Scaling Bitcoin to Billions of Transactions Per Day

[QuantumAGI]

Hugely informative video on the Lightning Network:

https://www.youtube.com/watch?v=8zVzw912wPo

136 up-votes and only 1 down-vote at the time of this post. This should be an indication of the level of support amongst bitcoiners that take the trouble to stay informed...... Enjoy!

[LiteCoinGuy]

already saw the video some months ago. great stuff and very usefull stuff.

+ bigger blocks please...

[btc]

i'm not convinced the lightning network is good for bitcoin.

reason: not reliable


that 20 tx/day model with 240 GB blocks is doable (not yet) when bandwidth and storage costs are cheap enough. give memory manufacturers, traditional ISPs WISPs a good 10 or 20 years for them to solve their problems so that bitcoin can solve its inherent problem.

[QuantumAGI]

Are you sure?

[JohnRatcliff]

That's awesome! A billion transactions a day for the two million people able to peg value on the blockchain per month. No matter how many transactions you shove off to the side, if you have to 'settle' on the main blockchain, and intend to 'settle' at least a couple of times per month, the current blocksize limit only supports a couple of million active users.

Is anyone talking about this? What do the LN people say about this problem? To 'peg' value on the blockchain implies that a user has performed transactions to hold value on the blockchain in the first place, as well as the transactions required to do the pegging and settlement.

I've said this before and will keep repeating it until it gets some traction. The blocksize doesn't need to grow to support more cups of coffee, it needs to grow to support more users.

[btc]

Are you sure?

ab so pos ih tiv ly