Need To Upgrade Bitcoin & Its Blockchain To Handle Mainstream Adoption.
2021-01-22 | Mike Hallen
Would Bitcoin & its blockchain be
ready to handle mainstream adoption as a store usefulness without requiring second-layer solutions? Genesis Mining’s head of mining operations, Philip Salter, holds a mixed view.
"I think Bitcoin
may be a good store
usefulness no matter transaction fees,” Salter added.” “The issue is -
the more the fees are, the larger
is also the minimum value
that will be efficiently transferred.”
Bitcoin [
BTC] has stood the test
of time up
to the present point, with BTC maintaining its place
as the crypto industry’s highest market capitalisation asset for the past 12 years. Bitcoin is seen as more of a store
useful than digital cash
lately, however, and Salter thinks complications
should arise from this shift in perceptions:
“Some years ago
it had been possible to store and transmit $1 USD efficiently, since tx fees were effectively zero. Presently, sending a transaction can easily cost $15 USD, so
it's not sensible to transmit $1 USD
any longer. If this trend continues
due to more use of BTC
and better BTC prices,
it'll become prohibitive to transfer value in common amounts and
it'll be only
an efficient store
usefulness for very large amounts.”
“That's why
i feel that 2nd Layer solutions are a necessity not
just for the utilization of BTC as a currency but also for the
future feasibility of BTC as a store
usefulness ,” Salter added. Industry players have worked on layer-two scaling solutions,
like Lightning Network, in
an attempt to facilitate small transaction capabilities.
Salter himself uses Lightning Network solutions for his own Bitcoin endeavors. “I personally upgraded my personal phone wallet to a lightning-only wallet [Phoenix],
in order that I can even in these crazy times pay with coins quickly and cheaply,” he added. “To anyone who tried to use lightning two years ago
and located it confusing, I strongly suggest
that you simply give it an another try now that
it is skilled and user friendly to use.”
Bitcoin’s scaling debate was a
focus discussion earlier in 2017 and 2018. Also in September 2020, MicroStrategy added that it faced no major issues during
one among its BTC accumulations. The firm
bought 38,250 BTC
employing a combination of off-chain and on-chain avenues.
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