Would Bitcoin cost more if the transaction were faster?
1 min read
Jefferey Tucker of the American Institute for Economic Research thinks Bitcoin’s transaction rate is the largest contributor to its price. It has been following cryptocurrencies for a long time and is still amazed at how fast Bitcoin was developing. However, as a prerequisite for further growth, Jefferey Tucker considers resolving the problem of scalability – the speed of Bitcoin transactions.
Tucker on Twitter said he was absolutely impressed when the price of digital gold reached $ 30. However, further action in his eyes hints that the king’s cryptocurrency blockchain is not scalable to handle the huge onslaught of transactions. Its former appearance as digital money is thus disappearing and Bitcoin comes in as an analogy of gold. And that’s a shame.
I'm not unimpressed by a $6K price of BTC. I was blown away when the thing reached $30.00. But can you imagine the price today if the thing had properly scaled?
— Jeffrey A Tucker (@jeffreyatucker) March 30, 2020
Scalability and its relative slowness are problems with cryptocurrency extending from its origin. This problem, which is largely in the size of blocks, tried to solve several forks. The largest and most important fork eventually developed into Bitcoin Cash, which aims to return its fame as a means of payment and not expensive commodities.
