Author Topic: Can Bitcoin still be used when accepted by all countries?  (Read 2 times)

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Can Bitcoin still be used when accepted by all countries?
« on: April 17, 2019, 03:46:38 PM »
Definitely almost everybody in here including myself want to see Bitcoin being approved legally as the cryptocurrency to be used in making payment for goods and services but we are all aware of this little set back of bitcoin network where it is only able to make about 7 transactions per second. Currently i am not sure even half the population of the world is using bitcoin to make payments but yet you can have a transaction that can sit on the blockchain network over half an hour to get confirmed. This not too good if we wish to see bitcoin being used globally because there is going to be a huge number of transactions waiting to be confirmed.

In no time we would be experiencing another bitcoin halving and that would definitely increased the difficulty level of the network and also the block rewards after confirming transactions on the blockchain. How many miners can keep up with this new features and if there is a reduction in the number of miners would that also not compound the situation of slow rate of confirming transactions.

Maybe i am missing something in bitcoin's global adoption as a currency, educate if you can do so because i really don't see it happening and i hate that we continue to give ourselves hope even though we seem to have hit a very strong wall.