Bitcoin Upgrade: Bitcoin is the oldest cryptocurrency which was invented and brought into this world by a group of person named Santoshi Nakamoto and now is the world’s largest cryptocurrency in terms of market capitalization. There are an alternate cryptocurrency that work the same and functions the same way Bitcoin functions. The names of other cryptocurrencies are Ethereum, Dash, ripple, Litecoin and Monero. Bitcoin is capable of processing 7 transactions per seconds (tps) but other hand the competitors like Ethereum handles 15 tps whereas Ripple can handle 1500 tps. The Bitcoin offering reliability and is experiencing a social revival. Bitcoin appears to be ahead of all other blockchains and it is an ideal payment method that has never failed. Bitcoin Upgrade is of the utmost importance as said by Washman. As said by Washman himself Bitcoin is the most trustworthy and reliable among other competitors are trying to catch up.
Washman in an interview said that beside the problems of volatility and reliability of Bitcoin blockchain which is the primary reason why there needs to be a Bitcoin Upgrade. This has not been the case for other cryptocurrency which does not share the same problem Bitcoin face. Due to these scalability issues, Bitcoin forks and layer 2 solutions were developed to deal with some of the limitations of the Bitcoin network. For instance, Bitcoin Cash, a hard fork of Bitcoin, has a block of 8MB size. A layer 2 solution, Lightning Network was also introduced to enable fast transactions which Bitcoin is not capable of.
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Bitcoin is a volatile asset that is also popular among investors. While the price of Bitcoin in the crypto market is one of the concerns of investors, Bitcoin’s scalability and speed are a few others. In the future, it would be of interest to see how Bitcoin’s features and signature attributes contribute to or against mass Bitcoin adoption.
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