Real scaling solution for Bitcoin – Bitcoin Magazine

Real scaling solution for Bitcoin – Bitcoin Magazine
Real scaling solution for Bitcoin – Bitcoin Magazine

This is an opinion piece by Knut Svanholm, author of “Bitcoin: Sovereignty through Mathematics. “

Bitcoin skeptics often claim that bitcoin does not scale. They say that bitcoin’s on-chain transaction capacity of around seven transactions per second is too low, especially compared to the most common credit and debit card networks. These networks are centralized databases that can perform more than one hundred thousand transactions per second. The standard Bitcoin answer is that these critics have not heard of Layer 2 solutions to the scaling problem, such as the Lightning Network. While it is true that Layer 2 is likely to solve the problem in the end, it is not a fast enough solution in the case of a fast hyperbitcoinization. After all, if all base layer transactions are new Lightning nodes, only seven new nodes can be started per second, right? In truth, critics and most Bitcoiners do not see the bigger picture here. Both groups lack the forest for all the trees. Let’s think about this.

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