3. Each incremental bitcoin is harder and harder to mine. The computing power required to mine bitcoins is so large that it is now being measured not in CPU power, but in amount of electricity used by the computers to mine a bitcoin.
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4. Every time bitcoins are used to do a transaction, it slows down every future bitcoin transaction from that point forward. It now takes more than 10 minutes to do a bitcoin transaction. A complex transaction could take an hour. These are not like credit card transactions.
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Replying to @bansisharma
You have no idea what you're talking about - by design miners find a block approximately every 10 minutes. If they find blocks faster then the difficulty is increased to bring the rate down. It always took 10 minutes to get a confirm.
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Replying to @CovfefeAnon
Not talking about miners. Talking about using bitcoins to purchase a product or service, for example.
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Replying to @bansisharma
Further proof you have no idea what you're talking about. Miners finding a block is how a transaction gets confirmed. The minimum time for any transaction to be confirmed is now and has always been 10 minutes.
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Replying to @CovfefeAnon
Doesn't that render bitcoin transactions fundamentally incapable of being scaled to a level where they can reasonably replace other financial transactions (which number in the billions), and confine bitcoin to a niche?
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Replying to @bansisharma
Scaling exists as a problem because the block size is limited. If every block is full to get a transaction into a block you have to offer a large enough fee to make it attractive to include. This is solvable by increasing the block size - which is what BCH did.
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Replying to @CovfefeAnon
Are you saying the scalability problem has been solved. That's certainly not my understanding, but I could be wrong. Also, what about the absolute upper limit of no more than 21 million bitcoins? Doesn't that represent another hurdle for scaling up?
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Replying to @bansisharma
Some believe BCH's approach can solve the scaling problem - blocks get full? Make them larger. The cap of 21 million isn't a problem - it's the whole value proposition of the currency. Each BTC / BCH can be divided into a million parts - @ BTC $1 million you can still spend $1
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