{"id":248204,"date":"2020-01-27T10:09:28","date_gmt":"2020-01-27T15:09:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=248204"},"modified":"2020-01-27T10:09:28","modified_gmt":"2020-01-27T15:09:28","slug":"bitcoin-core-developer-casts-doubt-on-the-networks-ability-to-scale","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-core-developer-casts-doubt-on-the-networks-ability-to-scale","title":{"rendered":"Bitcoin Core Developer Casts Doubt On the Network\u2019s Ability to Scale\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Gavin Andersen, a Bitcoin core developer and the originator of the Bitcoin Foundation, is casting doubts on the views of Bitcoin creator Satoshi Nakamoto on the future of Bitcoin and its blockchain.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On January 25, Andersen replied to a quote from Nakamoto published on Twitter by an account simply called \u201cBitcoin.\u201d The quote itself showed Nakamoto claiming that in the next two decades, it\u2019s either the volume of transactions on the Bitcoin blockchain will either be significantly high or would have reduced to zero.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">A Niche Asset for Gold Bugs\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">However, expressing his views, Andersen shared an alternate outcome. \u201cSatoshi might turn out to be wrong about this. In ten years, BTC could be a niche coin for gold bugs, with about the same transaction volume as today,\u201d he\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/twitter.com\/gavinandresen\/status\/1221116645059506176\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Satoshi might turn out to be wrong about this. In ten years BTC could be a niche coin for gold bugs, with about the same transaction volume as today. <a href=\"https:\/\/t.co\/1bdtJ4eiql\">https:\/\/t.co\/1bdtJ4eiql<\/a><\/p>\n<p>&mdash; Gavin Andresen (@gavinandresen) <a href=\"https:\/\/twitter.com\/gavinandresen\/status\/1221116645059506176?ref_src=twsrc%5Etfw\">January 25, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Essentially, the Bitcoin Foundation founder expects that Bitcoin will have grown in price so much that it\u2019ll only be affordable to \u201cgold bugs,\u201d presumably because they would have found it to be much more valuable than the original gold asset. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, bitcoin&#8217;s transaction volume keeps increasing. According to data shared by BitInfoCharts earlier this year, the Bitcoin network conducted $2.5 trillion in transactions last year. BitInfoCharts further explained that the average transaction on the blockchain was 2.75 BTC (worth about $23,000 at current prices), while the median transaction amount was 0.029 BTC (about $250).<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Pointing out Lingering Problems on the Bitcoin Network\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Activity on the Bitcoin network is also doing quite well, essentially putting the asset in a good position. However, there\u2019s still a lot of work to do to get Bitcoin to the level of traditional payment networks like VISA and <a href=\"https:\/\/insidebitcoins.com\/news\/dan-schulman-ceo-of-paypal-admits-to-owning-bitcoin-but-only-bitcoin\/242831\">PayPal<\/a>, especially if the asset desires to function more as a medium of exchange going forward.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bitcoin\u2019s inferior network strength has been one of the most prominent criticisms that the asset has faced, as many believe that it will not be able to scale effectively as more people continue to make use of the asset. Several innovations- including but not limited to the <a href=\"https:\/\/insidebitcoins.com\/news\/jack-dorsey-confirms-square-cash-is-focused-on-bitcoin-lightning-network\/248063\">Lightning Network<\/a>&#8211; have tried to solve Facebook\u2019s scalability problem, but none seems to be able to get the job done satisfactorily.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As expected, responders to Andersen\u2019s tweet were quick to point that out, with one of them openly mocking the user experience of the Lightning Network. Regardless, it\u2019s highly unlikely that this problem will affect Bitcoin\u2019s price going forward. There\u2019s a lot of optimism about the prospects of the Bitcoin halving pushing the asset\u2019s price to greater heights, and as long as investors can get proper returns, network issues shouldn\u2019t be too complicated to overcome.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Gavin Andersen, a Bitcoin core developer and the originator of the Bitcoin Foundation, is casting doubts on the views of Bitcoin creator Satoshi Nakamoto on <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-core-developer-casts-doubt-on-the-networks-ability-to-scale\" title=\"Bitcoin Core Developer Casts Doubt On the Network\u2019s Ability to Scale\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":248212,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[734,10234,7692,5884],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - 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