As the volume of transactions on the Bitcoin blockchain keeps increasing, transaction delays have become more apparent. The problem relates to how transactions are processed on the blockchain. Are there any solutions offered by the Bitcoin community yet? Bitcoin got 99 problems but fiat money ain’t one
The average time it takes for a bitcoin transaction to be verified has increased significantly and some transactions remain unverified forever.
Some of the problem stems from the fact that anyone can add a fee to every bitcoin transaction, which bumps that transaction up in the queue, meaning that those who didn’t pay such a fee, or didn’t pay a sufficiently big fee may be waiting hours and sometimes even days for a transaction to complete.
The non-recognition of Bitcoin by governments and institutions has been another factor holding back the cryptocurrency from expressing its full potential. This is a factor that has also affected the Bitcoin identity.
Due to regulatory reasons, we have seen many countries, including the United States define Bitcoin as a commodity instead.
There have been several debates on how to resolve the challenges faced by Bitcoin, debates that have seen a couple of high profile developers leave the system, and some even declaring Bitcoin a failed currency.
Nevertheless, continued efforts by researchers to find solutions to the various problems that the cryptocurrency has faced legally, politically, technically and otherwise have continued. Transaction malleability and Blocksize
In December 2015, Segregated Witness announced the impending release of its software that will grow blocksize within the Bitcoin blockchain.As the Bitcoin world awaits this development by SegWit, experts are hopeful and think it might be a significant turning point in the life of the cryptocurrency.Alejandro Sewrjugin, entrepreneur & Blockchain Innovation Expert, thinks that the effect of SegWit’s programme could be very big. Sewrjugin believes that SegWit […]
