Does the energy waste only apply to bitcoin? or all crypto currencies? Cause don’t most people think bitcoin isn’t scalable enough to function as a legit currency?
Does the energy waste only apply to bitcoin? or all crypto currencies?
98% of the blockchain implementations out there today are a giant waste. They all claim to be the next better version of Bitcoin. The hard truth is that most of the other implementations will fail and nobody will care, but if Bitcoin fails then the entire ecosystem will fail and blockchain as a whole will die.
Cause don’t most people think bitcoin isn’t scalable enough to function as a legit currency?
Blockchains are inherently terrible at scaling. Block generation times, restrictions on transactions per second, potential centralization that could cause transaction censorship's, etc. Bitcoin is the closest thing to digital gold in that using just gold as a currency is hard. It's heavy, takes a while to move great distances, etc. It touches on it in the article sys posted but Lightning Network is how Bitcoin will scale. Layer 2 implementations that are built on top of the blockchain that can handle more transactions per second, while also having the security of the underlying network.
Bcash advocates think just increasing the block size is how you scale, which is incredibly stupid. At some point the chain will be too big for an average user to maintain and only people with large amounts of capital will be able to run full unpruned nodes. This leads to centralization and defeats the whole purpose of an uncensorable, distributed and open network. Bcash also thinks 0-confs will help it scale and make it's transactions instant, which is also stupid because it opens it up to double spend attacks.
The article also talks about the number of merchants using Bitcoin and LN as a payment system and portrays it in a very negative way. For one, LND which was the first lightning network implementation of the 3 major ones to release a mainnet beta only happened in like March. We are just at the very beginning of layer 2 solution adoptions that will scale Bitcoin and make it a viable payment option as a currency. These things don't get built over night, you don't want a piece of software that billions of people could use to have bugs and it not be secure.
