Can Bitcoin scale to become a major payment network
If Bitcoin for the first time in the existence of Bitcoin White Paper by Satoshi Nakamoto came in 2008, the concept was beyond the understanding of ordinary people. But slowly got popularity to the extent that replacement of traditional payment systems is considered, it was a major payment networks. However, there is still a long way off, because after all, it is a virtual currency and people can not be happy unless they actually banknotes or coins in their hands. Once the concept is understood and security will be established, Bitcoin has a high chance of a significant monetary transactional network
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Why can Bitcoin become a major payment network
Bitcoin has scored a number of different criteria than traditional payment network
decentralization first and foremost, the great advantage of Bitcoin (which is actually the reason why it was made) is that it is decentralized. This means that Bitcoin is not controlled by a particular bank or government and therefore can not be manipulated by such bank or government. This also means that its value will always be constant without large fluctuations; . It will not be blown up or drastically devalued making common consumers will not suffer economically
Transparency If any payment made in the form of Bitcoins are included in the unique ledger called Block Chain that can be viewed by anyone at any time, Bitcoin is the most transparent. include all payments networks working around the world today
As for the block chain, a concern has been raised, but by a number of leading Bitcoin developers and engineers that are not done in the beginning when Bitcoin transactions on a large scale, it is nice that they are saved on the block chain, with each block occupying a small space of 1MB. But that will not be forever the case and it will be problematic when transactions take place on a larger scale. So, this raises an important concern that whether Bitcoin up to scale for the future and become the main payment network or remain as it is
Because block chain is a software open to changes in the entire code is available for anyone, a change can be accepted or rejected by the consent of the users (nods) which to rotate the original software. There are many suggestions that have been put set put in the form of new versions and large developers would explain the changes, talk to the community and implement them. Of course, no date scheduled for this as it will take place by the interaction between the thousands of Bitcoin users simple rules
If all goes well, there are great opportunities for a major Bitcoin payment network. We just have to wait and watch.
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