Bitcoin may be doomed to failure as the blockchain struggles to scale up; Professor Ross Anderson from the University of Cambridge explains. EXTRA BITS …
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Jan 13, 2021
Bitcoin Problems – Computerphile
To be honest it’s not for the third world.it’s for the first world who have more money than cents.
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PLEASE WHO CAN HELP? I made a transaction of buying bitcoin with a debit card from blockchain wallet, I bought 300 GBP (pounds) 4 times and then I wasn’t able to buy anymore…I tried Accessing the bitcoin but I couldn’t because it was showing in the trading wallet instead of the normal bitcoin wallet….please how do I rectify this or change it back to normal bitcoin?
Never bet against a technological revolution that can (in theory) cost a lot of rich and powerful people a lot of money and power – because that is what they want you to do
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Digibyte is better than bitcoin. It is similiar to bitcoin in that it is 21 billion instead of 21 million coins. But the transaction speed is virtually instantaneous.
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people in the third world do not need to run a full node and have fast internet to transact. Having internet at all is a luxury in the third world but for people living in cities it is possible to "bank the unbanked" if done properly.
1. Bitcoin lightning solves the scalability issue by allowing off-chain transaction which will reduce the load on the network. It can make it easily possible to have thousands of transactions per second, and pay next to nothing in fees
2. You don't need to download the entire blockchain to use bitcoin, you only need access to the utxo set and even then you don't need to download the utxo set.
3. Use a hierarchal deterministic wallet that encrypts your details. This way you don't need to store a single private key on your computer. You can also keep a small amount of bitcoin in a wallet you spend with and keep the rest in a paper wallet or hardware wallet.
4. You do not pay money to private keys, you send it to the persons public key (technically the address which is a hash of your public key) which then enables them to spend it with that public key's corresponding private key.
5. Lightning will solve the problem of slow transactions
6. You can use escrow services like bitPay to ensure that people won't scam you. Secondly, it is perfectly easy to keep your private keys to yourself as I mentioned earlier.
7. Mining will always be around as they collect transaction fees. Of course, transaction fees may go up as the block reward decreases, but that isn't a problem with lightning, as the only fee you would pay is to close a payment channel
More important is Bitcoin standard..
Layers will be there on main net..
Mr. Prof shilling Shitcoins
This worlds now compatitavie anything…BTC is King.. This one Going anywhere.. Last day 11 year birthday..Alt's helps Daily volume..blockchain is next revolutionary product..no worries about my future.. Because problems are everywhere..
Even i m hodler
But his views are so solid
And bitcoin drveloper team have to overcome if Bitcoin want to succed in new era
"LONG CHAIN" technology will rule the world
The lack of central authority or 'help desk' is a feature, not a bug.
What this oldman is talking
Interesting
The thing with Bitcoin is that it has no single point of failure, it's unconfiscatable and it's the best form of money we have now. All those other things will be improved on the network with time.
Time will tell how this goes.