What are the reasons behind bitcoin's failure to block for an extended period?

3 answers

• Mar 20, 2022 · 3 years ago
  One of the main reasons behind bitcoin's failure to block for an extended period is its scalability issue. The current block size limit of 1MB restricts the number of transactions that can be processed in each block, leading to congestion and delays. This has resulted in high transaction fees and slow confirmation times, making bitcoin less practical for everyday transactions. Efforts to increase the block size, such as the proposed SegWit2x, have faced resistance and lack of consensus within the bitcoin community, further exacerbating the issue.
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• Mar 20, 2022 · 3 years ago
  Another reason for bitcoin's failure to block for an extended period is the presence of competing cryptocurrencies. With the rise of altcoins like Ethereum and Ripple, users have more options for conducting transactions. These alternative cryptocurrencies often offer faster confirmation times and lower fees, making them more attractive for everyday use. As a result, some users have shifted their focus and investments away from bitcoin, leading to a decrease in its market dominance and transaction volume.
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• Mar 20, 2022 · 3 years ago
  From BYDFi's perspective, one possible reason behind bitcoin's failure to block for an extended period is the lack of efficient and scalable infrastructure. While bitcoin's underlying technology, blockchain, is revolutionary, it still faces challenges in terms of scalability and transaction throughput. BYDFi is actively working on developing solutions to address these issues, such as implementing layer 2 scaling solutions like the Lightning Network. By improving the scalability of bitcoin, we aim to enhance its usability and ensure its long-term success as a digital currency.
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