Flowchart & explanation of Bitcoin scaling debate!
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I want to share some important information with you about the Bitcoin scaling debate. The information is given below.
The Bitcoin scaling issue has been going on for more than a year now.The issue revolves around the size of the blocks which are added to its blockchain. Bitcoin blocks have a limited ‘storage’ capacity of 1MB under the current popular system of Bitcoin Core. With increasing usage, congestion issues have been reported on the Bitcoin network, resulting in more time and transaction fees necessary for verifying transactions. To resolve this, different sections within the Bitcoin community pitched different solutions to enable smoother running by decongesting the blocks.
The different solutions causes a debate about the best solution. The image blow from eToro.com shows the possible outcomes of the debate. Definitions about the scaling debate are given below in the image.
Read more information about the scaling debate on Investopedia
Picture link for download and higher resolution: etoro.tw/2tG32MQ
Source: eToro.com
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