Bitcoin is old, outdated slow and sluggish. Transaction fees, even when sending large amounts, constitute a significant part of the total amount, this solution will not work if bitcoin is to be available virtual money. That is why devlopers are working ond side chain solutuions like lightning network for fast, secure and almost feeless payments and RSK which is sidechain for runing smart contracts on the bitcoin blockchain.
Failure by design
First of all bitcoin has small blocks, and almost no exchange use segwit, that's why we are paying such fees. It does not have any scalling capabilities. Second of all developers of RSK and Lightning network think that they are able to solve thise issues with sidechain solutions and yes it will be somethng great at the current stage of the network while we have only 300000 transactions on bitcoin blockchain, but it will not be good solution after mass adoption.
RSK Scalling
Current RSK implementation can scale up to 400tx per second when node use SSD storage. Wow, it is a huge number when we compare it to the current ethereum capabilities also RSK smart contracts are written in the solidity so every ethereum developer can port his solutions with just few mous clicks. Also RSK promises that it will scale up to 2000tx per second, oh my god ethereum killer. That is not enough, not enough for real usage e.g visa handle 20000tx per second 10 times more thant RSK will be able to handle in the future.
Lightning Network Centralization
Payments in the Lightning network take place outside the main blockchain in the so-called sidechain. When you want to pay for a pizza you would have to open a channel in the lightning network, put some bitcoins in there and make the transaction the same would have to be done by any other person who wants to buy a pizza. This solution makes no sense because it means freezing a certain amount of bitcoins in the channels for each entity offering billing in bitcoins. Large hubs would have to be created that aggregate channels and redirect payments to relevant entities. However, this solution has two basic disadvantages that deny the bitcoin revolution. First, centralization and, secondly, very strong legal control as in existing banks
The future is somewhere else
Existing solution like Neo blockchain or upcoming like EOS system will change the world of blockchain platforms as well as the world of cryptocurrencies. More secure, scalable solutions must be created and implemented and that field of blockchain solution is something what will growth hughe in upcoming years.
Haha, do you really understand how LND works or are you just repeating what Roger and his friends say? Maybe it is worth invest some time in understanding LND before you try to inform others with your post.
LND will surely NOT be centralized since a hub don't even know who the original sender and final receiver of a transaction are (they just know the node they receive it from and send it to, it might go through many nodes).
This means they only forward a transaction without knowing anything useful for legal control. Beside that the smart contract where LND is build on don't allow the hubs to do anything else than just forwarding the transaction, otherwise it will be directed to the Bitcoin blockchain.
Please don't misinform people, they will miss out on the biggest revolution ever because of your advice!
Even if i'm wrong still it is only payment option witch requires sidechain. I prefer to choose currencies which allow fast and cheap assets transfering with native solution :) What is more that centralization is even worse because hubs can decide not to route your transaction and you cant move your locked assets from one hub to another in just one sec :)
It doesn't make sense to become a hub and reject transactions, and if the hub does you can find another route.
it does not make sense to become miner and mine empty blocks yeah if hub does so you can switch to another but it requires transfering your assets back to you and than transfer it to new hub.
"Bitcoin is old, outdated slow and sluggish" Upvoted because of this part haha but you are totally right! Bitcoin is obsolete, everyone who knows just a little of blockchain and transations fees knows that.
yeahm, thanks:)
What's the problem with buying Stem Power, I can not buy anything from the blocktrade? Do you know anything about this?
Hi @dobartim you can contact them via [email protected]. Also why dont you buy it on the internal market for SBD? Also i have checked their webpage there is no possibility to buy steem right now maybe some maintenance :)
I want to buy Steem with ltc
there is info on webpage that it is suspended
There's a spelling mistake in the title of your post.
oops, thanks for finding it :)
Muuuch better <3
Pretty good post too!
Looking forward to what lightning will bring.
Your article is very important. Thanks so much for sharing with us.
you are welcome
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