Bitcoin, the currency collapse

Bitcoin may be coming to an end. As well? Built on a distributed computer network, using blockchain technology to record currency transfers between portfolios, the network has been gaining supporters day after day, however, with the great growing demand of incoming people, and new transactions being generated, and with a block of such small transactions, transferring money from one wallet to another, can take hours, or even days.

Recently the patch that adjusted to increase the block of transactions was postponed, due to the low adaptation by the community, with less than 30% of followers.

The patch called SegWit2x raises the size of the current transaction block from 1MB to 2MB, doubling the network capacity, but due to an implementation of the Lightning Network at LTC, the community hopes that this adjustment will not be necessary.

Bitcoin transactions have already accumulated thousands of transactions, now at this time, there are 45,000 transactions pending confirmation, and the time for 1 transaction to be confirmed (making the payment) can take hours. They are processed by the network, only 3 transactions per second. There are scenarios that are pending over 150 thousand transactions.

blockchain.info displays real-time information on confirmed and pending transactions.

To give you an idea, the VISA card operator is able to process 2000 transactions per second, something far superior to what the Bitcoin network currently supports. Even if you double the block, it would still be a long way from being used for, for example, common payments like debit or credit cards.

Trading Bitcoin in this way would be closer to trading Gold, Silver, where you can't buy and sell anywhere.

Contrary to what happened with Bitcoin, where less than 30% accepted the block increase, in the LTC community, the adoption for increasing the block was 99%, and it also has Lightning Network technology, which is like a mini blockchain for process several small pairs, and then send the entire segment to be committed to the real blockchain, speeding up transactions.

Perhaps the reason the Bitcoin network did not accept the change is that currently the mining process no longer occurs on computers and video cards. The main part of the transaction confirmation transaction is carried out by miners who operate with ASIC technology, buying equipment with a closed platform, which does not allow an easy software update.

Another idea involved is also that these miners are not willing to invest more money in new equipment, because currently the network's difficulty is much greater than in the past.

When the first machines with ASIC processors appeared, they were able to make 65 GH / s (GigaHashes per second) and could earn around 15 BTC. Currently, the gain is 0.0007 BTC with the same processing capacity, that is, absolutely nothing.

The faster the network, the difficulty increases, and the greater the investment needs to be to increase the gains. When they create new hardware capable of mining at the TH / s house, miners will again earn more BTC, but when it becomes popular, the network's difficulty increases, and again mining gains fall.

LTC acceptance and adoption still occurs because there are still ways to use video cards and GPUs for mining, as they use a transaction validation algorithm that ASIC processors are unable to process.

There are many investors involved in the Bitcoin network, and these investors make all changes to the network look bad and reject any changes and / or modifications, with the risk of losing capital invested in equipment and / or investments in the currency itself .

If the investors behind Bitcoin continue to act in this way, we will soon see the fall of Bitcoin due to the lack of essential scalability so that it can continue to work and overcome its highs day after day.

Unconfirmed transactions on the Bitcoin network in real time:

https://blockchain.info/pt/unconfirmed-transactions

Bitcoin scalability:

https://en.bitcoin.it/wiki/Scalability

More information about Lightning Network at the links:
https://guiadobitcoin.com.br/saiba-o-que-e-a-lightning-network-e-como-ela-resolvera-o-problema-de-escalabilidade-do-bitcoin/
https://portaldobitcoin.com/lightning-network-agora-da-suporte-transacoes-entre-blockchains/