Bitcoin will be developed in layers.
At the foundational level, the Bitcoin blockchain accommodates a limited number of transactions.
This limitation is not an oversight; rather, it's an intentional design choice.
Bitcoin will be developed in layers.
At the foundational level, the Bitcoin blockchain accommodates a limited number of transactions.
This limitation is not an oversight; rather, it's an intentional design choice.
Having fewer transactions on the base layer reduces the transaction data that needs to be stored.
With a capped blockchain size, it becomes feasible for more individuals globally to maintain it using commonly available devices like computers and hard drives.
It also allows greater numbers to download the blockchain data for independent transaction verification.
If block sizes increase, it will create higher barriers to node operation, potentially leading to a more centralized network, as fewer individuals may afford the equipment needed for transaction verification.
In regions with slower internet connections, downloading the complete transaction history could be significantly challenging.
Bitcoin will evolve over time.
Change is a certainty that cannot be avoided.
Currently, there's no urgent need for Bitcoin to transform; it must first solidify its foundational capabilities.
Layer 2 solutions are likely to emerge, enabling Bitcoin to scale without altering the base blockchain.
In the next decade, it seems unlikely that everyone will be able to transact on the base blockchain due to rising transaction fees.
Ultimately, solutions will be discovered to increase transaction capacity without compromising the base layer.
Higher fees can act as a driving force for innovative advancements!