BITCOIN SCALABILITY

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Hello everyone, merry Christmas to you all. you are welcome to my post. Today, I want to explain scalability to you in the simplest possible terms. One of the few things that prevents cryptocurrencies from taking over centralized finance today is scalability. Let's take a look at what it is and why it is so.

Bitcoin, the first cryptocurrency, was a young project with many flaws, including scalability.

The scalability issue was discovered by Bitcoin's ever-expanding community at a point during its exponential growth. The Block size and the Block interval are two factors that determine Bitcoin's scalability. There will be more transactions carried if the block size is increased, but this will require more time to verify the blocks. The system will need to be restructured as a result of stability issues if the Block Interval is decreased. Bitcoin is restricted by these factors to approximately 5 transactions per second and a block size of 1 megabyte. Due to the approximately ten-minute block interval, you must wait approximately ten minutes for your transaction to be confirmed.

Bitcoin New Age (Bitcoin-NG) is another convention romanticized to accomplish low inactivity and data transfer capacity while keeping up with the trust less arrangement of Bitcoin.

The Bitcoin block size limit was increased in 2013, but this was not a well-received change because decentralization will not be possible if the capacity required keeps rising until only the wealthy can mine.

Ethereum by Vitalik Buterin introduced more scalability and compatibility with smart contracts; however, this added advantage created a new issue that required a solution. endless loops
On smart contract blockchains like ethereum, programs are created in a loop that keeps happening. Now, if programs that ran indefinite loops were written and put on the chain, the system would break down and become incredibly clogged. Gas fees are used to pay for programs and transactions on the Ethereum blockchain. When the gas purchased runs out, the program stops.
Thanks for reading🙂