In Q3- 2018 Bitcoin will implement the Lightning Network that will bring, among other changes, instantaneous and concurrent checks with transactions.
The problem is that for the past year, the average number of Bitcoin transactions per second has hovered around a mean of 3. This compares to Visa’s network, which can handle closer to 3,600 transactions per second.
And that’s not all. As the number of Bitcoin users increases, the transaction delays get even longer and the fees even higher.
The simple reason for these low transaction volumes is that Bitcoin’s block size is capped at 1MB. The Bitcoin community is torn about increasing the cap of the block, and there are arguments to both sides.
When Lightning becomes mainstream and is adopted by exchanges, Q3 2018, the Bitcoin price will skyrocket.
The technology of the Lightning Network would significantly improve the process through which Bitcoin transactions are being validated. Presently, the validation process is via the use of mining rigs, and it requires that computers solve complex mathematical problems before transactions can be approved and recorded on the blockchain-ledger. And due to the computing power needed for these process, it can take more than an hour to confirm a single transaction.
However, with lighting, the process would significantly speed up. The Lightning Network would require that each participant transaction on a ", offline channel," and the blockchain would then update to record the external-transaction.
This would lead to the middleman of the mining rig or digital wallet provider being skipped entirely. The Lighting networks developers have indicated that its speed would enable it to "be used at retail point-of-sale terminals, with user device-to-device transactions or anywhere instant payments are needed.
So don't sell your house to buy Bitcoins, don't get a loan, but invest as much as you can afford and you won't regret it
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