Bitcoin lightning transaction in Q1 2018 BIG NEWS!!!!!!
All drunk at the vertiginous increase (and relative collapses) of the value of Bitcoin on the dollar, the unstoppable continued financial run to the new safe haven and remains, however, in a disastrous dry the spread of Bitcoin in the common life.
There is indeed a big problem behind Bitcoin as we know it today, of which many know, but of which nobody seems to care.
For some, this Cryptocurrency, the mother of all the others, in a few decades could replace the fita valura (euro, dollar). But how can you do this if the transaction times are extremely slow?
If you already use Bitcoin you know it. If you are approaching it, it is good that you know it, especially if you are a business that wants to accept them as a form of payment.
Bitcoin transactions are very slow.
If you decide not to wait for all 6 confirmations requested (highest degree of security), a transaction takes 3-5 minutes. If you decide to wait for one or more confirmations, this time reaches 10-60 minutes (if not later in times of particular traffic).
Yes, because the Bitcoin transactions to be effective must be "approved" by the network, on which they are then recorded. Every 10 minutes all the Bitcoin transactions made are recorded in a "block" waiting for the validity of their algorithms to be confirmed by the system and the final written transaction in the blockchain. These blocks are congested today, and from here comes the extraordinary slowness of making a Bitcoin transaction.
So, if you believe in Bitcoin, in its independence from the banks, and in its future as a store of value, you can decide to invest in it. But if you think of using Bitcoin as a fast payment system, today it's not like that at all.
Moreover, the speed of transactions is the reason why many "fork" were born and other cryptocurrencies also: some IT developers try to run a cryptocurrency similar to Bitcoin in a faster system.
Other cryptocurrencies in general, see Ripple, which has characteristics substantially different from Bitcoin, have instead times of transactions much faster, almost instantaneous.
Against this scourge that afflicts the spread of Bitcoin, however, there is, beyond the fork and the new cryptocurrencies born that have led more than anything else to financial operations, a single solution, still under study.
It is called Lighting Network, and it is the ability to make direct and immediate exchange between who sends and who receives Bitcoin, without going through the public register of the software, to which only the transaction is sent and remains written here forever.
A change of paradigm fundamental for Bitcoin to be examined by the developer community behind it, which would constitute the real impetus for this cryptocurrency towards the diffusion in real life, to date still incredibly curbed by much faster and customer friendly systems.
In these hours of important volatility in the world of cryptocurrencies, and in particular among the most quoted ones, it is good to keep in mind a few simple concepts on Bitcoin scalability. They will be very useful in the future.
Today the Bitcoin transaction blocks recorded on the blockchain every 10 minutes have a size of 1MB. Clearly insufficient space to manage the huge amount of transactions on the mother of all cryptocurrencies. So much so that Bitcoin is one of the slowest cryptocurrencies in transactions and in the last hours, where traffic is very important, it also speaks of several hours to get all the confirmations of the transactions. Several attempts to increase transaction speed to support this increase in traffic have been made by designing new altcoins that would work on the size of the blocks, increasing them to 8 or 16 MB (see last fork or fork attempts).
However, there is a way to speed up transactions, also supported by leading Italian exponents in the Bitcoin world to overcome the problem of transaction capacity, which is completely different.
Today, Blockchain expects that the exchange between two users who send Bitcoins will take place entirely on it.
There are those who support in this peer-to-peer system the two users must exchange each other Bitcoin without any intervention of the Blockchain. The latter would only act after the peer-to-peer transaction was successful, with the sole purpose of publicly registering the transaction.
This principle is called the Lighting Network, under study by several Bitcoiners as a definitive solution to Bitcoin's ability. Against any progressive attempt to gradually increase the capacity of the blocks, it is a change of radical paradigm that gives Bitcoin decentralization further impetus.
Write this concept down, you'll hear about it!