- Bitcoin is not prepared to go mainstream. Bitcoin would not work well if an influx of people tried to use it.
- In the event, the whole world used Bitcoin, Blockchain would not function.
- Going mainstream would entail 700 billion transactions occurring a year.
Bitcoin is not ready to go mainstream
Going mainstream would entail 700 billion transactions occurring a year. Bitcoin is slowly expanding its capacity, but it’s not working at the pace it should be considering its growth.
The digital currency is classed as no.1 in the world. The digital coins’ goal is for it to be the primary currency around the world. Due to its limited capacity, the digital asset cannot meet its goals; instead, it has been used as a value store.
There has been growth in digital transactions, the coins merchant payments have decreased. The coin’s feedback is that making purchases is slower and more expensive when you are making petite transactions than cash.
Fans of the digital coin believe that it will reach a stage where every country uses the currency. The emergence of digital wallets has also birthed hope for the currency.
Digital wallets are used for everything from purchasing a peach to a Porsche, and in this case, the purchases are efficient. Last year, 208.5 billion digital transactions occurred, which translated to 1.9 billion every day.
The goal is for the digital coin to be able to put through 13,194,444 transactions every 600 seconds. The digital asset would not reach its goals because currently, it holds 7 GB of data while the whole Blockchain would come up to 300GB.
For the online coin to attain its aim, it would need to add the entire Blockchain every 43 days.