Author: Wladimir 2015-01-31 13:11:42
Published on: 2015-01-31T13:11:42+00:00
In a conversation on Bitcoin's scalability, Nick Simpson and Wladimir discussed the limitations of Bitcoin replacing all methods of payment and the concerns with scalability. Wladimir argues that broadcasting all the world's transactions over one channel is not desirable or possible, and the everyone-validates-everything approach doesn't scale. However, settling larger transactions in an irreversible, zero-trust way is what makes Bitcoin valuable. Naively scaling up the block size may provide short-term solutions, but a future scalable payment system based on Bitcoin will likely involve off-blockchain transactions or a hierarchical or subdivided system.
Updated on: 2023-06-09T16:01:13.517115+00:00