Bitcoin is now trading in heavy volumes. I have been monitoring its blockchain data increase daily. The blockchain is increasing about 2 GB daily. Two months ago it would take a week to reach 2 GB increase. The size of the ledger is one of the problems with Bitcoin.
People are fickle and impatient. If you use the Bitcoin Core Wallet it can take up to a month or more to sync. There have been improvements in the original code by Bitcoin.org. The wallet is built with QT software developer suite. QT is free open source software and a very powerful building suite. Bitcoin Core Wallet connects you to the decentralized coin network. Bitcoin was intended to operate in a decentralized fashion.
This delay in obtaining the Bitcoin Blockchain has caused businesses like CoinBase and CoinDesk to spring up. They act exactly like a bank. You do not have to wait for the blockchain ledger to update. You send them your ID and some other KYC (Know You Customer) identification. After a few days they give you an online wallet. This process can take several attempts.
This is where the fun begins. The CENTRALIZED THIRD PARTY WALLET charges fees. They charge for everything. They have the power to seize or suspend your wallet. You can wait up to 8 days for money transfers in to the account. Up to 4 days to get your money out. There are many other problems like traffic surges and stop trading faults. You give up your security, identity and freedom for a small amount of convenience.
The use of BitCoin Core Wallets is getting less attractive. BitSplunk* offers a private blockchain accelerator that speeds up the process. Instead of waiting for weeks to sync your wallet it can take place in as little as 4 hours. The majority of the blocks come from a private IBM hosted cloud. The connection is a private 1 GB fiber. The accelerator is a multi thread downloader. It has the ability to pickup where it left off if the connection is interrupted. It works very good. I am giving them a small plug because it works, the programmers are Steemit members and people need this. If you are going to get away from third party fee driven services this is your answer. * ( http://bitsplunk.biz/carty/ )
The use of Bitcoin Ledger Accelerators, Bitcoin Core Wallet and simple blogging sites like WordPress give people the ability to create new venues for this volatile currency. The use of Bitcoin as a payment can seem very risky at times. I found services like Bit Pay actually remove the volatility. They also provide you with a Visa Debit Card. This allows you to take profits from Bitcoin and spend it on important things like beer. Just swipe at the register of your favorite convenient store.
I have a combination of Bit Pay, Bitcoin Core and BitSplunk Blockchain Accelerator to run all my finances. I do not use the bank at all. If I need to get cash on to my wallet there is a Bitcoin ATM at Bob's liquor. I can take a few hundred bucks to the ATM. It gives me a Bitcoin code or sends it directly to my wallet. Who needs cash? Do you know where that filthy stuff has been? Think about how many places cash has been before you touch it. A strippers privates, rolled to do drugs, handled with unwashed filthy hands. No thank you. I will stick with crypto currency.
The DOOM of Bitcoin is the ledger size increase. The ledger is now over 160 GB. Modern computers can handle the size of the ledger. However the daily increase to keep the wallet in sync can degrade the system over time. Each new transaction is saved in to a block. The block is updated across the network. The average block on my disk is 128 mb. That contains a lot of transaction. Each one of these internal archives becomes a NODE on my machine.
The word NODE is often misunderstood. NODE is a file. The file count increases daily. The more files on your machine the slower it runs do to services like Indexing and Search. Over time your system slows down. If enough NODE files are loaded on to your machine then it will slow to the point where it becomes useless.
There are a few fixes for this soon to happen Bitcoin DOOM. Maybe someone can read these ideas and build a solution from the suggestions below.
One fix would be to LOCK FORK the ledger. This is a different type of FORK than a HARD FORK. A LOCK FORK would take the ledger and seal it off at a specific time. The Bitcoin Core Wallet could sync much faster and easier. A LOCK FORK would be a hybrid blockchain. The known PAST of the ledger would be stored and verified from an online service cloud. Thus everyone would be able to use the same blockchain but only need the latest data to transact trades or payments. You would not need 160 GB for the storage of the ledger. You would only need an internet connection and about 2 GB of storage for LIVE transactions. After a certain period of time and verification the information would be written to the cloud.
This is just one rambling idea of how to lower the required space for a decentralized wallet. The key to this whole market space is to go against the banks and third party centralized wallets. Keep Bitcoin free and decentralized. This will help the mining industry and lower the fees.
Another idea is to share the blockchain data directly over the power grid. Since miners and users depend on electricity it only makes sense to take advantage of WAN over the electrical grid. This would allow the ledger to be present where ever electricity is available. The Blockchain would be on a separate data channel via the electrical outlet. This would reduce the network traffic. People will be able to transact Bitcoins anywhere without having the 160 GB storage requirement. The ledger would be stored "on the wire".
The DOOM scenario needs addressed quickly. If you have any suggestions please comment them below. If you are interested in collaboration on these ideas or others you may have please comment. I have access to venture capital and other financial opportunities. If we all work together we could bring about solutions before crypto currency 2.0 hits its head on the ceiling.
Thank you for reading.
