Bitcoin reformed and strengthened to adapt to social development

Sajjad Hussain
Oct 11 · 2 min read
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The ultimate vision of Bitcoin is to become a decentralized financial currency. It is currency that requires transactions. All transactions of Bitcoin require all miner nodes to record. According to the current Bitcoin network settings, the size of each block is approximately It is about 1M. In theory, it can contain about a thousand transaction information.

The block generation rate dynamically adjusted by the algorithm is about one block every ten minutes. The current Bitcoin network has a transaction speed of about seven transactions per second. Compared with other online payment services, the transactions processed per second can reach nearly 90,000 coins. The gap of Bitcoin is naturally self-evident. In order to meet the transaction needs of users, it is necessary to start from transaction speed and block storage capacity. Considering the two at the same time, the two are like wooden barrels. On the one hand, when the difference is good, the difference can only be calculated according to the difference, so the two need to go hand in hand.

Expanding the Bitcoin network can, on the one hand, speed up the transaction speed and processing time limitedly, on the other hand, it can expand the application scenarios of Bitcoin, which is expected to satisfy a wider range of payments.

Everyone should remember that Bitcoin transfers need to pay a certain amount of handling fees to the miners. This part is set by the user. If the speed of the Bitcoin network processing transactions cannot keep up with the growth of transactions, it will cause congestion and congestion on the Bitcoin network. Delayed, the user’s transaction cannot be processed. At this time, the user who has an urgent need for transfer will choose to increase the transaction fee paid by the exchange so that the miner can process his transaction information first. One user does this and two users do this. If this continues, high transfer fees will be incurred. Such a “vicious circle” will definitely affect the healthy development of the Bitcoin network.

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