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Challenges for Bitcoin to become the mainstream money.

To meet market demands,as the business grows is the big challenge, as the market demands are not static.If you want to stay competitive in these circumstances, you have to be able to change what you are doing to fill the needs and wants customers have in the moment. While Visa provides a trade per second(TPS) rate of 1,700, Bitcoin can just do about 4.6 which will be a massive problem if it is to become the mainstream money.

Many organizations are adopting Bitcoin but TPS (tade per second) is one of the essential problems associated with it. Every new block in the network is made after 10 seconds ~ 600 seconds which results in 4.6 transactions per second. Soft forking is a means in which a new set of rules are introduced keeping all of the nodes in the system backward compatible and flexible to the new version of Blockchain however there are various limitations connected to it.

Also Read: Bitcoin Billionaire App Review

Increasing block size, decreasing block production time by making the hashing algorithm adaptive is not a long-term way to solve the Bitcoin scalability problem since they would only create the TPS hypothetically 188 times greater which remains nowhere comparable to the Visa 1700 TPS. SegWit was the first biggest soft fork solution introduced at the BTC network that segregates the witness part of this transaction with actual transaction information and raises the block size to a hypothetical 4MB.

It takes 14 minutes to spread the inception of a new block or another change to all the nodes involved in the network so block production time cannot do better than that time it will result in security and multiple trade recording issues.

All of these variables accounted for the creation of Bitcoin Cash, with blocksize of 8MB, and LiteCoin and many others that have more TPS compared to Bitcoin but are all hark fork solutions. It is difficult to change all scalability issues of Bitcoin with a gentle fork overnight because the hardware may not be compatible to take care of the changes.

Batch trades, challenging forking, turbo system, EOS and high performance Blockchains, CDN’s for Bitcoin are the solutions proposed to deal with Bitcoin scalability concerns. An individual can only expect that there may come a backward-compatible game-changing remedy to serve as a way to provide a sudden rise in the Bitcoin TPS rate.

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