be the first cryptocurrency to encounter unique problems while on the road to mass scale adaption.
Transaction Fees
The bitcoin core team has been working on a solution to bitcoin’s most imminent problem which is the scaling issue. This problem causes the network to become congested and that congestion in turn causes transaction fees to grow. At the moment of this post the transaction fees are at about $50 USD to send any amount of bitcoin from one wallet to another.
Scalability
There has been an ongoing civil war going on with the bitcoin developers on how to solve the scalability issue, on one side you have the group of developers that want to implement a solution that increases the block size from 1 mb. On the other side of this battle are the developers that want to stick with the original solution proposed by Satoshi Nakamoto the creator of bitcoin, where in the white paper he set the block size to 1 mb.
The war was won by the team of developers that want to keep the 1mb block size and their solution is to implement a transaction network that does not run on the blockchain and they named this network “Lighting Network”. At the moment of this post the latest reports from the Bitcoin core team suggest that the lighting network is in its final stages of testing and is almost ready.
Implementation
The bitcoin core team is in the alfa testing phase this means that it is in the very last phase of testing before actual live transactions are tested. The next step is beta testing at this stage you will be able to use the lighting network for your live transactions. The core team estimates that the implementation will be in a few months.
There are a lot of bitcoins sitting out there waiting the implementation of the lighting network. All these satoshis are eagerly waiting for the ability make micro payments. Bitcoin has become gold 2.0 which means it is being viewed as not really practical for small everyday expenses but not because gold is not practical for that type of use that does not mean that gold 2.0 should also be impractical for that use.
If this is not implemented soon you will see more people and companies start to abandon the coin and the price will hit a ceiling, giving way for other cryptocurrencies to take it’s place as having the highest marketcap. I don’t see this scenario happening, too much has been put into resolving this issue and we are on the verge of using this revolutionary new networks which will allow for atomic swaps and micro payments, this will accelerate the growth of bitcoin even more and expand its use case.
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