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RE: Can Bitcoin Scale on Today's Computers? Do We Need 2nd Layer Solutions to Compete with VISA?
https://steemit.com/cryptocurrency/@jdh7190/bitcoin-is-already-much-faster-than-a-credit-card
I wrote about how cryptos are already faster than credit cards as a common misconception is that Visa is actually processing transactions.
They are processing authorizations only - no money is changing hands. Crypto is already ahead as the funds change hands within an hour (in most cases).
To me the scaling solution in the short term is solved via bigger blocks.
2nd layers can be explored at some point in the future if they become necessary.
Technology is growing much too fast these days to not implement the quick and dirty solution that works and can scale effectively.
Great point. It's really easy to compare apples to oranges with this stuff. Hypothetically, there's nothing stopping Visa from doing what they're doing now using btc instead.
I doubt we'd actually want credit card companies in a full cryptopia, but probably reputation could accomplish the same thing. If Bitcoin is too slow to buy a coffee, you include your identity with the transaction and it's safe to take it on 0 confirmation.
That's why it isn't up to you -- because you chose poorly.
https://hackernoon.com/the-ethereum-blockchain-size-has-exceeded-1tb-and-yes-its-an-issue-2b650b5f4f62
ETH, EOS, BCash -- they all share the same problem. Guess who is having problems? Oh that's right, ETH is crawling because of their shitty scaling solutions, and bigger blocks don't help. EOS is imploding because of bad scaling decisions, and BCash is going to be next -- if they get any usage at all.
Which they haven't -- just empty blocks with 30-some odd transactions in an hour. (Outside of the Bitpico Cash fork efforts that are ramping up.)
Your mad dash to "solve" it with pushing out larger blocks is technically flawed and reveals a personality that favors "easy" fixes when the long term implications of that choice are dire and systemically dangerous.
BCash can't even DO second layer, because they decided to fight Segwit, and by extension, Lightning. Its like watching neo-luddites argue why busting all the machines apart are really a good thing short term.
Complete idiocy.
Imagine sending a valuable present to a friend. You can send it by the most secure, simple and cheap method, or you can get all fancy and send it via a complicated route that has a high probability of not reaching its destination. Majority of population want to KISS, Keep It Simple, Stupid, they don't want to mess around with a full node and lightning node which must always be on.