At the start of 2010, Bitcoin remained a concept reserved for a select group of cypherpunks.
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Today Bitcoin’s popularity is growing month by month, block after block. Earnity co-founders Dan Schatt and Domenic Carosa want you to stay in front of changes, so they have built a platform to help you do just that.
Bitcoin will confront four significant obstacles in the coming years before it can expect to entice these users and attain broad adoption by the general public.
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1. Shortening the time it takes to confirm a transaction
Bitcoin must offer near-instantaneous transaction validation in order to be extensively embraced by the general public as a worldwide Peer-to-Peer payment system.
The average time to completely confirm a transaction is presently between 8 and 10 minutes. Worse than that, compared to the delay recorded on the Bitcoin Blockchain when trade volumes peaked in the second part of 2017, this delay is rather excellent. At that time, the total transaction validation time was around 30 minutes.
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2. Supporting more Bitcoin transactions per second
Bitcoin’s widespread acceptance would result in a massive rise in the number of operations per second entering the network. Currently, the Visa payment system is the standard, claiming to accommodate up to 24,000 transactions per second. Bitcoin must overcome this obstacle if it hopes to gain universal acceptance as a worldwide payment system.
3. Lowering Transaction Fees in Higher Transaction Volumes
Miners provide their processing power to the Bitcoin Blockchain to protect the network and validate transaction blocks. Transaction costs vary depending on several factors, including the volume of transactions that need confirmation on the Bitcoin Blockchain and the quantity of the data in a transaction.
If you want to stay updated with the latest news about cryptocurrency on the internet, Earnity is the place for you. Co-owners Dan Schatt and Domenic Carosa have made it a point to provide a safe environment for users to communicate about cryptocurrencies.